Lesson 12 Flashcards
(24 cards)
What is a data set?
A data set is a collection of separate items of data that can be accessed individually, grouped into related combinations, or managed as a whole entity.
What is the purpose of data sets in business?
They produce useful information to aid decision-making and measure success against key performance indicators (KPIs).
Name five typical data sets used in land-based businesses.
Enquiries and leads, marketing activity engagement, income vs forecast, customer survey feedback, repeat custom.
What can enquiries and leads data indicate?
Potential for creating sales.
What does income against forecast help assess?
The success of a product/service and future opportunities.
What does repeat custom data suggest about a business?
Sustainability through predicted future sales.
What are common components of enquiries data?
Name, contact details, nature of enquiry, response, notes, sales personnel.
Why is compliance important when collecting enquiries data?
To meet Data Protection Act and GDPR (UK) requirements.
What data points might B2B enquiry data include?
Sector, industry, company size, order methods, frequency, named contacts.
Why are B2B enquiries different from B2C?
B2B customers usually have already made a purchasing decision and seek value for money.
What are examples of marketing activity data?
Promo code use, social media followers, webinar/event attendance.
What insights can be gained from marketing activity data?
Effectiveness of marketing and reach of potential customer base.
Give three examples of sales data.
Average order value, ratio of enquiries closed as sales, sales forecast accuracy.
How is sales data used?
To make informed decisions, improve pipelines, and increase success.
What can sales data help identify?
Sales trends, best-selling products/services, departmental performance.
Why is financial data important in business?
It measures performance, sets goals, and evaluates success.
List examples of financial data analysis.
Net cash, revenue growth, profitability ratios, liquidity.
What is net profit margin?
The portion of profit retained or distributed to shareholders.
What are types of customer surveys?
Operative specific, channel specific, customer effort score, satisfaction survey, net promoter score.
What does customer feedback data help businesses achieve?
Improved customer satisfaction and brand advocacy
What metrics are tracked in repeat custom data?
Purchase frequency, time between purchases, value of purchases.
Why is repeat custom data important?
It shows customer retention and business sustainability.
Why must data sets be structured?
To generate the required information for business success.
What are examples of data-driven strategies?
Data-driven marketing, personalized customer service, optimized operations, financial monitoring.
