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Oct 28, 2020

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.