Episode 139 - Making Data Actionable and Developing a Data 6-Pack with Dan LeBlanc of Daasity
What do six-packs, successful pilots and 2020 have in common? No, it’s not a drinking game. We’re talking data here people! Do you know your data…like really know your data? Do you have a feel for it? Do you look at the right numbers daily?
Let’s talk pilots for just a second. If you’ve ever seen a cockpit, it looks kinda like most eCommerce dashboards - an overwhelming amount of buttons, data, dials, and meters. But pilots actually focus mostly on just a few key instruments. The rest is there to help if there’s trouble. The same should be true for the dashboards you use to run your business.
I absolutely loved this interview with Dan LeBlanc at Daasity. We cover some really important topics to help you really get a handle on managing your business. Here’s a quick rundown:
- Is your data accurate? Seems like an easy question. Not always an easy answer.
- Do you know what your metrics mean? It’s all in the definition. If you don’t have the right definition, you can’t make good decisions.
- How you should look at your Lifetime Value (LTV) and why Cohorts matter
- Why contribution margin is super important plus an easy way to calculate it
- Knowing your RFM - Recency, frequency, and monetary value. Here’s how to look at this and why it matters.