Analytics is simply the measurement of progress towards your goals. It may be in the form of concrete numbers or meaningful patterns. Below, in 60 seconds, Bill Gates explains how an analytical approach has helped his organization achieve global impact.
At 1:00, he gives the most important reason why a business should constantly measure the result of its efforts.
How you can apply analytics to your startup
1. Rinse and repeat – Analytics gives you instant feedback. Use insights to iterate rapidly in small increments. Identify areas of adjustment and make changes sooner. Don’t expect to get it right the first time. When you know you have more opportunities to try, it is a great motivator to just get ideas out there to see if they’ll fly.
2. Hack growth – Don’t know who will use your product ? Have any gut feelings about it ? Find product/market fit by analyzing how different target audience use your product/service. Measure performance against goals. Look at trends to spot opportunities & risks as soon as possible.
3. Stay lean – Want to add new feature? Wondering if users will use it? Experiment smarter & faster. See what the data says. Analyze what works & understand why it works. Better to do a couple of things and get them right than doing 10 things you have no clue about.
What do you think? Got more ways to apply analytics to your startup? Share your experience with us in comments