Ahead of the curve – data driven business strategy implementation

We all know how the consumer journey is forever changed with the Internet providing them information with a click of a button. Not only that, consumers and their mobile devices literally connects them 24×7 across the globe. Let’s not forget Cloud Computing that provides businesses infinite computing power and take note, it’s cheap.

Trends affect every business both big and small alike. Consumers are now at the center of the marketplace. For years, marketing has this concept of a Linear Purchase Funnel:

Linear Purchase Funnel – Outdated Model?

A Consumer starts at any point in their purchasing path. In a virtually connected marketplace, a marketers job is to figure out how to tap into this new dynamic and anticipate where customers will appear and what messages they need to hear at an exact path in their buying cycle.

Being ahead of the curve demands business owners to analyze the heart of the business the “customer”. This is not about knowing the individual channel where the customer is coming from or the device they’re using to find and engage with your business.Rather, it is collecting, distributing and understanding data that allows business decisions to be made on what should be implemented as part of your overall strategy.

For some this can be overwhelming, you need the right people, processes, and technology in order to effectively understand, collect and distribute data. Make sure part of your team has the skills to analyze and interpret those data to align your actions towards improving your business results.

Measuring Outcomes

One of the most important step in digital analytics is the identification of – What’s your Ultimate business Objectives or Outcomes are?
A lot of small businesses skip this step and dive directly into the more exciting thing of implementing things. Remember it is very important to have a clear measurement strategy, to guide your implementation strategy and your data analysis. action

5 Common Online Business Objectives:

eCommerce sites = Sell Products
Lead Generation = collect contact information for sales prospects
Content publishing = encourage engagement and frequent visitation
Info / Support Site = help customers find what they need when they need it
Branding = drive awareness, engagement and loyalty

Business analytics and web analytics can be tied together using Macro and Micro Conversions online.
Macro Conversions are simply those given above as the 5 common online business objectives.
While, micro conversions can be related as Behavioral Indicator towards a macro conversion. It is something a customer takes before the actual sale is taken for instance in an eCommerce site.
Ie. Sign Up for New Product Notification

Last point for you to bring home – Continual Improvement: Using data to drive your business

Continual improvement Process
1. Starts with measurement – Answers the questions “How Many?” “Where?”
2. Reports – is simple a packaged data in a readable format to empower decision makers
3. Analysis – can be a basic identification of large trends, or complex deep segmentation of data compared to industry standards. This can be a guide in developing a hypothesis that reflects your expections, and figuring out Why They Do? and Do Not hit your expections?
4. Testing – This is critical because it takes opinions out of the decision making process
5. Rinse – Repeat – Improve

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