Are you collecting a lot of data in your business? Google Analytics, Adwords reports, email open and click rates, telesales calls – the variety of metrics and charts you can obtain regarding your business performance can be endless.
However, collecting reams of data can be an entirely pointless waste of time if you are missing out on an essential element…
After watching my video below, you might want to hear more about how you can select the best marketing strategy for your business.
Once you have figured out your strategies, then you can go about testing and scaling activities, which you can hear more about here.
If you would like to discuss any of the points covered here, please feel free to request a free call below.
Data by itself is not information. This is why one of the first things we help our clients do is build a proper dashboard in their business. This highlights the key figures that inform you where attention should be applied in order to achieve the kind of growth you are looking for.
It’s easy to get caught up in collecting ‘important data’ – but if you are not applying that data to decision-making in your business, then you really are just collecting a bunch of useless numbers
Want help focusing on the right figures?
When we offer complimentary sessions, we first ask you fill out a questionnaire. This allows us to assess where your business has potential to grow, and what figures you should be focused on.
Then it’s up to you – either take that and run with it (which you are entirely free to do) or, if it makes sense, work together with us to build further growth strategies.
Prefer to read rather than watch and listen? No problem – here’s everything I said in the video as text:
What I want to talk about today is the difference between data and information and how it helps you get more focused on your decision making. I’ll share with you a situation which actually happened in the first month of the client’s starting to work with us.
All Sorts of Data
The client wanted to accelerate the overall growth of the business, has been trying many things in the marketplace. It’s more of a B2C kind of a business, in their mind, with around 300 plus accounts who place orders with them.
In the first month of our working together, the client sat down and actually shared all the kinds of data that you can think off on SEO and Google ads. They said, “Shweta, this is not really as effective as we would want it to be. Have a look at all these charts and the information that we have all the data points that we have.” And these were the words which were kind of being thrown around the meeting. I looked at all those charts and information and I was like, “Yeah, you’re right, you know, it can be more effective.” The whole SEO and the Google ads and everything to get more B2C kind of clients, business to consumer kind of clients.
Is This The Right “What”?
Before I got totally immersed and trying to find out actually how it needs to be done, I wanted to be very sure that this was the right “what“.
I could have looked at all those data points on SEO and Google ads and started, you know, creating the intel and the next action points. But instead, I requested the client to get me another piece of information – the clients who contributed the top 80% of their portfolio in the last 3 years.
So for the last three years, I wanted them to give me their top clients who are contributing to 80% of their revenue with me and just show me what has been the trend of the spend. This was important because I wanted to understand who are the top contributing clients.
So the client provides me with the data saying “Yes, of course, it’s all there. Look, we have this information. Have a look at that, Shweta.”
Data Becomes Meaningful Information
Now I’m looking at the data which is organized in a certain way and that all of a sudden becomes meaningful information for me.
Surprise surprise, what I see, along with the client, is that those B2C clients are not in their top, you know, 80% contributing clients. There were actually only 12 of those, interestingly.
We start analyzing these top 12 clients who are contributing to nearly 80% of their turnover and we find that these are actually the inter-users – the aggregators. They are more like corporate businesses or proper big-size businesses who were actually using their services to reach out to their target market.
Use Information to Focus Correctly
That was super fascinating because when you look at those top 12 clients you realize that to get them, one does not need to focus on Google Ads or SEO. Actually, what’s required is more for direct reach campaigns to different channels based on the profile of that introducer. Not the place or the area where they were spending a lot of their time and money at the moment!
Why I’m sharing this with you is because, sometimes, we have data and we get so engrossed in the data and we start trying to solve a problem. But you have to really ask yourself the question first of all, “How do I arranged this data in a meaningful way?” so it becomes a proper information for you, from which you can draw on the intel, the intelligence and then get the focus for your business – and what is it that you don’t need to focus on. What is it that you need to say no to?
Then you can start saying yes to the right kind of things and the right kind of areas, which will give you the biggest impact and the biggest leverage. Not having data or getting lost in drawn data, both are equally dangerous for your business.
Make sure you look at the data in the right form, draw the right kind of intel, dig deep enough and then get the right kind of focus for your business.
If you would like to hear more about this please feel free to get in touch below.