Easy types of data every business should capture

Data capture doesn’t have to be difficult, expensive, time consuming or overly sophisticated. There area few simple ways to capture valuable data, primarily using resources that your business already has. These resources include your sales team, your financial systems, and your website.

Five reasons to capture data

1. Track Key Performance Indicators

2. Quantify the effectiveness of your marketing

3. Measure customer interest and customer satisfaction

4. Show your customers that their opinion matters

5. Measure your most valuable customers/sales

Key performance indicators to track

•Cost per lead (CPL)

•Cost per sale (CPS)

•Financial data

•Performance & Quality

For more on KPI’s, you can see this post

Tracking the effectiveness of your marketing

CPL and CPS  will help with this. You can also find ways to track how leads are entering your funnel. This is covered in our post about quantifying the effectiveness of your marketing. Here’s one example:  on your online order form, simply ask your customers how they found you.

Simple survey tools also exist. These can be used to embed survey questions in your web pages.

Another significant source of data that you already have is website analytics. These will show you how people are finding your website, and give you in-depth data about how users interact with the site.

Measure customer interest and customer satisfaction

You can use survey questions to understand how your customers really regard things such as products, services, the buying experience, and warranty.

This is effectively the same thing as asking your customers to leave reviews on products, the way Amazon does. To collect data, you can send out email surveys or embed simple questions on your webpages.

Example questions:

Would you like to know more about this topic? Would you purchase a version of this product that had X feature? Please rate our website on the following categories…

In a previous post, we covered the usefulness of The Ultimate Question in guiding your business toward better meeting customer’s needs. It’s one simple, non-invasive question that you follow up your sales with.

Measure your most valuable customers & most valuable sales

The highest profits come from serving the customers who a) spend the most with you, b) buy your highest margin products/services, and c) cost the least to service and acquire.

Obviously, your best customers will be less than perfect. Obviously, you’ll have to serve some customers that are less than ideal. But you can clearly identify who you should be investing the most in, and who you should be tailoring your marketing to.

Cost-per-lead and cost-per-sale are useful metrics in measuring your most valuable sales. You’ll need to weigh that against how much you’re actually making from particular sales. This is covered more in depth in this post.

Show your customers their opinion matters

Your data capture efforts will be noticed by your customers. Data capture is a way for you to increase the value you provide to your customers, which is a win for everybody. You’re going out of your way to give them some say in the future of your company. Nothing makes somebody feel loyal like being listened to

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