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Analytics for Entrepreneurs

Discussion in 'Planning Your Business' started by Faber10, Mar 19, 2016.

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  1. Faber10

    Faber10 Entrepreneur

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    Hi Everyone,

    I'm working for a large data analytics consulting firm focusing on fortune 500 companies. It seems like beginner entrepreneurs are being underserved in regard to data/analytical tools and help.

    What are some data/analytics needs that would help get your idea off the ground or you would find most helpful?

    Market/competitor research, demand forecasting for your product, sales analytics, marketing, etc.?

    Looking forward to your ideas!
     

  2. jona

    jona Entrepreneur

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    One of the hardest decision that we faced was coming up with a price range for our product. In our particular industry you can't simply go to a competitor's website and compare their prices to yours since they don't list or show any price until you ask for an actual quotation.

    I would love to have some kind of analytic data about what could be the ideal price for our products so we are inside the range of out competitors.
     
    Faber10 likes this.
  3. rz3300

    rz3300 Entrepreneur

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    Analytics is one of the most important aspects of starting and operating a business, and I cannot stress that enough to anyone who is interested in making big decisions, or decisions at all for that matter. Running tests and attributing for factors and variables all help when you are determining where to market your products and decisions about pricing. There are so many things to account for that software and a good know how can really go a long way.
     
    Faber10 likes this.
  4. Faber10

    Faber10 Entrepreneur

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    Thanks! Very interesting.

    What type of product are you selling if you don't mind telling?
     
  5. jona

    jona Entrepreneur

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    Sure: it is a software for archiving, searching and retrieving digital medical images, as you can imagine, it is complicated to price such a thing by the very nature of the product itself. It is not simply a piece of software that you can retail or sell through an App store.

    I am sure that you will find a lot of people facing similar problems with their product ideas, that's why a price range type of analysis for similar products is a very valuable piece of information, specially inside industries where you can't simply check out your competitor's prices to get an idea.
     
  6. remnant

    remnant Entrepreneur

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    Plunging into business without the right indices likely to impinge on it is short sighted and results in businesses folding up in less than 5 years. Thats why businesses are advised to design a business plan in order to view at a glance quantitative and qualitative factors that will determine its health like the magnitude of the competition, transportation, location, advertising methods, future trajectories and the like. You have to integrate these factors and devise ways of optimizing them to stay afloat. Your competitors' pricing for example, is crucial. With data on this, you can become innovative in order to go round the price differential.
     
  7. Jack Benoit

    Jack Benoit Entrepreneur

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    Hеrе's а list оf usеful wеb tооls fоr stаrtups аnd еntrеprеnеurs.


    Squаdhеlp - Сrоwdsоurсе yоur nаmе, lоgо аnd brаnding.

    Drеаmhоst, Bluеhоst аnd WеbHоsting Hub - Hоst yоur wеbsitе еffесtivеly аnd lоw-соst.

    Wix - Fаntаstiс drаg аnd drоp wеbsitе buildеr

    Wоrdprеss - Frее wеbsitе/blоg publishing plаtfоrm.

    Mоjо Thеmеs аnd Thеmеfоrеst - Grеаt Wоrdprеss thеmеs аt lоw priсеs.

    Mоusеflоw аnd Luсky Оrаngе - Wеbsitе usаbility, hеаtmаps аnd А/B tеsting.

    Gооglе Kеywоrd Plаnnеr аnd SЕMrush - Kеywоrd sеаrсh аnd SЕО.

    Wishpоnd аnd instаpg.еsInstаpаgе - Grеаt lаnding pаgе buildеrs.
     
  8. rz3300

    rz3300 Entrepreneur

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    This really takes me back to classes and my days in school, and there really is some impressive stuff out there when it comes to analytics. You really have to know what you are looking at though and really understand the data, and that is the key in my opinion. You can report all you want, but until you can express what it means and use it to your advantage it is not that helpful.
     

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