Analytics to Drive Growth
Imagine a scenario where you are able to find answers to the questions you have about your clientele.
What drives visitors to your site? What content are they most engaged with and why? What business problems are they trying to solve? This kind of context can often be challenging to find when navigating the endless graphs that reflect traffic and volume of visitors per day. At the end of the day you want your analytics to tell you what you did not already know, or highlight the subtle story that your data has to tell you.
Leaders are now rethinking how they structure their data so that they can ask the relevant growth questions of their business.
Where is my growth coming from?
When leaders want to know how to grow, they look at what has historically been successful. This can be done by creating a map view of their growth initiatives across two dimensions.
Scanning for growth opportunities
- Do we have the systems in place to analyze and quantify the growth factors of our business?
Getting granular with their customer segmentation
- What attributes do we have about our client base that tell us a larger story about our business?
How do I grow now and tomorrow?
To ensure growth today and tomorrow, leaders have to focus on 3 distinct elements.
- Invest - Putting money where your growth is
- Perform - Optimizing your commercial capabilities by utilizing analytics and capability building to optimize your commercial levers
- Create - Innovating by design with your client base at the center
How do I setup my growth engine?
After your leadership team has identified the necessary factors for growth within your firm, how do you implement a growth mindset from the inside out?
Build alignment on your growth efforts across the organization by telling a compelling growth story and role modeling the change you want to see
An example would be utilizing data to tell the growth story, thereby encouraging your organization to make data driven decisions
Pay close attention to evolving capability needs across the organization, sequence them on where your company is on the growth curve, and be ready to reinvent the way your company works
Building out a skills matrix for your team allows you to quickly identify who can be leveraged as an internal ambassador for the skill sets you need
Constantly ask your people: How will this conversation/decision/action help us grow?
When metrics are visible and available organization wide each function will know what is required of them to ensure that the growth engine is working
Setting your team up for success can be a daunting challenge, it is important to remember to celebrate the quick wins that allow your team to embrace the change towards a more data driven culture.