Daniel Keys Moran says, “You can have data without information, but you cannot have information without data” – Business data is a deciding factor for all the future ventures you plan to execute to make your business a successful one!
When you track the data, you track the future of your organization. Everyone wants to grow and data analysis is the first step to expand seamlessly.
In this article, I’ll be covering up the “7 great ways” by which you can collect data. Here they are (Point to be noted!):
#1 Record your customer phone calls:
With the changing times, technology has gifted us with mobile phones which has made communication easier and faster. All you need to do is dial few numbers and there you are, talking to the person.
Similarly, there are various cloud telephony mobile apps which are useful in recording customer conversations. A recorded conversation can be your biggest source of information. Firstly, it directly comes from the customers which mean there is no third person giving you information about what the customer wants. Secondly, it helps you to understand the customer mindset about the product that you had marketed. Hence, record those talks because it cannot be more reliable than this.
#2 Note down the list of marketing campaigns you conducted:
Marketing is a big word and businesses can be marketed in innumerable ways. But these ways need to be taken care of. Meaning, make a list of marketing campaigns you conducted. This will give you a better understanding about how much time did you invest in each campaign. Also, you can recheck on the best marketing campaign which brought you more leads compared to others and accordingly you can work on it.
#3 Create a list of people who contacted you after those campaigns:
After a successful marketing campaign, it is always advisable to take down the list of people who contacted you after the campaigns you conducted. This includes their name, what time did they contact you (immediately after the campaigns or after few days), the region/state they are calling from and also asking them what actually did they like about your product. This will give you knowledge about your product preferences within a particular region.
Suppose, 10 people contacted you from Bihar and 5 more people from Delhi. So, you see the difference? The members in Bihar appreciated or want to know more about your product than Delhi. Therefore, you get a better understanding about how your product is performing in the market.
#4 Count the number of conversions:
This is a much done practice within the organization but still a reminder is always better.
When you count the number of conversions it means you are measuring your success. Counting the number of conversions will tell you how effectively you are progressing in expanding your organization. Also it helps to make you decide the set of your Beta customers which means next time when you launch a new product, you can reconnect with these conversions, first to promote or sell your product.
#5 Also, count the number of people who had contacted and didn’t convert:
After you are done with counting the number of people who paid for your product, count the number of people who were interested but failed to convert in sales. This calculation is important as this shall give you a rough idea about your successful sales process.
Thus, if the number of conversion rate is more than the ones which didn’t convert, it means you are on the right track and vice-versa.
#6 Compare the marketing cost and the profit you earned:
This comparison in data is an important one. You should always keep a check on how much money you spent on marketing your product and what was your return on this investment.
The following factors are associated with this technique:
- If investment was greater than the payment/profit you received = Poor process of sales and marketing.
- If investment was equal to the payment you received = No growth/growth is stagnant.
- If investment was less than the payment you received = You are progressing!
#7. Find out those two agents who were contacted the most and the least:
This will help identify the best agent who has good skills to communicate and the one who doesn’t persist the same. Thus, it will tell you how and on whom you should work on as a manager- who needs training and good communication skills.
The above mentioned points are the few best ways with which you can collect your business data and maintain a smooth work process within your organization. Continue collecting data for your organization so that you have enough information to rely on and you don’t experience any pitfalls while taking an important decision.
This article was first published here.