However, changes like this by Google, reminded me of the value of data to businesses and that in my opinion most businesses are currently under utilising this asset.
So here are ten pieces of data you can collect to help you build a Data Driven Business.
1: When did your customer last engage with your brand? – when did they visit your website, applications, social presence or even your physical store (check-ins etc).
2: What products, services or blog posts did they look at? – think about if you could incentivise your instore customers to record (via an app etc) the different products that they look at or try on. For example, tell us what you’re looking at and get 5% off any items you purchase.
3: Have they viewed a particular piece of content, product or service more than once? – if your products require a deeper level of consideration prior to purchase, then the number of times people will return will be higher. Think about what happens when someone is thinking about buying a car – how many times will they visit the product page before they enquire? How can this bit of information empower your business?
4: What are some of the typical buying habits for your customers? – Think about volume, frequency, location or the delivery methods they prefer.
5: What products or service drive both revenue and profit? – Revenue is important to ensure strong cash flow and profit is important as it drives the business.
6: What products cause the highest drop out from purchase? – Do you have a theory as to why this is happening and what could be done to reduce this rate?
7: How do your customers feel about engaging with you? – What is their net promoter score – http://www.netpromoter.com/
8: What channels do your customers prefer their communications to come from? – Is it sms, email, a physical letter, via the phone or on twitter?
9: How long does it take you to turn over your inventory and how does this vary across your product lines?
10: What is the elasticity of the products you sell in regards to price? – think about how your prices increase relative to the volume of product you sell.
Data is important, really important. Getting a handle on what data you can collect and a process for how you can interrogate, interpret and utilise your business data will be a key driver of business success over the next few years. What steps are you going to take to start your organisation on the process of collecting and organising your data?
Oh, for those who want to check their personal settings due to the new privacy policies, – visit your Google Account Dashboard.