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Business data programs can be full of new and confusing terms, especially if you’re just getting started, and often, many of them sound like they could be the same thing. So what is “business data'' and how do you use it to get the most from your efforts in working with data? Not only is it essential to understand data to help you interpret, track, and measure what is most essential to growing your business, but learning how to use it lends itself to greater profitability.

We’ve compiled some of the data terms you’re likely to come across and examined how they can be applied to support your business’s growth goals.

There are various descriptions and definitions emerging for the different types of “operations” within a company – marketing operations, sales operations, business operations, financial operations, digital operations, revenue operations, and more. These terms are often used interchangeably. They are also used as department titles. Each B2B company seems to have its own version of what’s included in the operations disciplines. 

When your B2B company provides value to its customers and they reward you by remaining loyal and referring others, you increase the value of your business. That’s why you got into business in the first place, right? Now, the hard question – do you know the valuation of your company today and how to increase that valuation year-over-year until you’re ready to exit? Most business owners feel they know the answer to this, but when it’s time to start exiting, they’re unpleasantly surprised.

Are you refreshing your B2B company’s go-to-market strategy (GTMS) because the market has changed, or your offerings have evolved? Maybe you’re launching a new product or service or building an entirely new line of business? 

In the modern business world, there are certain terms and phrases related to data that are important yet poorly understood because they’re often misused or made to seem overly complex. I’ve clarified the meaning of some of this terminology before, and today I want to talk about one specific adjective that you’ve probably seen countless times on LinkedIn, company websites (including this one), and business publications from Forbes to Fast Company: data-driven.

On a scale of 1-10, how much does your company value customer advocacy? To tell you the truth, viewing customer advocacy as anything less than a 10 (major business priority) means that your company is likely missing out on opportunities to reduce customer acquisition cost, boost brand awareness, and increase revenue. That’s why customer advocacy makes up ⅓ of Revenue Operations, along with lead generation and sales conversion. It’s a vital part of business growth!

An effective Chief Revenue Officer is an integrator. A successful facilitator. A tech-savvy leader who is the champion of companywide objectives across all departments. Ultimately, a CRO knows when, where, and how to ensure anything and everything that affects revenue outcomes – all people, process, and data – is on track.

Last month, our team helped lead another edition of Midwest Manufacturing Advisers’ Tough Topics in Manufacturing webinar series, featuring speakers from Swip Systems, Mueller Prost, Evans & Dixon, and Atomic Revenue. In keeping with the theme, our panelists discussed manufacturing business strategies (both pre- and post-COVID), technology and remote working, employee safety, budgetary factors to consider in 2021, marketing and sales strategies, workplace environments, and more.

This is a truly remarkable client success story for many reasons, one being that Atomic Revenue, two PR firms, a media buyer, a creative agency, a tableau® building consultant, an internal organization of 10+ employees, and a board of directors all worked together to take Paper & Packaging Board’s marketing and educational campaign strategy to the next level. This collaboration and the objective were very different from the norm, as Paper & Packaging Board does not sell anything. It is an association that exists to influence the global community to use more of the industry’s products, with no revenue or profit to measure and track results. 

As more business moves online, people are working remotely and using digital tools more and more. The digital strategy conversation is increasingly relevant to today’s workplace. As a piece of this, it is important to understand where data comes from and if it is correct. More specifically, developing an understanding of what the data means brings strength to any digital strategy.