Tag Archives: Data Analytics

4 Ways Analytics Will Improve Your Brewery or Winery Sales

4 Ways Analytics Will Improve Your Brewery or Winery Sales

By Jack Tompkins

Avoid poor performance with some pour analytics!

In the brewery/cidery/wine world, analytics can increase sales, improve customer insights, and most importantly, support and refine your gut instincts!

Whether you sell through a taproom or you have the full restaurant feel with the best beverages in town, analytics can help improve your day to day and leave you time to enjoy some of your very own hard work.

For brewers, if you get creative and dedicated enough (plus some extra equipment), analytics can even have a meaningful impact on the brewing process (shortening the time by a few hours).

For now, though, we’ll focus on making your top sellers even better, building loyalty with customers, and selling the amazing product you’ve already perfected.

#1 Further Identifying Top Performers… and What To Do With Them

You most likely have a pretty good sense of what your top performing drink is, regardless of the analytical power you have available. There’s a good chance that some further analytics could help enhance your top performer’s sales though.

Are those high sellers typically sold at a certain time of day or day of the week? Are they the highlight of the tour? What is typically ordered with them? How do they perform when on sale? Is the top seller also the most profitable?

Getting data supported answers to those kinds of questions can really help you lean into your top sellers and make it the top seller in the state, not just your taproom.

Running promos for your top performer

Using analytics, you can determine how top performers sell on certain nights, days, or times of day. Using this data, you can create promos that target times when the drink sells well and see if it sells phenomenally during the promo (more of a good thing is great, right?). On the flip side, you could try offering the promo when sales are typically a bit down, thus evening out the sales and using your top performers to bolster weaker sales periods.

If either promo works particularly well, you could then try it on some second-tier drinks and see if it helps their sales as well!

Selling your most profitable drink

You and your accountant potentially boil things down to financial metrics on a “per barrel” basis, but what about expanding that thinking to the pint and individual sale level? Is the breakdown of wholesale to taproom sales optimized for profitability? What is your most profitable drink sold in combination with?

You could always include your most profitable drink in an upsell opportunity, use it in promos since it has a higher margin, and pair it with food options that make sense for the customer’s palate and your business’ bank account.

You could also expand this to general menu profitability, but that’s a piece for another article (still heavily relating to analytics though).

What pairs well with that?

Do your bartenders and waitresses get this question a lot? Of course, the safe answer is for them to disregard their own taste buds and go with the popular answer, but it’s sometimes difficult to know that, let alone upsell another item in that context.

With analytics, you can have the two most frequently ordered food items with that drink at the tip of your fingers for a quick and data supported answer that your customers will likely enjoy the most!

Don’t sell food? Everyone sells flights of beers/ciders/wines, and sometimes a combination of all three! The same math applies here – you can quickly say what typical flight combos are or upsell to suggest the most profitable tastings that go with the rest of the flight.

What sells best after a tour?

Maybe it isn’t your top performer. Maybe something in the sales pitch/historical fun fact/story about the creation made it a top tour seller. Analyzing the data can tell you what the financial results of the tour are and help you leverage that experience in other sales points.

The shortened version of that same story could be put to good use at the bar and increase sales there as well!

 

#2 Put Your Marketing Data to Use

There is a lot of power that can come from your audience. Marketing data can give you insights into not just top sellers, but most popular options (not always the same), most talked about drinks and events, highest return on drink-related campaigns, and many other pieces of analytical gold. Just refer to the folks at WIMS for the power of your marketing data.

Pay attention to your marketing avenue’s data and you can develop strong, loyal connections with local residents. If you’re able to identify people who engage with your material most often, wouldn’t you want to encourage that behavior? Throw them a free sample of a new beer or get their opinion on a recent event. Whatever it is, people love to feel appreciated and will maintain loyalty because of it.

Analyzing your marketing data can help find these individuals who love your brand and you can develop a mutually beneficial relationship with them. They also probably represent your target market so that makes them the perfect test subject for new ideas, and you can extrapolate from their comments/reviews and apply it to the larger population of your target market with some simple statistics.

 

#3 Analyze and Cater To Repeat Business

Similar to your loyal social media followers, it’s important to take note of your repeat customers. You should be able to track this through your POS data. Of course, folks who saddle up to the bar several times a week are going to be easy to identify, but people that come by once a month might be harder to remember, let alone remember their preferences.

Acknowledging these repeat customers goes a long way. Using your data, you can learn their preferences, food they order, favorite style, other options they would enjoy based on their tastes, etc. and it can help give you an additional level of insight that make you and your waitstaff look great.

Repeat business is the key to success. Spending 10 minutes analyzing their data can result in a loyal customer for life.

#4 Put it All Together

Now, let’s combine all of this into a logical, and very effective cycle that can result in significant long term benefits for your business.

  1. Start with identifying your top sellers and most profitable drinks – these will always come into play

  2. Engage with folks through social media, blog posts, and email marketing to further promote those top selling/most profitable options and generate some buzz for them

  3. Take that marketing data that you gather from the campaigns and identify what is most popular, who shares it, who actually comes in to purchase it, etc.

  4. Study the “what pairs best” combinations of food/flight options to satisfy customers when they come in

  5. Pay attention to, acknowledge, and examine the data for your repeat customers to build strong loyalty

  6. Continue nurturing this end to end cycle of satisfied, loyal, and maybe slightly intoxicated customers that you now have supporting you week in and week out

A little bit of analytics goes a long way and can greatly help in every aspect above. You’ll be targeting better customers, be more efficient, save money, and increase revenue all with adding a few key analytical practices to your process that won’t take away from your day to day or your gut instinct.

If you’re interested in seeing how we can help implement these strategies at your brewery/winery please reach out to us here.

Also posted on the Pineapple Consulting blog here.

Data Analytics Dashboard

How Anyone can Build a Custom Data Analytics Dashboard

If you could carve out an hour a month for analysis in order to save a dozen hours of work, the one-hour investment would be worth it, right?

How about if that same hour led to crucial details about your sales trends and customers insights?

On top of all that, what if that same one-hour investment came at no additional cost to you?

Seems like a pretty great deal.

Welcome to the benefits of an Excel-based analytical dashboard.

Benefits of an Analytical Dashboard

You’ve most likely heard of the powers and benefits of data analytics. You’ve probably seen examples from things like POS systems, Tableau, cloud-based software, and many others.

Some of these benefits include the following:

  • Saving you time and money through efficiency and more impactful insights

Spending time looking over your dashboard saves hours of debating anecdotal or piecemeal results and helps guide you towards the best path forward

  • Giving you better insights into your customer to improve marketing campaigns

Campaigns based on hard data are more successful as you can target your intended customer more effectively

  • Taking the guesswork out and make great, data supported, decisions in less time

The high end services all have their merits, but in a small business where you might not have the budget for those services (which are also potentially far beyond the capabilities you actually need), plus a large learning curve, those services don’t always make the most sense.

By learning (on a much faster learning curve) to make a dashboard in Excel, you can get the benefits you want in a completely customized dashboard at no cost (since you already have Excel on your computer).

 

Why use Excel for this

Let’s start with some common business questions.

How did your sales do last month? How does that compare to the same month of the prior year? How about compared to the pace you’ve been running at this year?

Now how about separating those numbers by project, item, or client? How about by distribution channel? Sales rep? What about the specific days you had promotions?

The first set of questions is somewhat easy to have a gut feeling for, if nothing else. You might even have some quick analysis created for you in QuickBooks (or similar software).

However, the second set of questions represents another level deeper. You might feel a bit less confident about your gut feeling. They require you to dive into the data each time you want to look, and maybe even anecdotally piece it together from a few different sources. It’s kind of a hassle, but they’re important insights, so it’s worth the time.

Here’s the good news from Excel – you can answer all of those questions, from top line revenue down to whatever level of detail you need, and have them at your fingertips in one place!

With a simple export of data from whatever source you need, you can populate dozens of custom views that you’ve templated and turn it into your very own analytical dashboard!

The only time intensive piece is building the template and framework for all your custom views.

After you create that, you’re essentially just updating with data each week/month/etc. and looking it over for trends. Making changes to it? Duplicating views with variations? Actually, all pretty easy.

The Excel Dashboard

Here is a very quick sample dashboard that shows that topline sales numbers (black chart) followed by a few, slightly deeper, analytical pieces that help evaluate performance (gray charts).

When I say “very quick” … this dashboard took less than an hour to fully create. Real life dashboards of this level of depth take a similar amount of time. Getting significantly deeper into the data does not necessarily mean significantly more time to create though.

Only a few “next level” type questions are displayed (although these may only be half a level deeper), but they are meant to be representative, and the great feature about the “behind the scenes” of the dashboard is that the building blocks for all levels of analysis can be VERY easily duplicated to get at any question you need.

Take a quick look at the dashboard, follow it along the yellow markers, 1 to 5. Any trends jump out at you?

You can likely see the following in a quick pass:

  • Sales are up in 2019! (Callout #1) – by 22.1% if we want to be specific

  • There seemed to be a change in performance starting in February (Callout #2). Perhaps a new item was released? Or a new marketing campaign?

  • All Sales Reps are selling more this year (Callout #3). Shawn leading the pack with a 28.7% increase over 2018

  • In Store sales have grown by over 60%! (Callout #4). However, Online sales have shrunk a tiny bit.

  • Further diagnosing, it looks like Jennifer and Oliver have really improved their In Store sales, while Shawn has faltered there (Callout #5). Perhaps there was a training that stuck with Jennifer and Oliver? Maybe Shawn has just focused all of his attention on Online sales?

Those types of insights are crucial to running your business and can be seen quickly from the dashboard. On top of that, there are still tons of different ways to cut the data… by product, by product and distribution channel, by sales rep by month, etc. All of these examples are (almost) as easy as copying and pasting.

Creating the Backend of the Dashboard – a General Guide

We start with one of the building blocks of an Excel-based analytical dashboard. Simply, the Pivot Table.

Depending on your level of familiarity with Excel, Pivot Tables might seem like “that complicated next level” or “that tool we use every day”.

The truth is, everyone can easily be at the latter, and if you’re already there, you could probably be using them more even more effectively. Investing just a bit of time can have a very outsized benefit to your business.

Pivot Tables are fantastic, for all levels of users, because of a few main pieces of functionality:

  • Very easy to build, use, and manipulate

Drag and drop methods, no complex formulas, no macros or coding

  • Ability to create charts and dashboards from the Table(s) easily

  • Build automatically updating formulas off the Table to create new data elements

It deserves mentioning that the quality of your data is very important. If the data is wrong to start, then there is no point is doing any analysis.

First… a few tips on how to create a Pivot Table

Feel free to skip this section if you’re already familiar.

For a detailed “how to” build a Pivot Table, I recommend watching from ~2:30 to ~5:30 in this video. The rest of the video has some good explanations as well, but for a quick guide, the 3 minutes is really all you need.

One piece I would highly recommend changing though, is in the data selection piece.

Important – select the entire column in the data, making sure the headers are in row 1. This allows you to add data in the future and have it included in the pivot table without having to change the data range.

The boxed-in range is okay as “ Sample Data!$A$1:$E$13 ”, but would need to be changed if you add more data to the end of it. The better version’s range “ Sample Data!$A:$E” highlights the entire columns.

Onto Creating the Dashboard

Start with creating a Pivot Table, and from there it is really just about dragging and dropping fields, copying and pasting, and picking a layout!

  • Let’s say you begin by creating a simple Pivot Table with sales by month:

  • From there, go up to the ribbon and find the “Pivot Table Analyze” or “Analyze” tab, depending on which version of Excel you’re working with.

  • Select the “Pivot Chart” option, and out pops a variety of options. Select your favorite chart option (bar chart, line graph, multiple types, etc.) and boom! You’ve got a working chart to help you analyze!

  • Any time you change what’s in the Pivot Table that created the Pivot Chart, the Pivot Chart will change accordingly.

Example, if you limited the data to just “Jennifer” (Sales Rep filter), you’ll see only her sales in both the Table and Chart.

Tip for the aesthetics of the Chart

To get rid of the “buttons” or ugly looking gray bubbles polluting your chart, you can right click on any of them and select “Hide All Field Buttons on Chart” and they’ll go away (as shown below).

If you don’t mind their appearance, each button acts as a filter for the Pivot Table. So instead of scrolling over to the Table, you can filter right from the Chart.

  • From there it is just preferences:

You can add a chart title, hide the legend, and a lot of other customization by clicking on the Chart, and then selecting the green “+” button that appears to the right of the Chart (shown below).

Once you’ve got your first chart, you can then start the duplication process!
  • To make another Pivot Table and Chart combo, you can just select the entirety of the Table, then copy and paste it elsewhere on the sheet

Copying the Pivot Table to be replicated
  • Drag and drop the fields (from the Field List on the right) you want to look at in the new Table (ex. Sales Rep in place of Month), and then go through the same quick process to create a Chart

The premise here is that each Table you create is referencing the same data. Each variation is just how you want to cut the data for that particular view.

Note – the formatting you select for one chart will not transfer to a new chart. The easiest method is to pick from Excel’s preset templates, which are normally visually appealing enough – both the black and the gray Charts above are in Excel’s preset templates. You can always customize the look of every chart individually to how you want though.

Best practice is probably to settle on a color scheme and layout after you’ve created all the charts you want, that way you can quickly go through each and select the same layout all at once.

After creating however many variations that get to your necessary level of depth, you’ve now just created yourself a dashboard! Congrats!

Best Way to Create Formulas Based on the Tables to get Additional Metrics in your Dashboard

You may notice that some pieces in the above dashboard (the tables with headers that have blue background and white text) are not Pivot Tables or Pivot Charts. These are created using the same information though.

Enter the GETPIVOTDATA formula. It is one of the most complicated looking formulas, but one of the most effective to use.

Note that it is simply complicated “looking”, but not actually that complicated to use.

Here’s an example. We’re going to walk through the Sales By Month table in the dashboard above (and referenced below).

Let’s say you wanted to get that 41.1% “Growth vs Prior Yr” for Feb from the information in the Pivot Table.

Naturally, you would do the following (referencing picture below) U10 / T10 – 1 = 41.1%

When you go to do that though, this scary looking formula comes out:

Let’s break it down and look at the first piece, before the “/”:

=GETPIVOTDATA(“Sale Amount”,$S$7,”Year”,2019,”Month”,”Feb”)

Translating, it is saying the following:

  • From the Pivot Table

=GETPIVOTDATA(“Sale Amount”,$S$7,”Year”,2019,”Month”,”Feb”)

  • Grab the metric “Sale Amount”

=GETPIVOTDATA(“Sale Amount”,$S$7,”Year”,2019,”Month”,”Feb”)

  • In the Pivot Table located in cell S7

=GETPIVOTDATA(“Sale Amount”,$S$7,”Year”,2019,”Month”,”Feb”)

  • Given the following criteria, Year = 2019

=GETPIVOTDATA(“Sale Amount”,$S$7,“Year”,2019,”Month”,”Feb”)

  • And the second criteria Month = Feb

=GETPIVOTDATA(“Sale Amount”,$S$7,”Year”,2019,“Month”,”Feb”)

You’ll notice the second GETPIVOTDATA (after the “/”) is the same formula, just referencing Year = 2018 instead of 2019.

It is the same formula as the nice and easy U10 / T10 – 1 above, just bringing in the functionality of the Pivot Table.

So why on earth would you actually use the complicated version?

Reason #1: Let’s say you add in another filter and the bulk of the Pivot Table shifts down by one row. The U10 / T10 – 1 will remain but will now be looking at a different month.

Reason #2: What if you changed the Pivot Table to include each Sales Rep’s details in each month (like below)?

Now that “U10 / T10 – 1” formula would be referencing Jennifer’s sales in Jan… not even close to total Feb sales.

If you used the GETPIVOTDATA formula, you would still get the result you want (Total Feb Sales Amount, 2019 over 2018) because you’re telling it what criteria to look at, regardless of what cells the intended data ended up in. It would still do $26,070 / $18,470 – 1, or 41.1%.

Note – in a scenario like the above picture, make sure Subtotals are enabled in the “Design” tab that appears when you click in the Pivot Table

Reason #3: You can completely customize the look of your created table, whereas you have limited aesthetic flexibility in the Pivot Table itself. I choose a blue header with white text.

Reason #4: You retain the copy and paste functionality of the “U10 / T10 – 1” formula but increase the accuracy of the formula.

Notice in our summary chart with each month’s “Growth vs Prior Yr”, we have the month abbreviation in the left column, then the % growth in the right column.

To utilize the copy and paste functionality of formulas in Excel, we just have to reference the month in the formula.

It is the same formula as above in every way except for the P9 in place of “Feb”. This just tells the formula to take the value in cell P9 as the criteria needed to be found in the “Month” section.
You can then copy and paste this formula to each of the months, and the “Growth vs Prior Yr” will fill out for each month, regardless of how many other variables are in the Pivot Table, or where the numbers you want are located (cell-wise).

Summary

So now you’ve learned…

  • The benefits of a dashboard, specifically one in Excel

  • How to make a Pivot Table

  • How to make a Pivot Chart based off it

  • How to duplicate those efforts (for efficiency)

  • How to reference the information in it to get analytical metrics that aren’t directly called out in the Pivot Table

  • (Most importantly) How to build your own fully functional, completely customizable analytical dashboard!

Updating the dashboard is an exercise that takes mere minutes to download the data and add it into your data sheet.

Reasonable time investment to make the dashboard, small time investment to update it, big business benefits.

Pineapple Consulting

WIMS Client Spotlight: Pineapple Consulting

Pineapple Consulting Firm was created with only one goal: to help small businesses succeed. It helps how synergistic that is with WIMS Consulting, as not only is there a client relationship, but it really fits our model of creating partnerships too.

While Pineapple is eager to help however they can, they have a particular specialization centered around analytics and efficiency. Specifically, they are wizards when it comes to Excel, spreadsheets, lead generation, and project management (something we’re really interested in helping businesses with right now at WIMS Consulting too).

Their service offerings include:

  • Data Analytics
    • Inform decisions and strategies for the best results.
    • Data gathering, manipulation, and visualization with expertise in Excel.
  • Financial Analysis
    • Cost benefit analysis, Financial modelling and projections all in customizable Excel tools.
  • Project Management
    • Lead a project from idea development all the way to post-execution monitoring.
  • Lead Generation/Data Scraping
    • Extract leads and data from online and present it in easily manageable files.

They work with a wide variety of industries, but have a niche surrounding professional service firms. Pineapple’s founder has an extensive background in the financial services and wealth management industry. However they also work with startups of all sizes, accounting, banking, insurance, real estate, non-profits, and health care among others.

The company is based in Charlotte, NC but of course is able to work with clients from throughout the country.

Click here to check out their website and let them know that I sent you!

Marketing Sales Automation Tech Stack

The Best Marketing and Sales Automation Tech Stack for B2B Businesses

Just about every company in America would publicly emphasize that they’re committed to revenue growth (this is more important than ever now). Yet simultaneously its common to try to cut corners and get cheap when it comes time to invest in tried and true resources that help them realize that goal. Further, these resources will easily pay for themselves and more by leading to significant ROI both monetarily and via efficiencies.

In 2019 I can’t believe companies still need to be convinced that they need things like CRM programs and marketing automation but here we are.

And let’s get one thing out of the way before going any further. No, having a free HubSpot account doesn’t count as investing in a CRM program. It may be slightly better than a Google Spreadsheet (yes some solely use that as their “CRM”) but it’s still a lame attempt at best (that’s not to knock them, they have a fine platform if you’re willing to pay the fees to upgrade it).

Fortunately, there is an upside whether you have a CRM and marketing automation system or not. Regardless if you have none, a poor/dysfunctional one, or even one that’s working decently well, now is a great time to make it even better. Take the time, make the investment, and ensure it’s a priority to get dialed in and implemented now to lead to massive dividends later.

Anything worth doing is worth doing right, so I’ve put together a list of the best tech stack in the game to work synergistically and seamlessly whether you’re a solo entrepreneur or a $100 million company with hundreds of employees.

To set the ground rules this piece is predominantly focused on marketing and sales automation. There are plenty of additional angles to take to assist with ERP, HR/recruiting, etc. (if there’s interest I’ll gladly do a follow up post). Also, there are a variety of effective approaches and platforms to pull this off so in some cases I’ll include secondary and tertiary options. If your favorite tool is omitted it doesn’t mean I’m not a fan, just trying to make this easier in a world with a vast amount of options to avoid analysis paralysis. I’m not going to let that be your excuse not to take action and execute.

Ok here we go.

Communication

This is obvious, but your base starts with communication, so email, mobile device, etc. Personally, my preference is overwhelmingly an Outlook and iOS base. However, Gmail/Google Suite or Android are just fine. I use both Outlook/Gmail and both accounts are connected/integrated with my CRM. If you’re working in teams, adding Slack to the mix is worthwhile as well. Price: $5-$10 per user per month.

CRM

This is really the major component that ties everything together and is the key to making everything else in your business work. If you’ve read anything I’ve written about CRM’s you know my #1 preference right now is Zoho One. It does so freaking much for your company for the price that it’s absurd. Their tagline is: “The Operating System for Your Business” and it’s 100% true. There are literally 40 applications that go along with it that could easily eliminate much of what you’re using right now. But if you love your other platforms and want to keep them it also integrates with them all.

A few steps allows you to sync and keep track of all your communication with clients and prospects, ensure you follow up with leads who fill out contact forms or simply visit your website (yes it includes a heat map and website analytics) and so much more. I also use it for project management.

Almost on equal footing (albeit it comes with a much higher price tag) is Salesforce, followed by HubSpot. These are both great platforms, they just cost a whole lot more to license and don’t come with the extra bells and whistles that Zoho One does. Price: $30-$40 per user per month.

Social Media

This section will be brief, your company has got to have at least the following accounts: LinkedIn, Instagram, Facebook, and Twitter. If you want to add others to the mix more power to you, but this is the base. I use Zoho to manage, automate, and track my posting (which is included) but you could easily use Hootsuite too. Price: Free (Zoho) – $30 per user per month for Hootsuite.

Email Marketing

Another quick section: you need to be incorporating email campaigns into your marketing activities. Email isn’t dead, that’s a lie (neither is direct mail, but that’s for another time). This is one where you could get away with Zoho to manage it, yet I stubbornly have stuck with MailChimp. I love the platform, the company, and what it stands for and have remained loyal. You can start with a free account for under 2,000 contacts, I have more in my list, so I pay a monthly fee (the fee staggers based on your amount of contacts). Constant Contact is a fine option too. Both integrate with Zoho. Price: Free (Zoho) – $30 per month and up for MailChimp.

Contract/Proposal Management

If your company is like mine, you crank out a lot of proposals and contracts on a regular basis. While we customize each one there is still plenty of overlap and recurring content that we leverage often. Standardizing as much as possible with templates creates a HUGE advantage. It allows us to crank out much more in less time. Business is a numbers game, i.e. more activity leads to more volume, which leads to more sales and revenue. So being able to get more proposals and contracts out in a timelier fashion is going to make a tangible impact on your business alone. For this I use/recommend IntellyDoc. Adding this to your tech stack is going to make a major impact on your business. Price: Free (Freemium Model) – $150+ per month depending on your company’s situation.

Payment Processing

Not that your company is closing all this new business you’ve got to collect, right? I have an account set up with PayPal, Square, Stripe, Venmo, Zelle, Coinbase, and Gold Money to collect fees from clients. I recommend having them all nothing else in your business matters if you don’t collect the fees you charge. They all connect to your bank, which should connect to your bookkeeping platform, which then connects back to the CRM to tie in deal flow tracking and to assist with financial forecasting, etc. Price: Free aside from a percentage per transaction.

Bookkeeping

QuickBooks gets all the love, but I’ve been using Wave and it’s really great too (you’re probably sick of hearing this by now but Zoho has an application that comes with your Zoho One account too). QB integrates with Zoho, Wave doesn’t which is a minor annoyance, but I created a work flow to work around that.

Other recommendations:

Scheduling: Acuity is awesome to assist with scheduling meetings, demos, calls, etc. by allowing folks to see open times on your calendar and book appointments. They have a freemium model.

Ecommerce: Shopify.

The Industries of the PRESENT

How many times have you seen articles about the industries of the future recently? Probably more than you can remember. This is especially true if you’re a futurist nerd like myself that loves researching trends, innovative ideas, and thinking of all the potential practical applications these ideas/realities are going to have on our day-to-day lives.

Therefore, I’d like to take a slightly different approach to this one. These industries aren’t abstract concepts that are in the distant future any longer. These things are going to disrupt, improve, and turn our lives upside down within the next few years. These aren’t industries to just keep an eye on, they’re industries that I highly recommend hustling and scratching and clawing your way into immediately, before another gold mine passes you by.

If I have to listen to another person say, “If I only invested in Amazon/Google/Apple back in the day…” I’m going to lose it. Here’s your last call. Take action, or regret it later.

 

CRM – Big Data / Data Analytics – Marketing Automation

This one is a much more mature market than the other but still extremely early in the cycle of what it’s going to evolve into. I know many of you despise Salesforce.com/Microsoft Dynamics/Insert other CRM program here from a user perspective. Well I suggest getting over it, take the time to learn how to use them effectively and embrace this technology as CRM, Big Data/Data Analytics/Marketing Automation are going to continue to get more deeply involved in your day to day operations if you want to survive and thrive as a company whether you like it or not.

Nowadays it’s crucial to be able to turn vast amounts of data into insights and competitive advantages, while simultaneously improving customer service. CRM systems can increase sales by improving lead generation activities, help you design better products and services, and reduce supply chain costs. It will improve your decision-making by identifying new markets opportunities, and by improving your business processes and communication throughout your company.

You’ve had your head stuck under the sand long enough now, it’s not going away so get on board. (*Yes, my company provides these services and is partially why I started here, the other reason is that this has been around for a decade already).

 

Augmented Reality – Virtual Reality – Artificial Intelligence / Machine Learning – Internet of Things

Notice how I listed AR first? Don’t get me wrong I do think there is a huge place in the market for VR and 360 videos, etc. That place is just dwarfed by the market impact that AR is going to have however. Again, industries are CURRENTLY being disrupted, and consumer/professional products and services are on the brink of mass adoption. I also lumped these together as they’re all related in a variety of ways and will supplement each other going forward.

Industries such as health care, real estate, education, military, public service, entertainment are about to be severely disrupted. Keep thinking these are all just entertainment gimmicks/Pokémon games if you must, but you’re going to wake up in a brave new world wondering what happened before you know it.

I am personally and professionally deep in this industry. I am a partner/co-founder of a company called Eolian which is a software/content development firm and systems integrator. We specialize in Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI). We’re currently focused on helping government and large enterprise organizations utilize these technologies for critical applications. We are also launching a product called ARRE (Augmented Reality Real Estate) this week which will blow people’s minds.

To say we’re growing like crazy would be an understatement. This industry is the next wave of computing. Think personal computers, mobile phones, and tablets, now this could, and will, easily trump them all.

 

Block Chain – Crypto Currency – Bitcoin – Ethereum – “Smart Contracts”

Many of you likely don’t really understand what these things are. I’ll give you a brief definition of each. Blockchain is a complete record of every smart contract transaction executed, all of which are stored in a public ledger (the Blockchain) created by collaborating online computers. Bitcoin is a digital currency that was the first algorithm to utilize blockchain technology and encryption techniques to generate units of currency and verify the transfer of funds, independent of any central bank. Ethereum is a public blockchain platform that powers smart contracts via apps created by developers around the globe.

Essentially these technologies will allow for cross border commerce, enable complete transparency and trust between parties in a transaction, as well as prevent currency manipulation. They aren’t just ways to buy illegal contraband via “The Silk Road 2.0” like you’ve probably read about and think is the purpose. It goes much further than that.

This is another industry I’m putting my time and money where my mouth is as I’m a partner and equity holder with a company called GNEISS. Essentially, we act as your ultimate security companion in a free market transaction. You can create, transfer, mint, burn, exchange, tax, or pay dividends to any crypto-asset or smart contract on our decentralized blockchain-powered trading platform. And this is just the beginning. Check it out and register to take a look yourself.

 

Others:

Cannabis – Marijuana

I’m sure you’re much more aware of this one as its been getting a ton of mainstream attention these days. It’s another that’s already been growing like gangbusters. I’m not fully “in” the industry just yet but working on it by helping my friends on the team of The Kush Life/Kush House get funding to continue building out their luxury retail space and product line. They’re also developing technology to help others in the space operate more efficiently and transparently. They’re based in Maine and quickly growing a reputation as New England’s leading cannabis authority.

Renewable Energy: I.e. Solar, Water, and Geothermal

While I don’t have a meaningful equity stake in a company in the solar industry (other than owning a rather insignificant couple hundred shares of a public company) I would love to get more involved in this industry from each angle. Yes, I understand the current administration isn’t a huge advocate, but it’s all about the long game.

3D Printing

This is one where I have 0 stake in currently, but will be hunting down a way to get involved in 2017. Not only will the manufacturing and distribution industries be disrupted like crazy, but also retail, and likely countless others.

 

This was a long one, but if you made it this far hopefully you will be grateful you did one day. I’ve been so deep in thought, as well as taking action to get more involved in these industries that I easily could’ve written another 10 pages.

There are plenty other industries that intrigue me as well of course, but what others are YOU excited about and going all in on? Do you disagree with any of my predictions? What steps have you taken and/or are planning to take? Would love to hear your perspective!

CRM

CRM Revisited: It Should be Your #1 Priority Heading into 2015

Customer Relationship Management (CRM) programs aren’t only the future of business; they’re the present. And they aren’t just for Fortune 500 companies anymore either. Like with most technology, competition, economies of scale, and innovation have driven costs down significantly. Now, you can even get a basic version of a CRM program for free. Without a doubt, acquiring and implementing a CRM program is my #1 recommendation for businesses of all kinds looking to grow and increase revenue.

Whether you’re an independent freelancer, a sales mercenary who is compensated by getting to “eat what you kill,” or a large and complex company, there is a CRM program out there for you. Regardless of your budget (or even a lack thereof), you can customize the level of sophistication of your CRM program as they all have various subscription levels. Most integrate with your email provider of choice and have a mobile app too. Additionally there are an incredible amount of third-party add-ons you can incorporate depending on how robust your operations processes are.

Now don’t get me wrong, it’s not like building a CRM program is a cheap and easy task, far from it in fact. So keep in mind when considering which CRM program is best for you that the cost typically exceeds that of the user license fee. They require a significant amount of time and commitment, especially in the beginning when you’re just getting started. Don’t let that deter you however, as the ROI (while seemingly intangible at first) will more than make up for it, assuming it’s implemented correctly. In fact, the average ROI of a CRM system is $5.60 for every $1 spent.

CRM systems allow you to track and store vast amounts of data about your customers and prospects. The more data you have about your sales cycle that is accurate and relevant, the more deeply you can analyze that information to gain insight that will not only help increase revenue, but ultimately help you improve:

  • Close rates,
  • Customer service and retention,
  • Length of sales cycle, and
  • Forecasting efforts and projections.

Just as important, CRMs also help you automate your sales process. The more automated your sales cycle and follow up efforts can be, the greater volume of deals your business will be able to close as opportunities will be less likely to slip between the cracks.

By now you are probably either thrilled by the amazing potential a CRM program can provide, or perhaps you’re overwhelmed by the thought of endless amounts of data. If you’re like me and skew towards the former, below is a list of the necessary things to consider before rushing into it, along with some things to keep in mind after you’re fully operational.

  1. Conduct an “audit” of existing processes and database.
  2. Clean up your existing data to avoid the dreaded trap of “garbage in/garbage out.”
  3. Code your database to more easily identify priority contacts, “ABC”.
  4. Perform a sales cycle analysis, what are the typical steps involved and the time frame?
  5. Customize CRM pages, fields, and layouts with your appropriate specifications.
  6. Training of users/administrators.
  7. Import your database and start beta testing.
  8. Integrate with your existing systems, i.e. email, QuickBooks, etc.
  9. Reporting and sales forecasting.
  10. Ongoing maintenance, monitoring, updates, and improvements.

While implementing a CRM program can be relatively time‐consuming and expensive, if you do it right, the benefit to your business is invaluable. Don’t dismiss CRMs and cloud‐computing as trends that will soon go away, otherwise your competition may have already long passed you by the time you’re ready to get on board. With just over a month left in 2014, now is the perfect time to start planning and conduct your due diligence to start 2015 with yet another resolution.