Often when you think of data insights you think of marketing – how many people visited our website this month? How many new likes did we get on Facebook? How many advertising dollars did we spend and what was the return?
Marketing data is useful for identifying opportunities for growth, but insights gained through business data can be just as meaningful for your bottom line.
Data can be attached to almost anything, so it’s sometimes hard to identify which metrics are most helpful. Use these tips to help you cut through the noise of too much data and gain insight into what you can do right now to improve the health of your business:
It might not matter that on average more people wear blue shirts than red shirts to an 8 a.m. Monday class, but it does matter that 75 percent of people who enroll in that 8 a.m. class renew their memberships. Measuring the right data exposes customer patterns and business opportunities.
You’re probably already tracking the basics like weekly client visits and revenue, but here are some additional things to look for:
Each one of the data points listed above provides insight into an action you can take to solve a business problem and grow revenue. Efficient management leads to retention of your current clients, and helps you find time to reach out to potential new ones.
Clear understanding of the health of your business gives you peace of mind, allowing you to focus on sharing your passion with your clients. And isn’t that why you started your business in the first place?
By Front Desk. For more information, visit frontdeskhq.com.