According to Einstein, if you're an entrepreneur, you're (probably) insane!

This week I figured out two things:

1.  All entrepreneurs (me included) are probably INSANE
2. The cure for insanity is right under our noses

 One of my favorite quotes of all time is this:

 “The definition of madness is doing the same thing over and over and expecting a different outcome.”

 Thanks, Einstein!

This week, I’ve seen a common trend with my clients and my own business. We’re constantly busy, but most weeks are pretty similar. We work on products, meet with clients, send emails, and post on social media. Each week we hope for new customers, more sales, or a viral post, but it doesn’t happen as consistently as we wish. According to Einstein, we’re officially insane.

OK, that’s probably not what you wanted me to tell you, but I’m including myself in that! Luckily for us loonies, I’ve reflected a lot and I think I’ve got the cure. What’s more I’ve been the guinea pig this week in my own business to test that my cure works.

So the cure?

DATA

(Sorry - i’m 99% sure you were hoping I wouldn’t say that!)

This week I’ve had the joy (yes, honestly!) of diving into my clients’ data. I’ve been playing with data structures, creating analytical tools to help them understand what’s going on in their businesses and helping them to take action on the insights that they are gleaning from their data. It’s one of my favorite parts of my job.

That’s when I realized that we’re all insane because we have SO MUCH data that we’re not using. And because we’re not using it, it means we keep doing the same things and not seeing results. See actual MADNESS.

Even if you’re a complete technophobe, you’re likely using some platforms or tools for your business, and all tools create oodles of data that you can use. But I bet you’re not looking at the in-app analytics, let alone downloading it, analyzing it to see how you measure up and reflecting on what insight driven actions you should be taking. Most of us probably only look at basic sales and revenue data in our bank accounts, maybe using some financial tools, but unfortunately these are lagging indicators of success.

What’s far more helpful is the data you and your clients are creating across all tools and systems which can help you understand if WHAT you’re doing is effective in driving up those revenue numbers.

Want me to prove it to you? Then have a go at this simple exercise: Map your tools and data to this basic customer journey framework:

AWARENESS: What’s increasing the awareness of my business or brand?
THINK: Social media engagement and new followers (Instagram, Mailchimp)

CONSIDERATION: What information is helping people to understand what I offer?
THINK: Website visitors and email sign-ups (Google Analytics, Wiz/Squarespace)

CONVERSION: What is making it easy for my clients to say yes to my products and services?
THINK: Enquiries, intro calls and special offers (Calendly, CRM, email tracking)

LOYALTY: What’s keeping my clients coming back for more?
THINK: Repeat customers and subscriptions (Website log-ins, Shopify)

ADVOCACY: How many of my clients are sharing my products and services with their friends and network?
THINK: Referrals and affiliate links (Email forwards, Enquiry forms, Shopify)

Can you honestly say you’re collecting and understanding the data on your clients’ behaviors across all these stages and all the tools that you are using to manage your business?

Didn’t think so.

But in the spirit of transparency, I wasn’t doing this consistently either - I was focusing on a couple of tools at a very high level, and not every month. So this month, I’m going to focus on breaking this cycle of madness. Specifically, I’m going to:

1. Understand what data is in my business and where it maps across my client journey
2. Use this data to understand my baseline performance to date
3. Look for correlations and trends to understand what drives sales and growth
4. Define what good looks like and setting SMART targets
5. Create simple spreadsheets to measure performance each month
6. Set up reminders to download new data and spend some time analysing it and understanding my performance
7. Create actions from insights…and then testing them out, and experimenting…and perhaps failing fast.

Hopefully, in a few months, I won’t be an insane entrepreneur. I’ll be a smart, data-led entrepreneur, making informed decisions that drive growth.

Finally, I know data isn’t for everyone. I get that it’s really overwhelming and that fear of spreadsheets is a thing. If you struggle with it, let me know—I’d love to help you get more comfortable with it.