Do you know your customers as well as Amazon® knows you?
Do you know your customer’s profitability as well as Amazon® knows theirs?
Data is the key to their insights, and success. Forward thinking companies aggressively turn data to information. Information becomes better decisions and higher profits. If this is true, why does so much data at so many companies remain securely locked away, never explored?
I’ve asked this question to a lot of leaders, because I’m passionate about helping companies apply “Big Data” concepts. What could I be doing better? This is the story of my personal search for new INSIGHTS & OUTCOMES.
INSIGHTS – an accurate and deep intuitive understanding.
It happens to all business leaders. Strategy isn’t delivering desired “Plan” results. Pull the team together to determine why and what to do next. Is it the strategy? Capability? Culture? The senior team meets and shares ideas based on years of experience. Decisions are made from the same information they’ve always used. Too often without new business analysis or insights from outside the organization.
I was at the same decision point. I started Data2Profit Consulting confident that plenty of businesses could do more with their data. As an experienced creator and consumer of business information, I believed, and still do, that opportunities abound. Leaders tell me I am doing the right things; networking, LinkedIn posts, videos, direct emails. Planting lots and lots of seeds. So why was my Big Data message seemingly not getting through?
Here are some of the insights my network of business leaders and trusted business advisors shared with me:
Habit – Many owners are successfully making a comfortable income doing what they’ve always done. Data analytics isn’t what they’ve done, so why do it?
The Economy is Good – Things are going OK and potential concerns are down the road. Why change today?
Competing Priorities – Capital projects, technology, staffing, new products, and cost savings have more visible impacts and require significant management focus.
We’re Human – Let’s face it, mention “data” to most people and eyes glaze. If the company doesn’t have a data champion, there will be little impetus to start.
Does the phrase “pushing water uphill” come to mind? What to do next?
OUTCOMES – Something that follows as a result or consequence.
The Insights led to Amazon®. Over $232 billion in sales. Technological innovation leader. Business disruptor. Built on customer data and a great selling process.
Amazon® knows your purchase behavior inside and out. Using data about you, they make predictions about what you’ll purchase next, and do a phenomenal job suggesting other products you may want. Their service model makes it easy to buy.
The Amazon® questions came out of a strategy session I had with a couple business partners. They helped me figure out what I should do differently.
At the risk of full strategic transparency, here is the action plan Data2Profit will be executing to continue our growth:
Highlight the Competitive Risk of Inaction – This is the Amazon® threat courteous. They may not be your direct competitor, but someone else is. How will you respond as they get smarter about their customers, then yours? We can jump start your data journey
Talk About Sales-Growing Behaviors – How many small-medium sized companies really think about, let alone quantify, the behaviors of their customers and sales reps. But what else has a greater impact on top line sales? We can characterize behaviors using data from your sales and CRM systems.
Create Partnerships – Other consultants and service providers share a common interest: help customers make more money. We’d love to explore opportunities to collaborate, so let’s talk.
Offer Educational Speaking Engagements – Interactive presentations can touch on a wide range of data-related topics, from analysis and integration to cultural implications. We want people to leave with tangible ideas, without it being a shameless Data2Profit commercial!
Update the Data2Profit Message – Thanks to a lot of folks who have visited our website and provided candid feedback. We’ll be reworking the story to better demonstrate how we can add value to our customers and partners.
We’d love to hear your thoughts. And help you start your own INSIGHTS & OUTCOMES experience.
Wishing you all continued success,