A business strategy refers to the actions and decisions that a company takes to reach its business goals and be competitive in its industry (indeed.com).
We believe that a data mindset is imperative within a business strategy to ensure actions and decisions a company makes are based on fact and insight, complementing business owners and leaders intuition.
A great example of this is by linking the growth target with customer value - to focus your business strategy and prioritise initiatives based on the impact on customer value.
A data mindset approach would look deeper at key business measures with a customer lens to determine where the opportunity to grow customer value is. For example: is the highest opportunity with new customers; increasing repurchase of existing customers; or increasing basket value of all customer transactions. Then business strategy would then prioritising the initiatives to realise that value.
3 typical data mindset questions for business planning and customer value:
How do my customers behave? Who is buying from my business and where is the opportunity to impact turnover?
How do I identify and manage customers, to recognise their value and change behaviour?
How are products bought together? Understanding the repertoire of products purchased that can support how the stock is displayed and packaged with other items can drive increased value to a business.
Today's Tip: Link your business growth targets to customer value to prioritise initiatives.
We are passionate about the benefit of using a data mindset as part of your business strategy, please get into or book a discovery call if you need help to do this.