Take a step back and consider the data accessible to your company. The likelihood is that it has grown a lot, and will probably continue to do so into the future. Whilst this can be valuable, as more data leads to an enhanced, stronger depiction of what is going on in your company, there is still a huge quantity of data that is unworkable. In order to counteract your business from being overrun with this data, you should have a definite data collection system in place.
With a suitable system and protocols in place you will know what data and information to gather and measure, and just how significant it is. From here, you can more successfully analyze and decipher it, allowing you to make more educated choices.
If you are looking to implement a new data collection system, or improve on how you currently collect it, here are four ways that Launchcloud can help you think about what is really important.
1. Think about what customer connections are significant
Often the most significant data you need is in relation to your customers. Your first step should be to define important customer connections. For instance, if you own an online store, you will likely want to know where your customers come from, the items they click on, items they add to their cart, and items they eventually purchase.
By initially distinguishing essential connections to track, you can then look for metrics and data collection methods associated with these connections. This makes it easier for you to track the most significant data and information.
2. What behaviour related data is important?
Don’t just concentrate on those customers who have finalized a buying. Think about what conduct could generate data that is important to your business.
Using the online store example again, this material could involve how far down the page users scroll, how many pages deep they go when looking at product categories, how long they spend on a site, and where those who don’t convert leave from.
3. What essential data do you use?
Occasionally the way you gather your data will depend on how you plan to use it. This involves the diverse metrics you use to outline the success or failure of marketing campaigns, sales plans, and even how you track customers. Be sure to classify which ones your company presently uses, as these will lead you towards the appropriate information and data you will need to collect.
4. Set a sensible frequency for collection and analysis
To do this, you will need to look at when you think you will need information and data. For instance, if it is your duty to offer a monthly customer service report. It may be sensible to gather data on a bi-weekly time scale in order to have enough to cultivate a substantial report at the end of the month.
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