5 Aspects of your Business you Need to Track Today to make any Data-Driven Decisions
While Google Analytics is great for getting a big picture view around user acquisition, it doesn't capture what each user's doing on your platform once they're there -- or even what the platform looks like on the days that they're on.
After 10 years of collaborating with companies of all shapes, sizes and industries, I've found that all aspects of your business fall into just 5 attributes that you should track about your platform/hardware and your customers, timestamped at the individual event level:
- "Demographics" of the customer's/IoT device (e.g. Android/iPhone, tablet, desktop, hardware type),
- Your app's/platform's "demographics" (e.g. release 0.9.3),
- State(s) of the app's/platform's assets (e.g. order of images/videos shown to whom, sensor(s)),
- Interactions of all of the above, and
- Touch-points (e.g. acquisition channels, marketing emails, customer service interactions, sensor maintenance),
By tracking these 5 attributes, you'll be able to answer virtually any question about your business -- about the past, present and future. These include how to:
- Who's on the platform right now? And how are they using the product?
- Quantify CAC to fine-tune your customer acquisition and retention strategies, based on:
- who your high-profit customers are and how they found you,
- what their purchase triggers,
- where they're coming from, and
- what keeps them coming back;
- Track how your offering has changed over time, what it looked like at a given point in time, and how that impacted the business;
- Identify best- and under-performing product features, to help prioritize development;
- Identify anomalies;
- ... and many more.
If you'd like more support in completing this self-assessment, or would like to talk more about how you can leverage the data to identify your best customers and product features to grow your business, please reach out.
Keywords: Data strategy, customer acquisition, CAC, retention. customer understanding, Internet of Things (IoT) sensors, data products
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