Measure and Track Data working ON your business
Measure Results in your business
It’s very important that you measure results in your business daily to stay competitive. Often times you need to look at data and analytics over weeks and months to see the patterns in the data to understand what is working and isn’t working. For example I may have years of studying google analytics and data, but just looking at data doesn’t help much, you must understand what the data means and be able to take action off of the data. We call this data-driven decisions. Retention is a big metric in today’s world from recurring income retention, to retention of getting people to read, or watch videos.
One metric I may take a look at is retention on my blog posts and look for patterns of which blog pages get read the longest. Just by some quick glances and sorting them descending from longest to shortest I’ll look at the top few and ask myself what’s different about those top ones. I noticed that they are new blog posts, I’ve noticed that they are on the subject of compound effect in the headlines. I’ve noticed that they are not only new, but being shared with more people that I know that are on my facebook pages and group that know me. I also noticed a couple top ones have videos embeded on them.
Then I ask myself which variable is the biggest reason, and I conclude that it’s too early to tell, but it will be fun to keep blogging with and without videos and watch more solid data, bigger data sets, and more A/B split tests help make it more obvious to me. Maybe some of the above ideas give me 10-15% better results, but maybe one such as video will give me 500% increases on retention. Obviously as the data becomes more clear I will focus and align more of my energy on what the data tells me. My gut tells me to keep re-inforcing the compound effect framework with supporting top notch videos like I’ve been doing.
Track Conversions in your business
It’s important to actually track as much as it makes sense in your business and give meaning to the numbers. Such as how many leads are you getting, track it. Which sources give you the most leads, and track that. It isn’t just about leads though it’s about the right leads. Some sources may give you a lot of untargeted leads and that doesn’t help you much, it can be a waste of time. This is when you get into tracking conversions. Also take apart the fulfillment part of your business where you do the actual service in your business and break it down into a blueprint and system and learn to track how to do each step faster and better each day.
Always be improving, always be tracking the data. This is how you fine-tune your system and how you experience the compound effect. We have advantage in today’s world to be able to track data online and offline. One challenge online is it’s almost too much data, the challenge is to make sense of the data and give it meaning. The data offline isn’t as easily tracked, so it requires more strict daily habits.
Give Meaning to your stats and data
I believe the internet with all of it’s data has lessened the meaning of a lot of data, or shows a lot of data that can’t be taken too seriously, and possibly overwhelmed people and made people not want to look at data because they don’t think it has that much meaning. I can assure you something as simple as an incoming phone call with questions on your service has a lot of meaning, but even something that simple is often lost due to no tracking of phone number, or no CRM put into use, or no follow up being made. A lot of stats such as facebook likes, or followers, or email subscribers usually don’t have a lot of meaning, so it’s up to you to do some lead scoring and choose the priority of how you invest your time. When you adjust daily based on your data, you do more of the right thing and less of what isn’t working and you will notice a compounding effect over time.
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