248: Data and Analytics: What to focus on - with Lori Highby
Today, Lori does a solocast in which she focuses on data and analytics. She shares 3 simple rules for where you should focus your measurement efforts.
Don't overwhelm yourself. Focus on what's easily available, confirm its accuracy, and most important is the information being collected going to allow you to make an intelligent business decision?
So let's dive into available. The data you're collecting should be collected quickly, you don't want to be investing a ton of time to collect information that who knows if it's really going to help you to make some smart decisions. You don't want to expend the effort that far exceeds the value of the data. When you're looking at what you want to measure, make sure that this is something that is within an arm's reach. You can quickly export information or you're using tools that are compiling these data points. At the end of the day, you want to make sure it's available. So you've got Google Analytics or maybe you can see the number of followers on a social media channel, or subscribers to your email list, how many phone calls that you made that day. This is all data that is easily accessible.
Let's look at the next one. You want to make sure it's accurate information. So we've all heard this phrase garbage in is garbage out. Well, at the end of the day, if the information that you're putting into a system is not accurate, the outcome of that information is not going to be accurate either. So much of reported marketing and sales data does not stand up to scrutiny. It's estimated, extrapolated and decimated to try and produce pertinent conclusions. You want to make sure that you have accurate information in order to be able to help tell the story that's being told with that information. Verify that your Google Analytics are set up properly and test that information. Confirm that when you have email subscribers on your list that they're not spam emails that are being plugged in. You want to make sure it's accurate information that's being used.
And the third item related to data is that it's actionable. You never want to waste time collecting data of minor value. You want to make sure that the data you collect is meaningful and has the potential of moving the needle on your marketing and sales goals. I have a thing that we practice here. Ss this action going to help us move the needle? Is this information going to help us move the needle in the right direction? So are you going to analyze the information and become paralyzed and without being able to make an intelligent business decision? That's the goal at the end of the day when looking at data and analyzing the information you want to be able to make a fairly quick, I would say, but an intelligent business decision.
If you need help with your data, diving into it, helping you figure out which specific items to measure, making sure they're easily available to you, confirming that the data that you have is accurate. And also, making sure that it's actionable, feel free to reach out. www.keystoneclick.com/ is my company. And this is what we do - digital marketing at its finest. This was a quick tip, fast episode, hopefully that adds a lot of value to you and your day.
I'm happy to do more solo casts and if you have any questions that you'd like me to answer related to marketing, building relationships to help you achieve your business and sales goals, shoot me an email at Lori@SocialCapitalPodcast.com and I will gladly answer your questions.