The Small Firms Association
(SFA) recently hosted a webinar on the topic of “how data can accelerate Covid recovery”. Hosted by Director of the SFA, Sven Spollen-Behrens, the two keynote speakers at the event were Dara Keogh, CEO at GeoDirectory
and Geraldine Magnier, Director at Idiro Analytics.
Opening the event, Behrens spoke about how companies can and should “maximise the potential of the assets they already have” and the need “to use research and planning to not only increase what they get from existing customers, but to reach new customers too”.
Invited to talk first, Mr. Keogh provided an insightful presentation on the best ways to keep existing clients and to capture new ones. He discussed the concept that “data is the goldmine in the attic” before going on to list the various data categories that companies interact with on a daily basis and how they all come together. Mr. Keogh used the Google Car as an example.
Mr. Keogh then discussed the business environment and the 4 key components of economics - Land, Labour Capital and Enterprise” and gave a detailed breakdown of each. He also spoke about how, unlike most things in our possession, the value of data increases over time and the more we use it, the bigger it’s value to us. Attendees were introduced to the "Seven Golden Rules Of Data
" and some examples of how companies of all sizes use data to increase sales.
Reacting to Mr. Keogh’s points, Ms. Magnier explained that one of the key things companies need to be able to recognise is when a customer might be about to leave you for another company. She said, it is vital to see it and “to take action to prevent it from happening” with an understanding of your data.
Regarding the current overall situation we all face, Ms. Magnier said “one of the good things about Covid is that stats have shown us that there is a growing number of consumers who want to stay local, who want to give their business to other Irish businesses and trust has become a huge part of this”. She then spoke about the differences between big data, small data and what is known as ‘dark data’ and the importance each plays in helping a business grow.
Both speakers referenced the importance of maximising the customer data a business currently has at hand as a first step. They focused attendees on reviewing the needs and wants of existing customers to see what that would mean when it came to attracting new ones.
There was a lively Q & A sessions with queries about the best tools to use for gathering data, to the costs involved in undertaking the process of maximising a company’s data collection.
To listen back to the webinar click here.