We know businesses can accelerate their growth by embedding a data mindset and fully utilising data and technology to deliver your business objectives.
The 3 components of a data mindset are:
1. Growth strategy - focus on what you need to 'KNOW'
2. More productive teams - focussing on the 'HOW' to have the right skills to use data & technology
3. Increased efficiency - focussing on 'WHAT' technology and processes are needed to support the 'teams' and 'business applications'
This blog is building on the role of measurement to build your growth strategy.
Measurement is a core component of any business strategy. It is not about the data department, your analyst crunching numbers or the BI tool you’ve installed to display the metrics. It is about the reason for measuring and how you will use the facts to make business decisions.
We recommend categorising your metrics into 3 groups -
Key Performance Indicators (KIPs) - measuring performance directly related to the objectives and success of the project
Performance Indicators (PIs) - measuring performance indirectly related to the objective and supporting ongoing optimisation
Strategic Indicators (SIs) - Indicative performance measures to support the strategic direction of the business
Read the full blog here to learn more about these measurement categories, and how to get started on your businesses measurement strategy:
The following articles may be useful to help shape how you bring this to life in your own business:
1) The True Measures of Success
It is not uncommon to feel like you are measuring the wrong thing in a small business. There are so many things you can measure, and you can't do them all or you won't see the wood for the trees. In this HBR article, the author talks about how to identify the true measures of success and the importance of making business decisions on fact, not intuition.
2) 6 Ways To Measure Small Business Success
Small businesses can be unpredictable. This Forbes article talks about 6 ways to measure small business success to keep you focussed and growing, by understanding how well components of your business are working
3) 3 Measurement resolutions all marketers should make for 2020
Some great resolutions in this article from Google that will help your business understand its metrics and get to the true performance indicators to make informed decisions.
4) The Complete Guide to Social Media Measurement for Small Businesses
Ian Blair has written a useful guide to social media measurement for small business owners. As people often wear many hats in small businesses, being able to focus on the key metrics helps a business get to the performance quicker to make decisions to drive a response from social. Worth a read if this resonates with you.
5) 5 Data Storytelling Tips for Creating More Persuasive Charts and Graphs
This article first appeared in Towards Data Science builds on the need for persuasive data visualisation of metrics to create and share compelling stories. Balancing data, visuals and narrative will enable you to achieve this as Paymen explains in his article:
6) Marketing Measurement Done Right
Even as recently as 2019, CMO's interviewed by the Boston Consulting Group said they were not clear on how effective their marketing budget was. This article explains the challenges BCG have seen and suggest some ways to overcome them.
We work with businesses to make their teams more productive by embedding data mindset to use data and technology to deliver against the business growth objectives.
We always start with understanding your needs and a discovery call is the best way to do that - drop me line rachel@wearemojo.co.uk or fill out the contact form on our website.
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