If you follow all the steps till date. Congratulations, you are already successful. But today we will learn about how to maintain that success consistently. When you’re in a business, if you don’t track analytics, You won’t know when you experience an uptick in traffic or why and You will not know if you experience a drop-off or why. You’ll have less stress by not doing this, but you’ll probably have less success too. When entrepreneurs fly blind, they usually crash.
So how can you track data without becoming a slave to it? Every start-up should be collecting four types of information:
1) Quantitative data: This includes results, visits, and sales. Take time to assemble a dashboard where you can glance at your metrics in real time. If you track everything, you’ll end up tracking nothing, because it will feel overwhelming and you won’t monitor it regularly. Choose a few metrics to monitor at first and add more over time. When you find an analytic isn’t helpful, remove it from your dashboard. And resist the temptation to track everything.
Here are five types of data that most entrepreneurs put on their dashboard:
i) Revenue and cash flow: You can’t afford to not track the financial health of your start-up.
ii) Advertising: This helps you monitor the results of how you spend your money to move customers through your funnel.
iii) Social media: Keep an eye on the growth of your brand on social networks.
iv) Website analytics: Include visitor data as well as e-mail subscriptions and conversion rates.
v) Customer data: You need to know your annual customer value, retention rates, and attrition rates.
Here are the eight dashboard metrics that I suggest you add :
– Rolling thirty-day revenue
– Daily revenue
– Bank account balances
– Advertising cost per acquisition
– New followers across each social network
– Daily web visitors
– Daily website conversion
– Weekly e-mail subscribers
2) Qualitative data: This includes quality of service, customer complaints, and survey responses.
3) Comparative data: This includes test results and conversion rates.
4) Competitive data: This includes information gained from monitoring the activity of those who do what you do. If you’re not monitoring your competitors, don’t be surprised when you finish behind them.
Being an entrepreneur means being okay with a glimpse of something that is not working. Always remember “What gets measured gets managed.”