A step-by-step guide to supercharge your business growth with Advanced Analytics

In today’s highly competitive business world, staying ahead of the competition requires smart use of data and advanced analytics. By leveraging the power of analytics, businesses have the potential to drive growth and increase efficiency. This step-by-step guide will provide you with the necessary tools and strategies to supercharge business growth with advanced analytics, while also avoiding the common pitfalls in achieving this goal.

With the right approach, advanced analytics can help you get ahead of the competition and boost your bottom line.

Our simple 5 step process outlines the key steps needed to unlock this potential in your organization.

1. Objectives

The main KPI for most businesses will be sales, revenue, and profit margins but these have a very short-term focus.

The most successful brands recognize the need to balance short-term (sales) with longer-term brand building (brand metrics). By combining these in phase 1. We ensure that we create a balanced focus throughout the process and organization, and a vital step in developing sustainable growth.

2. Data

Data audits are a key step to ensure that internal and external data has a consistent meta-data format, in addition to the granularity and frequency needed for different tracking and measurement options.

The audit should also focus on what new data sets are required to add context to our focus. This could be brand tracking, competitive tracking, or social sentiment data as a few examples.

Most organizations underestimate this process and focus, but it’s the number 1 reason why these initiatives fail to deliver their potential.

3. Measurement Solutions

This is where most organizations start the process, but measurement solutions are only as good as the data that feeds them.

Failure to address the data requirements upfront slows or stalls the ability to get to the value from these solutions, building expectations internally, which are quickly deflated as expectations fail to fully materialize.

With the first 2 steps in place, the job of identifying, selecting, and onboarding new solutions can be done at speed, ensuring we quickly get to demonstrating the power of advanced analytics to the organization, without painful delays or resets.

4. Organizational Alignment

New data and analytics solutions can provide valuable guidance for multiple groups within the organization, from finance, product management, sales, and marketing to name a few.

The key point is to ensure that all groups understand where we need input, what we can learn, how we should use this information and how to collectively drive key business strategy within the whole organization.

This can cover areas such as market growth objectives, product testing, marketing investment, pricing, risk management and forecasting.

5. Learning Agendas

There is a common misconception that advanced measurement can answer all questions.

The reality is that we need to ask the right questions through structured learning agendas, ensuring we validate ideas and hypotheses before investing in them.

These learning agendas should be based on the organization's overall strategy and should include both qualitative and quantitative methods.

All stakeholders should be included to ensure alignment and a shared understanding of the objectives and desired outcomes. by the way, we chose to go to market. This could relate to testing new channels, creative, pricing, regional priorities and so on.

It’s about adding structure to our testing, with a key focus on how this relates to step 1, our business objectives.