Images_Digital_Edition_March_2020

www.images-magazine.com MARCH 2020 images 27 BUSINESS DEVELOPMENT previous orders and enquiries. Assess this data and work out what is relevant, what can be used and what would provide value to your business and its online efforts. ■ Consider external data sources Alongside having data about existing customers, creating an online profile for a new potential customer is essential. Use public data sources such as Google Trends, UK Data Service and other readily available datasets to identify any existing online retail trends. Using ML and AI in marketing in this way may be in its infancy still, with only large multinationals having the facilities and resources to build bespoke software to fully utilise it, but there are a growing number of software options available for small businesses to utilise, with the pick of the bunch being Phrasee, Optimove, Rapidminer and Automat. P rogrammatic advertising is the use of software to buy digital ad space. In the past few years it has made great strides in its development with many tools, platforms and resources available for businesses looking to streamline their online advertising. This form of advertising uses data science to improve online conversions. It considers seasonality, user behaviours and much more to model paid search results. It essentially uses predictive analytics to monitor, maintain and enhance your ads based on a number of behaviours, namely customer demand. This fully data-driven approach requires autonomous decision-making such as that which artificial intelligence (AI) and machine-learning (ML) provides. Using AI and ML provides valuable marketing insights that a manual approach can’t deliver and can be used to streamline future campaigns. There are a few things to consider when adopting an automated approach: ■ Define your goals and outcomes What is your campaign’s end goal? What data is relevant to be collected and collated? Knowing your aims and goals allows you to decipher what data is the most relevant and appropriate to use. ■ Complete a data audit: Your business probably has an abundance of data readily available: data from Google Analytics, Webmasters and Ads plus any CRM (customer relationship management) data or transactional data from Data sources for online advertising Andrew Langridge is from ETrader, one of the industry’s leading suppliers of websites to garment decorators across the UK. www.etraderwebsites.co.uk A n insurance broker (or bank or other agent selling insurance) is essentially the buffer between you – the business owner – and the insurance companies during the policy- purchasing stage. You should take as much care in selecting them as you would any resource that can make or break your small business. I’ve found that the best way to find a reliable broker is by personal recommendation – talk to fellow business owners. After earmarking potential candidates, meet with them to discuss your insurance needs. Based on their input and responses to your questions, select the one in whose hands you are most comfortable placing the responsibility for your insurance coverage. Keep in mind that with financial institutions and agents, you’ll probably forego the advantage of comparative shopping that independent brokers offer. Usually the broker’s service doesn’t cost you a penny – they are remunerated by the insurance company with whom your business is placed. But therein lies a potential conflict of interest, and further reason to select carefully. Before meeting with your broker, it pays to do some homework to determine the various forms of coverage your small business should have. List all the insurable losses your business could possibly incur. Not only will this assist your broker in the event that they have overlooked any potential insurable losses, but it will also raise your awareness and deepen your understanding of the risks attached to your business. Once you’ve purchased your policy, prepare for a possible claim by keeping a record (photographic or otherwise) of all the possessions in your business. An insurance claim often follows a traumatic event such as a fire or flood. Recollecting events and details of items lost can be difficult in a stressed state of mind. Don’t risk it: find a reliable insurance broker Review your policies annually as a matter of routine. A business’s circumstances can change over time and insurance coverage can be found wanting when disaster strikes. When preparing a claim, prepare it properly. Prepare it so completely and in so much detail that it leaves very little room for questioning or criticism. Your aim should be to minimise the usual to- and-fro claims process and effect timely settlement. Be completely honest about the circumstances of the event and the extent of the damage and losses. Neglecting your business insurance either through a poor choice of broker or failure to ensure your coverage is current could break your business. It’s not worth the risk. Michael Best is a print industry veteran, accountant and author of Characters Who Can Make Or Break Your Small Business . Through 39 characters, Michael covers all aspects most small business owners can expect to encounter in the life of a business from inception to disposition. It is available from Amazon and www.smallbusinesscharacters.com .