FACT: Data will be a driving force for your business. So the question is: Do you check your data and are you a data driven business?
I find 99 per cent of the business owners I work with don’t check their analytics, insights or data across their business. And I’ve got to say, this is one of the biggest mistakes I see visionary business women making.
Here’s why:
- Knowing the data of your business allows you to make more informed decisions to grow your business.
You know what is working, particularly for marketing and sales, and you can continue to do only the activities that get results.
Data shows you what is not working so you can either stop doing those activities or tweak and improve them to get better results. - Ultimately, data shows you where to put your time and energy so you can see growth in all aspects of your business.
- Now doesn’t that sound awesome?! Don’t you just want to be a data driven business knowing that?
In this blog, I’m talking about how to become a data driven business and where to focus your attention to get the best results.
What is a data driven business?
Data driven businesses are those that make their decisions using data and analytics. If you use data to drive outcomes you want, then decisions leading to these outcomes can be made using facts rather than just gut feel. (Source: cognopia.com)
Data drives the results you see in your business. Know your data, get great results. It’s that simple.
Knowing the data that drives your business also means you can take your business in the direction that’s right for you and based on actual numbers, not just what you think you should do or what others are doing.
Why should you use data to drive your business?
Data gives you real results and minimises uncertainty in your business. It will help you focus your effort on the right path and activities for you..
Aside from what you’ve already learned about becoming a data driven business, there are many advantages to understanding the numbers of your business, and I don’t just mean your bookkeeping!
I’m talking about social media, traffic to your website, how many people are subscribing or unsubscribing from your email list, how many repeat clients you work with, how many subscriptions you have, how many people show up on your Facebook live videos, and so many other factors.
All of this data tells a story that can help you grow your business.
What does your data story say about your business?
How to use data to grow your business: Where to start
When it comes to using data to grow your business there are several key areas to look at.
1. Start looking at the areas of your business and the insights associated with them.
Look at these areas first:
- Newsletter subscribers from your website
- All lead magnet subscribers
- Traffic to the homepage of your website
- Unsubscribes from your email list
- Social media followers (platforms and groups)
- Monthly profit
- Monthly income
- Sales refunds
2. Get systems in place to collect the data and generate reports.
3. Examine the data, see the patterns that are emerging and understand what’s trending for you (could be good or not so good).
4. Create KPIs based on the data you are seeing.
5. Use this data to make your next decision (and every business decision after that!).
6. Make knowing your data a habit.
Use data to grow your business and get in touch today
Being a data driven business and making decisions based on the personal insights of your business means you can use the metrics to guide strategic business growth that aligns with your goals.
Your data is as personal to your business as your fingerprint is to you! Get your hands on the list of metrics you must track each week to become a successful data driven business.
