Stats are your friend
Making great decisions based on Facts is easy
Don’t be afraid of stats – they are fascinating!
In the olden days (up to about 2 years ago) stats were really BORING and so, even though they could have been really useful, they weren’t.
It was just too dull to try and find what we needed and took too long to pinpoint what the data was trying to say.
Recently however, along with the amounts of data being collected growing exponentially, there has been much work done to improve how stats are presented. New methods of Data Visualisation have sprung up in the forms of infographics, interactive heat-maps and real-time updates – to name just a few.
Where to find Stats for More Profit
- Australian Bureau of Statistics Release Calendar
- http://Australian Bureau of Statistics Data Items
- US Statistics at the Census Bureau
- European Statistics at Eurostat
Infographics are a good way of quickly getting a high level snapshot, but at a high level important granular details can also be lost. For more information read more about Biased Reporting to avoid this trap.[/box]
How to use Stats for More Profit
Let’s take a really high level look at the infographic below and investigate any current business opportunities; three jump out at me straight away:
- Education– a whopping 92% of Baby boomers are looking for more education and fulfillment, and 55% of Gen Y – What products and services can your business develop to tap into fulfilling these goals?
- Travel – is trending as a strong desire – how can this need be met and not necessarily at a high end? Travel books and articles, local and domestic tourism, even a night out eating an “exotic food”. Can your marketing be slanted to touch on this to draw new customers in? (think about American Express – who are primarily a finance company, but a company we also associate strongly with travel)
- Whilst not on this list the age of Baby Boomers will end the oldest in this demographic are fast approaching 70 – they can’t live forever. Healthcare, Aged Care, and bereavement care are very under-resourced and offer significant opportunities for new business growth.
In terms of business opportunities adding some context on the info here:
a) Gen X are aged between 18 and 33 – their focus tends to be all about themselves
b) Gen’s Y have limited disposable cash focusing their resources on growing families – with 64% of Gen X focusing on making or managing their money,
c) Baby Boomers are reaching or currently in retirement and so often have higher levels of time and disposable income
Have a look at some of these sites, and when you find something great, share it in the comments below…
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About the Author
Eve Blackall the small business answer to The Supernanny.
At SMART ACCOUNTING you work one-on-one with Eve who has already assisted hundreds of business owners increase cash-flow, grow profits, plus ensuring those businesses fetch the highest price when it comes time to sell.