How Data Will Change Your Business
You hear it in the news, “Big data is taking over.” And they’re not wrong! In any business, information is key, but you need to set yourself up to be able to track the information you need to make informed decisions about the future of your business. Here are four key analytics your business should be tracking.
1. Revenue Streams
You know your business is making money, but do you know what you do that makes the most? Being able to track the number of jobs, the value of those jobs and the margins you make can all help you determine which services your business offers that you should grow, improve and stop.
2. Marketing Source
Many of us are investing money in Facebook ads, tender sites, signage and more. We know how much we are spending, but do you know how much it’s bringing in? By asking a simple question to your customers, “How did you hear about us?” and recording their answer you can now track your return on investment for the money you spend. You will also be able to track what channel not only gets you the most leads, but the most qualified With this information you can make informed decisions on where to invest marketing spend in the future.
3. Market Penetration & Viability
When you complete work for customers in different industries there are a lot of things that change, from the way we get their business, to how many jobs they give us in a year and the way we price them. But how do we know which industries are the best ones for us to pursue? By tracking the industries of our customers we can decide which we should be targeting to maximise profit, and learn the best ways to get them, serve them and keep them.
4. Sales Conversions
We all have a rough idea of how many quotes we win and lose, but that’s generally where the information stops. Getting solid information about which quotes are being lost is a valuable tool to improve your sales process. If you know the reason you are losing quotes you can place emphasis on training and improvement around this reason. If you can then drill this down to the top reason for each type of works you offer you have a clear process on how to improve your win rate and in turn increase revenue.
So, at the end of the day, what will all of this data give you? By being able to track all of the above, you can confidently make decisions about your business based on REAL information.
