If you want to improve your business then you need to do more than just know where the weak points are, you need to understand those weak points.
If you want to improve your business then you need to do more than just know where the weak points are, you need to understand those weak points. Only when you have data collected in a verifiable, comprehensive manner can you and your employees begin to make smart, informed decisions and act upon the information right under your noses.
First Thing’s First, Know What to Report On
You need to know what to report on, and more importantly how to accurately set up the necessary tracking. Data can help you make smarter decisions for the future of your company, at all stages. If you don’t collect that data, however, you are wasting opportunities. Without the data on hand how are you ever going to learn if there is a hiccup on your site? Whether the last campaign you invested in provided a good ROI?
Track Marketing Success
Knowing the cost per lead, and how much it costs to acquire a customer, are two very powerful data metrics to know. You don’t just want to track how much it cost to earn the lead or how many customers came out of a campaign, but their overall value. It may cost more to advertise at a B2B trade show, and you may get less leads and customers in comparison with a social media campaign, but B2B trade show customers typically are ready to spend the big bucks, and overall campaign efforts at that trade show will pay off more.
Stamp Out Inefficiencies
Track actions and the time it takes to complete them, and you can start to suss out inefficiencies in your business. This applies both on the customer end, and on operations. Taking too long to do something often means there is a technical error or a systems hiccup that has slowed the entire process down.
For example, it could mean that your sales team don’t have the necessary materials from your marketing team, or that you haven’t implemented automation correctly or effectively.
Work Out the Best Option
A/B testing is a great way to determine the best strategy for a huge variety of components, from online forms to sales pages. Tracking the success of each option is key in order to provide you with a clear-cut winner. A/B testing is not just something that should be done at the beginning of your business, either. It is a very useful strategy at all stages of your life cycle.
Understand Customer Response
Tracking and understanding customer satisfaction is a bit more tricky than tracking their behavior online. Many businesses resort to NPS surveys, which ask a series of very simple questions that help you understand how they feel about your brand and, most importantly, how much value they have as a customer. If they are likely to recommend your brand to a friend or family member, then the cost to acquire that customer is spread out through every single additional customer you earn from their recommendations.
There are so many different ways that you can use your data to improve your business, but the main ways are listed above. You should be able to take note of which campaigns were more effective and why, whether there are any inefficacies, which option is best, and how your customers enjoyed their experience with their brand, but that’s just the beginning! Your future can be found in your data, so start tracking the right KPIs and be smart when strategizing.