20 Jun Using data to grow revenue faster
Rob Nelson, CEO at Grow, sat down with Amy Cook, CMO at Simplus, to chat about how companies can—and should—use their data to grow revenue effectively.
Amy: So tell me more about your company, Grow.
Rob: It all came out of a need that I have at my previous company. We had a small team of 35 people, we were tracking all of our key metrics and KPIs like everybody else in the world, and I wanted to find a way to automate this reporting and engage the team more than just emailing around. The concept was how do we bring this tool set down and simplify it for small to mid-sized companies and empower them to become data-driven, make decisions and really drive the growth of the company based off of true data. That’s in our whole mission.
Amy: I know exactly what you’re talking about. In fact, I pulled some interesting facts before the show here, and I want to share them: “Data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.” (McKinsey Global Institute). “33% of elite marketers say having the right technologies for data collection and analysis is the most useful in understanding customers” (Econsultancy & IBM). “Understanding customer interactions across all touchpoints is the #1 challenge for marketers.” (Forrester and DMA). “Companies who adopt data-driven marketing are six times more likely to have an advantage over the competition and increase profitability.” (Forbes) So how can we use data to grow revenue?
Rob: Let’s back up for a minute here and talk about what is a data-driven organization looks like. Companies that are data-driven have some way to centralize data and build data sets that combine different sources together as a single source of truth to get the insights that they’re looking for. Sometimes companies can end up with 15 different reports that all are your customer retention report and all of the numbers are different because everybody’s kind of building their own reports. With Grow, you can have a single source of truth in real time.
Amy: I totally understand where you’re coming from.
Rob: Enterprise companies tend to buy business intelligence software and analytics platforms to drive operational efficiencies, but the small to mid-sized companies buy it to find out what’s driving revenue. They want to see the top to bottom seals and marketing funnel insights. They want to be able to see where they should invest more and where to pull back on?
To hear more, click here to listen to the full podcast.