Developing a business strategy and accelerating growth with a data mindset

As a business owner, your key objective will more than likely be to grow year on year. However, as we know the last few years have been somewhat challenging and it could now be more about keeping your business going and your head above water.

But that is why, more than ever, it’s going to be important to have that growth plan in place to ride through this difficult time and come out fighting.

So what’s your plan?

Where are you going to focus? Is it:

• Finding new customers?

• Increasing conversion throughout your sales funnel?

• Getting your existing customers to buy more?

• Reducing your price point?

• Implementing a discount scheme or loyalty incentive plan? Etc.

So much to think about and so many potential strategies to execute.

But how are you going to decide where to focus your effort and more importantly where are you going to invest to get the greatest return and deliver that growth that you really need?

Can you afford to gamble on instinct or your gut feel or do you need to improve your odds by understanding it in more detail?

This is where having a data mindset becomes a game-changer.

A data mindset is “leading and planning for your business based on data and insight. Determining where your strengths and weaknesses are and finding those hidden opportunities that will make the biggest impact to accelerate growth for your business.”

We believe that a data mindset is imperative within a business strategy to enable you to make informed decisions and ensure the actions the company makes are based on fact and insight, complementing business owners’ and leaders’ intuition.

Here we look at just one example of where having a data mindset can help with business growth targets:

​Case Study - Linking growth targets with customer value

This is a great example of focusing your business strategy and prioritising initiatives based on looking at 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.

Understanding this then enables the business strategy to be developed to prioritise the initiatives to realise that value. Putting in place a data strategy to support business planning and driving additional customer value, could enable the following questions to be answered:

1. How do my customers behave? Who is buying from my business and where is the opportunity to impact turnover?

2. How do I identify and manage customers, to recognise their value and change behaviour?

3. 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.

To lead your business with a data mindset will require a combination of cultural change, data literacy and technology but the rewards will transform your business.

We have been working with companies to accelerate their growth with a data mindset for many years. We know it works and we want to share that knowledge with business owners like you.

Request a free discovery call and in half an hour we will show you how to start thinking with data mindset.