How can you use data to improve account performance?

1 Define your metrics

The first step to use data is to define what metrics you want to track and measure. Metrics are the indicators of your account performance, such as revenue, profitability, retention, satisfaction, referrals, or any other relevant outcome. You should align your metrics with your account objectives, and make sure they are SMART: specific, measurable, achievable, relevant, and time-bound. For example, if your objective is to increase retention, you might use a metric such as the percentage of clients who renew their contracts within a year.

2 Collect and organize your data

The next step is to collect and organize your data from various sources, such as your CRM, accounting software, surveys, feedback forms, or analytics tools. You should ensure that your data is accurate, complete, consistent, and up-to-date, and that you have a reliable system to store and manage it. You should also categorize your data by account type, size, industry, or any other criteria that helps you segment and target your clients. For example, you might use a tool like Google Data Studio to create dashboards and reports that display your data in a clear and visual way.

3 Analyze and interpret your data

The third step is to analyze and interpret your data to identify patterns, trends, gaps, and opportunities. You should use various methods and techniques to explore your data, such as descriptive statistics, correlation, regression, or clustering. You should also compare your data with your benchmarks, goals, and expectations, and look for any discrepancies or deviations. For example, you might use a tool like Excel to perform calculations and create charts and graphs that illustrate your data.

4 Act on your insights

The final step is to act on your insights and use them to improve your account performance. You should use your data to inform your decisions, actions, and recommendations, and to communicate your value and impact to your clients. You should also use your data to test and optimize your strategies, processes, and services, and to identify and solve any issues or challenges. For example, you might use your data to create action plans, proposals, or case studies that demonstrate your results and achievements.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?