As we continue along this path of understanding and more importantly embracing Adaptive Marketing, we come to the third piece of the puzzle…Your business needs to be driven by data.
This is an area the people of PawnMaster Nation have flourished on over the years because of the robust reporting in PawnMaster. However, many business owners still don’t have any means to collect data, understand how the data applies to their business, and very critical…how to use the data to their advantage. Faces change, customers come and go, but the data over a period of time will tell a compelling story, and in the hands of the inquisitive business person, can be used to do great things resulting in more revenue generation and cost savings.
So where to start and what to do? First thing I would suggest is to understand what is data, and moreover, what data is most important to you. Folks, this could be greatly varied from business to business. For me when I was in business, I started from the outside in. I wanted to understand the traffic flow for my brick and mortar locations. Understanding the numbers here drove me to review my signage, which was a 24X7 marketing tool. Then I wanted to know my customer traffic and how many new customers versus existing clients were coming in. I needed to know my success ratio with each customer, and then know what they were interested in from a product or a service point of view. Bottom line…I wanted to be dialed into the business. These are a few of the frontend data points, but like I said, there are many more, and you need to know what data and key point indicators (KPI’s) are best for you.
When it comes to adaptation…I will always leave you with this. Please don’t succumb to the 7 deadliest words for any business or business person….”We have always done it this way.”