Analytics. What are they? Statistics about your business results that help you grow revenues and improve your bottom line.
Did you know though there different types of analytics? Yes, quantitative data and qualitative data.
Quantitative analytics are historical scores cards of outcome. Qualitative data on the other hand can be used as a predictor of outcome. Yes, there is way to see around corners.
If you are using only quantitative analytics in your decision making you are missing out on a great tool to stay ahead of your competition and the ever changing economy.
So what are good qualitative metrics?
One way is to create them is ask yourself..what do we value as an organization?....then ask your audience, your employees and customers...do we exemplify those values? The answers will be subjective true, that is the nature of qualitative data. In this case, if your audience doesn't believe you are committed to your core values, research shows they will be less committed to you, your organization and your services and products.
As an example, lets say your organization values fun. Ask your employees and your customers if your place of business, your services and products feel like fun to them. Fun is relative and subjective. What you think is fun may not be fun to everyone else. Think that doesn't matter in your business? What does matter? What does your organization stand for?
Think you don't have to measure the qualitative feelings of your stakeholders in relationship to what you say you stand for?? Think, Circuit City, Blockbuster, Myspace, Blackberry and multiple newspapers, etc.
Your competition is measuring, listening, innovating. One way they do that effectively is with qualitative metrics.
Here is who one source says doesn't get it and will fail in 2013.
Did you know though there different types of analytics? Yes, quantitative data and qualitative data.
Quantitative analytics are historical scores cards of outcome. Qualitative data on the other hand can be used as a predictor of outcome. Yes, there is way to see around corners.
If you are using only quantitative analytics in your decision making you are missing out on a great tool to stay ahead of your competition and the ever changing economy.
So what are good qualitative metrics?
One way is to create them is ask yourself..what do we value as an organization?....then ask your audience, your employees and customers...do we exemplify those values? The answers will be subjective true, that is the nature of qualitative data. In this case, if your audience doesn't believe you are committed to your core values, research shows they will be less committed to you, your organization and your services and products.
As an example, lets say your organization values fun. Ask your employees and your customers if your place of business, your services and products feel like fun to them. Fun is relative and subjective. What you think is fun may not be fun to everyone else. Think that doesn't matter in your business? What does matter? What does your organization stand for?
Think you don't have to measure the qualitative feelings of your stakeholders in relationship to what you say you stand for?? Think, Circuit City, Blockbuster, Myspace, Blackberry and multiple newspapers, etc.
Your competition is measuring, listening, innovating. One way they do that effectively is with qualitative metrics.
Here is who one source says doesn't get it and will fail in 2013.
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