How mortgage brokers can use data to grow and prosper

Many people equate big data with big business, but the fact is, even small businesses have a lot to gain from harnessing big data. Here’s a look at what brokers need to think about now to take advantage of big data in the future.

What is big data?

In a nutshell, big data refers to the gathering and analysis of large amounts of data from different sources in your business to better understand your customers and create more effective marketing and sales strategies.

While accessing the insights from big data may have been cost prohibitive for small businesses in the past, newer, cost-effective technologies have changed all that. These days, affordable web-based platforms are allowing brokers to harness the power of big data to help boost their bottom lines.

Different data analysis platforms focus on different aspects of business. There are too many to cover comprehensively, but these three popular platforms provide a good summary of the kinds of analysis available:

Google Analytics: The current leader in dashboard-based web traffic analytics; ideal for small businesses needing powerful insights.

ClearStory Data: Measures and analyses internal and external data, including market trends and campaign performance.

InsightSquared: Connects with tools like Twitter, Zendesk, Salesforce, QuickBooks, Google Analytics and more to project and measure sales and customer behaviour.

Getting started with big data

With so many options on the market today, the challenge isn’t lack of choice, but rather, narrowing down the right analysis tools for your business. To get the most out of your data, the key is to find a tool that has both the capabilities you need and works with your existing systems.

Here are a few things to keep in mind as you look for the right solution for your business:

Stay flexible

When choosing a tool, it’s a smart idea to invest in technology platforms or services that allow you start with only what you need, but also have the ability to expand as your business grows and evolves. When evaluating a particular solution, be sure to find out:

  • How will it support your business’s growth and expansion in the future? This might include advanced analytics and reporting functionality along with scalable storage options.
  • Does it offer a range of pricing plans that are appropriate to the needs of your business, and the amount and types of data you will be analysing?
  • What level of technical support and training does it provide? If you’re just starting out, having adequate support is paramount to success.

Start small

From your accounting software to your CRM system to your web stats, it can be easy to feel overwhelmed by the sheer amount of data at your disposal. As such, don’t feel you need to analyse and understand everything at once. Instead, start by asking yourself what immediate problem you’re trying to solve, and go from there. Once you learn to walk with confidence, it will be easier to run.

Choose relevant KPIs

When choosing your KPIs (key performance indicators), make sure your metrics match the question or problem you are trying to solve. For example, if you want to measure the success of an email-based customer acquisition strategy, you could start by looking at your click-through rate, conversion rate and overall ROI, among other metrics.

By leveraging the right tools and strategies, you can make big data work for your business. For more information on how we can help you attract the right clients and grow your business, contact us today.