It went better than I expected. The host was impressed, everyone I asked to tune in and who gave me feedback said I did excellently and I got a business deal there. You can listen to the audio recording here: Radio Interview
The bulk of the advice I got was that I should not sound too techy. That I should speak at a level everyone listening can connect with and benefit from. And the practical implication of it was that I couldn't talk big data. I even had to use a very weak definition of it. So I focused more on data.
I told them that data is everything you can measure. Your height. Your age. Your sales number. Everything you can measure is data. And that translates to everything you can gather -- even people's opinions are data. And that we all do some form of data analysis already. Your decision that set up your business in Lagos and not in your home town is because you have run the numbers in your head. You considered Lagos with its huge population a better market than your home town even though it's a lot easier to set up in your home town. That is a data driven decision. And you are constantly making such data driven decisions in your business already. You know what what product to have more of in your store and the one to have very little of -- inventory management -- because you have done the data analysis, even if it was just in your head.
I then went on to say that my aim is to help them put a structure to that data analysis they already do and to show them more ways they can profitably use data. When you are starting a business alone and with a little funding, you can afford to do the numbers in your head and not make any big error. But when you are starting with a considerable sum of money and possibly borrowed money, you have to use a standard and structured way of doing your analysis -- from market data research to your sales data. You have to take your business data more seriously. And this applies if you are serious about growing, even if you started very small and did all your analysis in your head.
Your business data journey begins the very day you come up with your business idea. You begin asking friends for their opinions and you begin gathering relevant information about what you want to do. Including possible market size and where to situate the business. You are already working with data. Then you start the business and you have to deal with sales data. Then, inventory data. And as your business expands, you need to manage your customer data.
So every business needs to, at least, have in place a structured way of doing their
- Sales Management
- Inventory Management
- Customer Relationship Management