Documente Academic
Documente Profesional
Documente Cultură
Do you know the fundamental drivers of your business? Do you understand what drives growth for your business? Is your business fueled by acquisition or engagement or both? Do you understand your customers? And is the analytics within your company helping answer any of these questions for you? In my experience, analytics is sometimes an afterthought function rather than a core function as part of decision making. There is often disconnect between what models or dashboard an analyst is building and where the business is going. However, when companies and departments are able to align the two, they turn the business onto its head and give competitors a run for their money. So the question is how to go about leveraging analytics towards better business decisions. The answer: Ask 3 critical questions of your data and run your business with those insights. The questions are: How am I doing? What drives my business? Who are your customers and what are their needs?
You may want to build these three pillars simultaneously, going from 20,000ft view level of gross intelligence across the three pillars and drilling down iteratively to derive maximum benefit from them; each pillar depends on the other two to provide the most useful insights into your business.
By understanding how your products interact with the marketplace and within your own business dynamic across multiple business metrics of growth, profitability, size, revenue, competitive benefit, customer value etc., you can see where your greatest growth potential lies and where the greatest danger of failure lurks.
Once you start looking at your customer dimensions, you will find many insightful nuggets. With every new dimension, you will grow the matrix of information and it may soon like a big N X N where a lot of useful insight about your customer may be hidden because of the size of the matrix. Then you can use advance analytics techniques like clustering to segment your customer base into 5-7 meaningful segments so you can customize your product and messaging appropriately to your customer base. In this process, you can take several inputs to understand your customer need. Voice of Customer metrics like Opinion Lab Web data, customer service forms and survey as well as direct customer feedback from complaints and comments. (Text mine implicit needs and issues from this information.) Market research in the form of NPS (net promoter score) surveys, needs and feature surveys and product surveys. Competitive intelligence in the form of relative value proposition data, pricing etc.
The implicit needs youll derive from this analysis can help you fine tune your segment definitions and will help you to see if youre meeting your strategic goals as they relate to your customers.
Summary
As you deepen your understanding of your business by building the three pillars, your new insights well help reveal opportunities to maximize the ROI and drive the business forward. By combining what youve learned about your business, products and customers through data, you can make smarter decisions with greater predictability. Knowing how you want to grow your products or services, will help determine how you interact with your customers, and knowing how your customers want to interact with you will determine what kind of services you might offer in the future. Your measurement framework is ultimately what ties these elements together and allows you to understand how you are doing against your companys strategies and priorities. Executives high up in the organization know their Big KPIs, but the understanding of those KPIs gets diluted as it travels down the org chart. Furthermore, it is the understanding of drivers that finally uncover the levers to pull, to have the impact we desire on the KPIs. So in order to truly, start leveraging data to make wiser decisions, all employees be it marketing or sales, engineering or finance, analyst or product manager, need to be trained on how to ask the right questions of data in their daily work flow that will help make breakthrough insights needed maximize ROI. About the Author:
About Aryng
Aryng is a premier analytics training and consulting company, based in the San Francisco Bay Area; a unique partnership of analytics professionals, with decades of experience in Fortune 500 companies - conducting analytics, building and managing Business Intelligence and Analytics teams, delivering cumulative results in the $100s of millions.
Contact Aryng info@aryng.com |1.866.604.3092 3333 Bowers Avenue, Suite 130, Santa Clara, CA 95054