📕Data tracking dictionary template; Where SWOT falls short; the framework for a successful launch….
Happy Friday everyone. This week we’re taking a closer look at data, specifically how to acquire it and make sure your company is leveraging it correctly. We’ll also touch on why it’s important to up your accounting game early in your business, how SWOT has become a bit outdated, and some key tips for prepping for product launch… hope you enjoy!
📊 The reason most analytics efforts fail isn’t because of an inability to collect data, it’s actually because they don’t know what to track and how to translate it. Crystal Widjaja, who led Growth and Business Intelligence at Gojek (one of the biggest super apps in Asia) thinks this is partially an issue of mindset, and that many teams have the goal of just tracking metrics, as opposed to analyzing them. In the linked article she dives deep into other issues encountered when scaling up Gojek and offers a step-by-step process for realigning your data team’s strategy. There is also a great event tracking dictionary template in there for labeling events and their purpose that’s worth the download.
🔁 Let’s turn things over to the other side of the data collection – the consumers who actually provide it. Most are willing to give up their information if they know they will receive something in return, like a highly personalized content or brand experience, so think of the data in terms of value. Meaning, don’t collect any information you don’t plan on using and be very specific about what you are collecting and why it will benefit them. It might sound counter-intuitive, but you can even provide opt-outs at each touchpoint to see what areas give customers the most concern, and work to improve your messaging around why it matters. Keep in mind, personalization is based on assumptions and sending users down predetermined paths, so it’s equally important to know what customers don’t like.
💰 We have yet to meet a SaaS founder who gets excited about creating (or worse, refining) their accounting policies. It’s just not a fun area to focus effort so many end up putting it off until it’s too late. Locking down your accounting practices early is a must because while you're unlikely to have issues in your first year or two, correctly attributing revenue reduces the risk of mishaps when you start to really scale. Knowing when contracts and sales translate to actual money in the bank will give you better control of your company’s financial health, and help explain the process to larger enterprise clients about their contracts and invoicing status and identify areas for upselling.
😵 A moment of silence for the SWOT analysis, which was always there to keep tabs on the competition and help find your fit in the market space. But today, there are a few flaws with the method. One is timing: at best these rubrics give you a snapshot of time through a narrow scope, at worst you’re evaluating past performances. They also neglect your company’s key success driver – your customer. In 2020 and beyond, it’s hard to argue that anyone but your customer should be the center point of your marketing analysis, and effectively knowing where you stack up against the competition means looking at your competitive space from that customer’s vantage point.
🚀 Dan Murphy, VP of Marketing at Privy recently sat down with the Growth Gub podcast to discuss his framework on product launches including strategy, goal setting, and positioning. Murphy reminds that launches aren’t just for the newest and shiniest toy in your toy box, they’re equally important for updates to existing products and new features. He got his product positioning inspo by studying press releases from a little company named Apple. Dubbing it the NHS framework, each launch should have a name that resonates, a headline that grabs attention, and a story that layouts the value of the product. Defining those three items and having them be consistent should guide you on the right path to a successful launch.