Mind Your Data

Today's episode is a discussion on collecting data, tracking it and using it to help your business perform at optimum levels. She goes over ways and tips to make the data you are already collecting work for you and push your revenue and profitability.

Listen in as Valerie gives us the techniques that you can use to bring your business to the next level and be more successful, you won’t want to miss her insights and advice on how you can make data work for you.

In This Episode:

[01:10] ‘Mind the gap’ a famous phrase that is used at the London rail system to keep people from falling through the gap.

[01:50] Be mindful of the gap between your business performance and the decisions you make everyday.

[02:08] One way to increase the likelihood of success is leveraging your own data.

[02:55] Valerie says we have become a society that wants to capture data, store it and use it in many ways.

[03:25] What data are you currently collecting to manage your business? 

[03:33] What is the data telling you about your business performance?

[03:38] Are you using the insights from your data to improve your business results and to make better decisions?

[04:49] Your data can help you in many ways, the first being in your financials, you should be laser focused on your revenue, expenses and your profitability.

[08:49] If you are not tracking these 3 simple measures then you probably have a hobby not a business.

[09:40] The second thing to look at would be your client or customer data, they are the heart of your business.

[11:12] Typically the top 20% of your customers account for 80% of your revenue, these are the loyal.

[11:28] Do you know who your top 20% of your customers are? What do they purchase and how often do they purchase?

[12:14] The third thing to look at is email marketing, this area has obviously exploded.

[13:05] The tool you choose isn’t important what is important is that you choose a platform that will foster a long term relationship with your clients and customers.

[14:34] That last area is on products, programs and services.

[14:48] You use your data to get clarity on which are driving your revenue and which ones are costing you revenue.

[15:20] Think about which products and services are your most significant contributors to your profit. which ones are driving your business.

[15:47] Do you have a portfolio?

[16:30] Based on your client data do you have the option to expand or reduce your client offerings?

[17:02] This is just a starting point and a sample of areas to assess, you don’t have to strive for perfection.

[17:50] Valerie's call to action is, determine the data you need, track it, leverage the insights to drive your decisions, review consistently, assess your performance and adjust.

Links and Resources

 

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