Ok- up front I can admit that data analysis is not a strong point. Through many parts of my life as an entrepreneur I avoided data analysis at my peril; other times I had good people do the analysis for me. The main thing is you do it. There is plenty of data to look at in your business and you need to look at data with a couple of filters applied.
- is this data relevant to my strategic and tactical objectives?
- is the data presented in a way that is easily understood? (graphical?)
I am only looking at some key sales data on this blog post. This is some information that can be transformative in determining your sales and marketing strategy. This is not comprehensive but at least get started here. If you need help you know how to get in touch.
- How many leads do you generate?
- How many leads do you convert to early stage contact? (qualifying phase)
- How many do you convert from early stage contact (qualifying) to the relationship development phase? If you have multiple stages here you should measure each conversion rate. I do not make it that complicated. My relationship development phase includes personal meetings, drip marketing, phone calls, product demonstrations etc.
- Your conversion rate from relationship development phase to sale.
- An overall conversion rate from lead to sale.
There you go. You now have some data to collect and analyse. If you have an up to date CRM this will take 60 seconds. If you have your data in a few places including a neglected CRM you have some work to do. It will be ugly but worth it.