5 Metrics Every Small Business Should Track and 5 They Should Not

IMAGE DISTRIBUTED FOR AMERICAN EXPRESS OPEN - The owner of Merz Apothecary in Chicago prepares for the increase of traffic expected on Small Business Saturday after a front window makeover thanks to designer Simon Doonan. (John Konstantaras / AP Images for American Express OPEN)

5 Metrics Every Small Business Should Track and 5 They Should Not, November 18, 2015

By: Germar E. Reed

There is a wealth of data that small businesses can and should be tracking in order to ensure that they are properly armed to make better business decisions.

But which metrics should you track?

All of them?

No!

If data isn’t actionable or useful, don’t waste your time. A KPI is a key performance indicator– the metrics by which you measure your success. It’s a good idea to decide on the metrics that you care most about and put them together in a dashboard to make tracking easier/quicker.

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Small Business and Advanced Analytics

Small Business and Advanced Analytics, October 29, 2015

By: Germar E. Reed

According to McKinsey research, by 2018 the United States will experience a shortage of 190,000 skilled data scientist and analyst. While most small business are not able to employ a full analytics team to manage the large amounts of data being collected during the day-to-day operation of their business, many have the ability to hire a consultant to complete specific tasks as needed. What tasks can a Data Analyst/Scientist assist you with? Read more

Shared Learning: 72% of Senior Marketers Consider Data to Be A Strategic Asset According to Research Live

72% of Senior Marketers Consider Data to Be A Strategic Asset According to Research Live

GLOBAL — 72% of senior marketers consider data to be a strategic asset, according to new research from the World Federation of Advertisers (WFA).

Despite this, more than half are ‘only just starting’ the process of giving it a central role in their marketing.

The study is based on responses from 32 companies with a global annual marketing spend of $35bn. It found that 31% of companies described themselves as advanced or highly advanced in the adoption of data-driven marketing (DDM).

However, 56% of respondents recognised that they were still early in the journey, describing themselves as in the initial planning stage and yet to deploy a DDM strategy. Read more

Marketing Metrics Made Simple

Marketing Metrics Made Simple, September 9, 2015

By: Germar E. Reed

Return on Investment (ROI)

Return on Investment (ROI) or Return on Marketing Investment (ROMI) equals the gain from a program minus the cost of the program, divided by the cost of the program.

ROI = (gain – cost) / cost

For example: Let’s assume that you started a new (incremental) advertising program, that it cost $50,000 in its first year, that it promoted $600,000 in incremental sales during the same year, and that the gross profit from these sales was $200,000. Read more

The Winds of Innovation

The Winds of Innovation, May 25, 2015 

By: Rafael C. Turner

There is an ancient Chinese proverb that goes: “When the wind of change blows, some people build walls, others build windmills.” Modern day translation: Innovate or Die.

Innovation calls for a paradigm shift from the bureaucracy and complacency that limits an organization’s ability to realize its full potential to one that taps into the power that lies within the creative spirit of its human capital.

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Why Analytics Matter

Why Analytics Matter, January 5, 2014 

By: Germar E. Reed

As we reach the midpoint of 2014, we are in the middle of a fundamental transformation in the way businesses view analytics. Analytics are now seen as core to a business’ growth strategy and means for measuring, implementing and sustaining success. I am extremely pleased to see this happen and that marketing analyst no longer have to fight for the value of analytics. The fact is, those who fail to invest in understanding what drives their business will find it hard to compete in a world that thrives on data. This is why analytics matters.

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Think Lean, Grow for Free!

Think Lean, Grow for Free – October 1, 2014 

By: Scott W. Bivens

Several forms of waste plague just about every type of business. Whether a start up, growth company or government organization, countless amounts of effort, energy, and money are invested in activities that just don’t add value to the business or its customers. In fact, this very thing works counterproductive to goal achievement, while pulling even the most established businesses to the wastelands of ineffectiveness. Trust me, this is one place you don’t want to be.

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Growth Strats: Filling in the Gaps

Growth Strats: Filling in the Gaps, August 3, 2014 

By: Terrence J.L. Reeves (Thompson)

Thank you for visiting Growth Strats! We’re excited to launch Growth Strats to play our part in the economic development ecosystem in Detroit.  Detroit is in the midst of a revival – one rooted in grit, determination and lessons learned from places and people, near and far. Rise Detroit!

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