AJ Yager and Meaghan Connell are a dynamic couple who are both business and adventure partners. They scaled their business intelligence agency and life by being data-driven in everything they do. They run their business remotely, keep their bodies healthy, stay productive, and grow their relationship – all while traveling the world and growing their company 2x each year!
PraxisMetrics.com/fire – Learn how to grow your business with powerful dashboards that answer your business questions!
3 Value Bombs
1) Data is simply information. Every single business owner needs data to be informed and to know where to look for prospects, how to find them, and the best way to attract them.
2) Put the system and process in place and take action with the data that you have.
3) No matter what industry you are in, or how big or small your revenues, there is something that you can do right now to become more data driven. Now is the time.
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Today’s Audio MASTERCLASS: How to Become “Data Rich” and 10x Your Business with Data with AJ and Meaghan Connell.
[1:15] – AJ and Meaghan greet Fire Nation and share something interesting about themselves that most people do not know.
- AJ did not try drinking coffee until he was 31!
- Meaghan has lived on her own since she was 15, and she was raised by a single mom and is fluent in German.
[2:32] – What is data, and why is being “data-driven” in your business and life more important than ever?
- Data is simply information. Every single business owner needs data to be informed on where to look for prospects, how to find them, and the best way to attract them.
- The more information you have the better suited you will be, and it will give you the competitive advantage because nowadays there is data everywhere.
- You are a data business.
[5:21] – How can small or large businesses use data to rapidly grow & scale?
- Put the system and process in place and take action with the data that you have.
- Determine where you are on the business spectrum.
- Data collection is the first thing you can do to become data mature.
[7:25] – Specifically, how can you use data as a competitive advantage?
- Google Analytics is a free platform that will help you with your business – you just have to make sure that it is setup correctly to track and collect data.
- Once data is tracking, take it and turn it into actionable KPI’s.
[12:32] – What is the Data Maturity Spectrum and why should business owners pay attention to it?
- There are actionable steps that you can take no matter where you are in your business that will lead you to the next level of being more mature with your data.
- Collect the data, define what your KPI’s from the collected data, automate, and then look at the data mastery (Extract, Transform, and Load).
- As you grow, your data grows as well. It is a constant cycle
[17:55] – Lifetime Customer Value (LTV): why do you think the generic version of LTV is terrible and what should you be looking at instead?
- When scaling a business, the first thing that you need to do is to understand what is working and what is not.
[25:09] – AJ and Meaghan talk about the number 1 mistake that 90% of companies make when tracking revenue.
- Know how to properly attribute the amount of revenue that is coming into your marketing efforts and know your leads.
- As an entrepreneur you need to design your own standard operating procedures and tracking procedures, and you need to audit it consistently.
- Most business owners just track revenue and they don’t reverse engineer every dollar back to the attributable source.
[29:58] – AJ and Meaghan discuss their view on data privacy and why “owning” your data is so important
- It is important to own your data in case platforms where you get data shut you down or stop you from accessing data.
- Be in control of your own business.
[35:27] – AJ and Meaghan’s parting piece of guidance
- No matter what industry you are in, or how big or small your revenues, there is something that you can do right now to become more data driven.
- Now is the time. Investing time, energy, and money in something small and simple like collecting data is so important
- PraxisMetrics.com/fire – Learn how to grow your business with powerful dashboards that answer your business questions!
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