Data, Insights & Success - Lessons learned from a game of tennis

With the start of the Wimbledon tennis championships this week, many of the top tennis players in the world will measure their success by how many matches they win and more specifically if they have:
?    Achieved their personal goals 
?    Done better or worse than previous years 
?    Improved their world ranking

Although measuring the number of matches won is important and determines the success of their performance, it does not help a player understand what they can do to improve future performances.

By receiving meaningful insights like; the percentage of first services in, the number of unforced errors they made and the number of points won while receiving an opponent’s service, they know where to focus and what to work on to improve future performances.

Businesses, like tennis players, also define measures to determine the success of their performance. A common measure of success for most businesses is the value of sales made in a trading period, often compared to a budget, other sales areas and historical performances. Like tennis players the person responsible for sales needs meaningful and actionable insights to help them improve and achieve their performance.

This could include:
?    Conversion rates - what percentage of the traffic visiting their store or website are             being converted in to sales?
?    Average sales value and the number of items per basket?
?    Client retention rates – are existing clients coming back again?
?    Knowing which items are selling and which are not?

Measuring success alone for an area of your business does not necessarily lead to an improvement in performance. By providing meaningful insights that can be actioned and managed effectively, will ultimately lead to a better performance.

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