Why Data is important for your startup or business ?

Data

Everybody (talking about majority) has a girlfriend. Her never ending conversations might annoy you. Her mood swings, her demands, that attention seeking urge. That might get on your nerves sometimes but it is an undeniable fact that you can’t go without her. It is an essentially integral part of your life. Data is that girlfriend which might test your perseverance to the extremes but somewhere you know that it is something which you can’t proceed without.

“ Data is like girlfriend, too many questions, Difficult to understand, need too much of analysis”

You don’t have to be a big, corporate organisation for your business to take advantage of the benefits of data. Take an instant quiz and then you shall know how to exploit the data, the huge chunks of untapped data which you already have

Ask yourself:

• What do I really know about my business?
• What statistical information do I know about my business?
• Do I know the retention rate of the product?
• Do I know which traction channel is giving me the quality users?
• What is the average time user is spending on my product?
• How many users do I acquire this week or month?
• How many users uninstalled the app after?
• Which of campaign is performing better?
• How is user behaving on your website

There are plenty of questions about your business and your Data has the immense power of answering all those. You just need to give it some attention and time and everything will get sorted. The more you know about your business & audience, the faster and more you achieve in terms of growth. Plus your efforts put in, won’t go in vain.

What could be better than that! Channelizing your time and efforts in the right direction?

Where am I getting the Data from? Hits this question in your minds right now.

Well, there are a lot of tools which can help you with this. You only have to integrate them into your business and they will do the rest. For example to get the User Behaviour on your product you can use Google Analytics and for attribution, you can use Apsalar for mobile growth.

Differences between Apsalar & GA decoded. This article by Dinesh Vernekar will help you in understanding the difference between Google Analytics and Apsalar.

So you have your business’ raw data from these tools. What next? Some maths. Some analysis and there you are with all the answers you have been looking for. This feels right like girlfriend treating us with favours.

I have created an excel growth sheet template which can help you to keep a track of your insights.

Link to growth sheet template: https://goo.gl/URsulU

You can customise the template according to your needs, the key performance indicator of your business. Also if you hate working on the excel sheet you can integrate the excel sheet/analytics tool withhttps://dash.datadeck.com/ or Automated Spreadsheet to create your admin panel with the metrics you really care for.

So isn’t investing some efforts and time in it reaps some amazing results? I am talking about the girlfriend. What did you think? Data?? So calling it your half girlfriend won’t be wrong anyways.

Summary
Why Data is important for your startup or business
Article Name
Why Data is important for your startup or business
Description
Data has the immense power of answering all those. You just need to give it some attention and time and everything will get sorted.
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Publisher Name
Humans of Entrepreneurship
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