Business Science for Brand Growth: Frequently Asked Questions (FAQs)
What is Business Science?
Since the late 14th Century, Science has meant "collective human knowledge" but more specifically knowledge gained by systematic observation, experiment and reasoning.
"Science knows no country, because knowledge belongs to humanity, and is the torch which illuminates the world."
- Louis Pasteur
To govern and lead a business, we must always carve out time to put our labcoat on and observe, reflect, think and experiment.
Why? Because if we want to be in a position to predict outcomes we need to use the scientific method - which has been designed and perfected to eliminate bias, establish knowledge and make reliable predictions.
Without the scientific method and time to think slowly, our understanding is limited and dependent on the cognitive biases and assumptions that our brain uses to think fast, react and navigate most decisions we make automatically.
Whether we are leading a business of 1, 5, 50, 5000 or 50,000, our responsibility is to ensure that we are making the best decisions to serve our purpose.
Business Science applies the scientific method to gather and interpret information in order to turn it into business intelligence.
Did you know?
The number one priority for CEOs when it comes to data collection is in relation to customers' and clients' preferences and needs, however, only 15% find their current data comprehensive!
What is the scientific method?
The Scientific Method is a Framework we use to answer a question based on empirical evidence.
It will help you stop and think about what you need to do in your business to start gathering and analysing information in a way that will be most useful to your business.
Here's the steps:
Step 1: Ask a Question
A simple step that is so often overlooked! When it comes to marketing to understand clients' and customers' needs you need to make sure you're not just diving straight into the raw data to try to tease out an answer.
At the Change Makers our focus is to ask:
What questions do we have to be able to answer so you can attract and serve your ideal customers?
When we work with clients and stop to think about this step we often find that what was being measured isn't necessarily valid for answering the questions that stem from this.
Step 2: Research Existing Sources
The keywords here are BENCHMARK & CURRENT BEST PRACTICE.
Look at reliable information for what's happening "out there" in your industry.
Without knowing what is going on in your industry - how do you know what is "good", "normal" or "bad"?
And how do you know whether something is a priority for innovation or chugging along just fine?
Most importantly how do you know what outcomes to expect in order to determine the amount of time and money you invest?
Step 3: Formulate a Hypothesis
Now it's time to play a guessing game!
What's your BEST guess of what to expect based on the research and data you've gathered?
Based on benchmarks and best practice, what's your prediction for what you need to do - and what will happen as a result?
Document this hypothesis - this is what you're going to be proving is either true or false - because now we're ready to experiment.
Step 4: Experiment Design & Recording of Results
Depending on what your question is (and your budget too!) - there's also sorts of ways this can go.
You could be testing advertising on Facebook to find what content most appeals to your market.
You could be running a Beta test of an app you've developed.
You could be trying out a new sales script.
The key with any experiment you run is you need to have 3 things:
1) An Independent Variable
This is what you are testing - like the new sales script or the email headline
2) A Dependent Variable
This is what is changing because of the independent variable - like the number of sales made or the number of emails opened.
3) A Control
This is what you use to see if there is a significant difference between what you usually do and the new thing you are doing - in business, we usually use baseline data for this (eg. sales made using the old sales script or how many email opens we usually get)
Sometimes our data sets will be too small to determine whether there is what we call a "statistically significant difference" between our test and our baseline or control, so we need to make sure we think about when this is appropriate and how much weight we put on the results of these experiments.
Step 5: Draw Conclusions
Ok, so now we've got all this data - what do we make of it? Are there other explanations for what we observed during our experiment? How does this inform what we do moving forward?
Again, with our focus at The Change Makers on helping you to attract and serve your ideal clients - we look at how the experiment we've run informs the related question we established right at the beginning.
From here we then look at how we can use this information to establish optimal standard operating procedures for your business to continue growing.
Step 6: Report & Debrief
The final piece of the puzzle is to document everything so that what we've learnt becomes part of your business intelligence and think about how we can continue to deepen this knowledge with ongoing practices for continued improvement and innovation
78% of scientists and engineers not working in their field voluntarily choose to leave and nearly 50% of those who voluntarily leave are more likely to become entrepreneurs and start their own business.
How do I get more customers?
People who don't know you, aren't interested in you.
They have no solid concept of your existence.
People become interested in you when what you communicate is SALIENT to them.
Their brain, trawling through 11 millions bits of data per second, chooses to focus it's small attention span (about 40-120 bits per second) on YOUR MESSAGE.
Subconsciously, your ideal customer is constantly scanning the environment looking for ways to avoid pain and seek pleasure.
If in a few seconds (or less!) their brain notices something that will help to achieve this - they will stop and pay attention.
BUT remember - and I'm saying this because I see soooo many super smart, brilliant and talented people make this mistake everyday:
The people who are most likely to really need your help and are ready to buy right now (or soon!) don't understand their problem like you do.
That's why you're the expert and they need you.
Ask yourself: âHow would my ideal client describe these problems at a weekend BBQ?â
When you do this you'll experience the same results our clients benefit from including:
â More website traffic from your market
â Invitations to speak in the media and on stage
â Enquiries from qualified leads
â Innovative ideas on how to improve your product-to-market fit
â Increased conversion rates from sales and marketing activities
If you're looking for help to grow your brand and attract your ideal customers let's talk about where you're at and your growth goals for 2020.
Do we need to be on social media?
Depending on the stage and size of your business and what you want to achieve there are lots of considerations we need to make to answer this question.
If you'd like some help with this or a similar questions like - "do we need a website?" Or "do we need a search strategy?" book in an introductory phone call with Lauren here.
What does "brand" mean?
"Brand" is a word that is often ill-defined and poorly understood - even amongst many so-called brand and marketing experts.
In essence, the simplest and most practical way to think about brand is as your reputation.