At XTRF Summit #online 2020, Marco Ballauri del Conte, Partner and Vice CEO of InnovaLang in Italy, joined us to share his experience of using the Business Barometer. This article is based on his talk.
These days, businesses from all industries and sectors amass vast swathes of data. The same is true of the translation and localization industry. But data on its own is useless. Because we need to be able to understand it, interpret it, and dig into it. Here I want to share a funny story about how we at InnovaLang came to use XTRF’s Business Barometer.
In July 2020, a new PM joined our team. By this stage, we were working fully within XTRF. To better understand the business, this PM, called Ibra, started to put together his own view of the business’ data. He downloaded three months of data from XTRF, creating a spreadsheet looking at key aspects such as clients, volume trends, and language combinations. We were really pleased with his work and decided to check in on the trends each month.
But lo and behold, the very next week, we saw a promo about XTRF’s new Business Barometer. Turns out it offered all the various metrics Ibra had set up, along with the added advantage of having a dynamic view. This means that it changes from one day to the next, giving you the latest information on your business.
It’s made up of the following four tabs.
This provides a general overview. It’s useful for sales, giving you a snapshot of things like how many quotes have been accepted.
This is useful for the sales and marketing teams. It tells you whether sales are going well, indicates whether your clients consider your offers and prices to be acceptable, and shows how many quotes have been generated in the system.
In my opinion, this is the most important tab. It’s the heart of all the data we need.
This is a very interesting tab to check. It helps you understand how dependent you are on certain clients and understand how successful you are at finding new clients.
How we use the Business Barometer
One of the ways we’ve used the Business Barometer was to help us understand how successful we were in gaining new clients. We used metrics such as our dependency on clients and an overall number of projects. These findings led us to take action. We saw that we had a high dependency on our top clients (over 85%) and that the number of projects was dropping as lockdown began in March 2020. So, shortly after, we decided to launch a lead generation campaign. We could then use the Business Barometer to monitor the effectiveness of this campaign. We saw that our dependency dropped, but that the number of projects increased, which was excellent news, especially in the midst of a pandemic!
We also use the data we see in Business Barometer to inform our other marketing strategies. And we’ve used it to look at trends in business from a particular client. In one case, it helped us understand what caused a decline in projects from a particular client and to resolve the problem.
Tips for using Business Barometer
- Establish your business goals
- Define your tasks and milestones (i.e. achieve what by when)
- Use the Business Barometer and XTRF to monitor trends and results
- Start with the general data, then delve deeper into the details
- Play around with the tool first, before building your view
Benefits of using Business Barometer
Business Barometer helps you collect data, to act, and to monitor trends related to your business goals. It can help you understand the impact of an action you’ve taken, or to follow a certain path. You can also compare metrics from one year to the next. I find that a 52-week view is great for helping me see the big picture. I can then use the filters to drill down into the detail to look at specific aspects or potential issues.
Partner & Vice-CEO