The importance of Big data and Analytics.

Many corporate business enterprises and entrepreneurs focus purely on delivering software projects like websites, apps and interactive kiosks without really considering how critical data and in app/software data could be in the success of their project. Normally the focus is based on the procurement and cost of implementing the project or developing the look, feel or code.

However the key to having a successful software product irrespective of its type and or cost must be does the product add real value to the customer and does it return investment for the company? What are the key performance metrics that answer these questions and how do we implement these events into the product at the development phase? 

We have noticed when developing projects for clients that data has always been an after thought but is this correct and why should you reconsider how to plan for rolling out a new project? 

Quite simply not being able to know or understand or have access to data will impact your long term growth and ability to return investment, it will also harm your marketing and cost you more in acquisition and churn, it can also result in failure of product. But it doesn’t have to be this way! 

What key metrics you should consider at the offset?

The metrics should be focussed around your key performance indicators that are in your business plan or go to market strategy. 

The foundation metrics to consider should be; am I targeting the right people? Who are they and what type of people are using my product, and where did they come from in terms of marketing channel? 
How did they engage with your product or platform, where did they frequent, where they dropped off, did they convert or achieve an action that meant your product was success? 

If you are looking to improve ROI other key metrics we would strongly advise to consider should include churn rate, identifying any cohorts or personas that could result in fast growth and life time value of a customer. The biggest mistake we see with software marketing teams is that they focus around the cheapest cost per click or acquisition on a specific platform, they don’t have the ability to compare all marketing channels on a dashboard as the reporting features in Facebook and Google do not merge well. However this can be misleading companies and could be missing out on customers on other platforms they maybe more costly to acquire but may reward you with long term commitment and lifetime value. Having the ability to identify this visually and report back to stakeholders is a must in todays world.

When we develop any software, app, or website we consider all of these questions alongside you to ensure nothing is missed, we work with you to define what code and tracking SDK’s or APIs need to be connected to your product and how the end data points look visually. 

If you would like to see some of our success stories and data analytics dashboards that we have designed to run alongside apps and softwares, book an appointment now with one of our consultants to learn more.

 

Would you like a free consultation?

Why not speak to one of our account managers or consultants about your project, we offer a free 30-minute consultation to all new clients, either in person or over a Teams or Zoom.