Recently, the Managing Director of iris-Concise, Will Silverwood, shared some of his experience via a blog on WARC: “Torture data until it talks and then challenge all that it confesses”. In this post, he walks us through the steps he’s taken in order to rise to the challenge set out by a client, expertly intertwining data and consultancy to suit the business need.
Like so many other clients in this modern environment, growth / development strategies are becoming heavily reliant on insights that are underpinned by a wealth of data. However, those insights then become truly valuable only once they’re measured in comparison to a standard; a process known as benchmarking.
So if we reverse engineer the above; once you’re able to identify those benchmarks, you can ascertain your true performance, and therefore determine strategy defining key insights.
So where can I source my benchmarks?
In our role as growth consultants, we often see businesses launching new products or furthering existing products, often foregoing the legwork needed of understanding their own data in favour of reliance on existing industry benchmarks.
Industry benchmarks are often useful when determining the headroom opportunity for a new market entry. They’ll give you a rough guide for how you can expect a product to perform within your chosen market, but those benchmarks should not be expected to be a direct comparison for your actual performance.
For maturing products however, internal benchmarks should always be deferred to as a first consideration. Dictated by the product you've built rather than the market you're competing in, internal benchmarks provide a measure against any previous performance; short term targets should be focused on sustainability and growth against known successes, while long term goals should be considerate of the investment and potential of your product.
And finally, be sure to take your performance relative to market position. Context is the pivotal dimension that provides value in any metric that you measure against, and true performance can only be ascertained accurately after consideration of your previous endeavours.
In this era, it is unequivocally vital to ensure that your own data is front of mind. Innovation should be fuelled by internal value drivers, and influences from the market that your product operates in. Most importantly, you need a cohesive understanding of your own performance to ensure any strategic concepts can be managed and implemented effectively.
So what next?
And it shouldn’t stop there. For every development or setback, there will be a cascade of new data to interrogate and scrutinise, and ensure that the continuing optimisation of your product brings it closer to its maximum potential.
From A/B/n tests, iterative test & learn, audience segmentation or platform enhancements, these key focus areas are only truly measureable once you’ve obtained your key performance insights. Any further learnings you can procure from any data source will simply strengthen your knowledge and augment your strategy.
And that’s where we help out..
Because we know the value of insight with context, iris-Concise have developed a new business intelligence tool coined Instant View. It’s an automated, holistic programme that compiles the performance of a number of platforms across a number of key metrics into a tailored and handcrafted dashboard.
It’s a tool that will help businesses interrogate and understand their data quickly and easily, and ensure that robust data is at the heart of every business decisions.
And that’s how our recently released Instant View quickly becomes quintessential; the ability to collate and interactively explore the nuances of an abundance of data – check it out here.