In this episode, AJ Yager and Meaghan Connell, owners of the data agency Praxis Metrics, reveal why using data is critical when companies want to acquire, convert, and retain more customers. Elliot, AJ, and Meaghan discuss how data sets you apart from the competition and why data provides relief instead of overwhelm. Listen in to hear a data-nerd power-couple share how anyone – at any level – can begin using data to leverage their efforts in business and in life.
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Time Stamped Show Notes:
01:00 – Introducing AJ and Meaghan’s company, Praxis Metrics 02:10 – The story behind Praxis Metrics and how they use data in life 2:30 - AJ likes to use data to make and justify decisions while Meaghan likes to be inside the data; when they started dating they saw that their brains complemented each other 03:00 – They started working together and data was the common bond; they are passionate about education, knowledge and understanding 03:40 – AJ seeks wisdom which is the collection and implementation of knowledge and information; he tracked everything health-wise to figure out what made him healthier 04:45 – Getting caught up in the business and not on it as entrepreneurs 05:00 – They work with teams that rarely take time to review the insights they have access to; there doesn’t have to be a separation between you and big data 06:00 – People are overwhelmed by numbers and aren’t taught to understand data-reading; they don’t know what to do with it 07:15 – Numbers tell a story that doesn’t lie; some people avoid it if it’s not what they want to hear 08:00 – Using data to set yourself apart from the competition 08:30 – Companies that didn’t use data from the dot com boom no longer exist; it’s the companies that saw new information and used it that succeeded 08:45 – Your competitors are using data to get ahead; they’re looking at ads and internal operations that work and that don’t 09:17 – Don’t hope and guess – use data to know your efforts will work 10:20 – The starting point for entrepreneurs 10:33 – It all starts with tracking; focus on marketing and sales and implement standard operating procedures that implement data 11:50 – The more information you get, the more you have to track; know who you attract so you can target more of those people, for example 14:10 – Use Google Analytics, Google Tag Manager, and tracking pixels to track your customer’s journey 15:30 – You don’t need an IT department; you just need to outsource or have someone on your team who is tech savvy 15:50 – The changes AJ and Meaghan see in businesses who begin tracking data 16:00 – It speeds up time to value and scalability; all it takes is seeing the 20% that is yielding 80% of results 17:45 – Just with one number, they have seen a company grow drastically and completely change the way they get customers 18:30 – Entrepreneurs feel relieved when they see data that answers why things are or aren’t working; the data optimizes and eliminates waste 19:45 – Data is critical when investing or looking for investors 20:25 – Investors are impressed by numbers and appreciate businesses that get the data themselves 21:20 – On using data personally 21:35 – Health-wise, data is obviously used; AJ and Meaghan use data in their relationship, too 22:00 – They understand each other’s love language and track how they show love to each other 22:45 – They used the data as feedback to change and become better at showing love to each other; at 3:33pm Meaghan gives AJ physical touch and words of affirmation 25:35 – They use apps to track habits; where you spend your time and money is what you prioritize 3 Key Points
Don’t hope and guess – use data to know your effor