task of data

We are entering an age of disruption. Disruptors win big using data and analytics to create winning business strategies. This business strategy needs to come in four forms:

1. A Unified Company Approach
2. Customer Experience
3. Connected Digital Ecosystem
4. New Business Models

To excel at any one of these, a data-centric viewpoint is needed.

Intuition or experienced-based decisions aren't enough. This leads to more failures. In the data-driven era, company leaders need:

1. Trustworthy data
2. Timely data
3. Contextually relevant data

These three items help find a strategic window.

This allows the unthinkable.

Marvin Ellison, new CEO of JC Penney, has taken on the "task of data". He is proving the primacy of customer experience, and more importantly, the primacy of data in driving great customer experience.

Ellison said, "Pure intuition without any data gets you in trouble." 

With data, Ellison was able to change JC Penney's chances of surviving and increase sales by 3.9% during the 2015 holidays. This data-driven influence helped with customer loyalty. Data helped place clothing in the stores' floor plans. He learned women do 80% of the buying in the stores, so clothing was arranged so women could easily shop for men's' apparel. There was also data for appliance shopping.

These decisions were made from data.

what to do

I came across a website on LinkedIn that gave 10 items to do to become a millionaire. I liked it because there is one item on it that I feel is important and I wished to pass it on.

Rule of 500

Simply put, if you wish to become a millionaire, make contact and reach out to 500 people a month. I post this mainly for a reminder to myself, to reach out to "the 500". This makes sense if we're wanting to make money. But I'm not looking at the money angle so much. I want to make contact with a lot of people. But wait..... "the 500" a month does not mean a different set of 500 people per month. It can be the same people.

Now.... the article states to reach out by phone or email. I originally thought of social media when I saw the heading. I'm spinning my head to begin an email campaign. I'm going to have to glean my social media contacts to get a list of 500. I'll do that. I'm starting tomorrow morning. If you're interested to hear from me on a regular basis, email me to follow this blog. The submit area is at the bottom of the right-hand column of this blog.

I'll most likely send them blog post info and other items of interest. That's where my work comes in, to find the right "500".  I'm not going to be a pest. I wish to be of help. That's more for me to do.

I urge you to do the same thing. Remember...... email or phone. I suggest email first.

The article tells us that to expect at first a 5% conversion rate when reaching out. That's OK. Remember to concentrate on building relationships. That's where to start.

I tend to think email as a social media channel. To me, Facebook Messenger is glorified email. Same with Twitter. That's me though...... to make email a bit more social.

biz plan

You may or may not have a business plan. It's essential. It maps your territory, whether you've blazed a trail or not. I've put together a list of items to have in mind when you create a plan or review your current one.

A business plan gives you an advantage. It puts you in the position of knowing your limitations and what to expect for future growth. Don't be afraid..... the knowledge you'll gain will give you all new perspective.

1. Know your competition.

Stand for something, even if it means standing alone. Often the one who stands alone has the strongest wings. You'll learn creativity. Be an oak.... oak tree that is. Take care of others and others will take care of you. You'll automatically continue your journey and know that what you do is more important than what the competition is doing. But you'll learn who your competition is too.

2. Know your audience.

When you do what you do with passion. You want much and you have given much, but to who? Did you pay attention to that? You should have. That's your audience. How old are they? Where are they from? What gender? Pay attention and keep track of this.

3. Have proof to backup claims.

Enough said.

4. Be Conservative in all your financial estimates and projections.

Don't make a mess. We all seem to think we'll do better do we actually do. Apparently that's a human condition. Speak less and listen more.

5. Be realistic with time.

Ask yourself what you want. If you want something you've never had before you'll have to do something you've never done before. That means you'll have to venture outside your safety zone. Not easy, and it'll take time. Use that time wisely, it's a precious commodity.

6. Be loyal and write what bankers want to see.

Create a plan you can be proud of. Let your confidence come through. If your business plan is good it shows that you are worth every risk and you'll pursue every opportunity that comes your way. Pay attention and the banker will pay attention to you.

These may help you to get organized to produce your plan or review what you have. Go get what you're after.

This article from inc.com was inspiration to write this post: 18 Business Lessons