As a business owner or CEO, it’s your job to make sure that your company is always moving forward. But in order to do that, you need to have a clear understanding of where you are right now. And in today’s data-driven world, that can be easier said than done. After all, there’s an overwhelming amount of information out there, and it can be tough to know what data you should be paying attention to—and what you can afford to ignore.
Fortunately, we’re here to help. In this blog post, we’ll give you a few tips on how to sift through the noise and focus on the data that will actually help you move your business forward. So read on, and start making sense of all that data!
Know Your Goals – Before you can start making sense of your data, you need to know what you’re hoping to achieve with it. What are your business goals? Zoom out the biggest goals first before you dive into the details. Once you clearly understand your goals, you’ll be able to identify the data that’s most relevant to them—and ignore the rest.
Focus on the Numbers that Matter – There are endless metrics out there that businesses can track, but not all of them are equally important. When looking at your data, make sure to focus on the numbers that will help you achieve your goals. For example, if you’re trying to increase sales, then tracking website traffic or social media engagement might not be as helpful as looking at conversion rates or customer lifetime value.
Know your Levers – Have a keen understanding of what exactly drives the data. For example, if one of the data points you want to track is the deal win rate have a clear understanding of what influences that rate such as sales rep training and accountability.
Keep it Simple – Don’t try to bite off more than you can chew—especially when it comes to data. It’s better to focus on a few key metrics and get a deep understanding of them than it is to try and track everything under the sun without really knowing what any of it means. By keeping your data analysis simple, you’ll be able to draw more meaningful conclusions from it.
Consistent Measurement – Define the cadence you want to measure a data point and stick to it. Be it daily, weekly, monthly, etc., and isolate trends. Obviously, the more often you measure the data the more chances you have to influence the outcome. If you only look at a data point once a month you have 12 chances in a year to make shifts.
Get Help from the Experts – If all this talk of data is making your head spin, don’t worry—you’re not alone. The good news is that plenty of people out there know how to make sense of it all. If you’re overwhelmed by your data, your CPA, a marketing analytics agency, or your Fractional COO can help. They’ll be able to guide you in the right direction and make sure that you’re making the most out of your data.
Data is essential for businesses today but sifting through everything can be difficult. As a business owner or CEO, the key is identifying what drives actions and results for your business. What are the must-have and must-monitor numbers to make you successful?
