Five kinds of analytical reports that can enhance a proof of concept
In the world of business, a ‘proof of concept’ is often used with a a set of metrics, key performance indicators, and other forms of evidence that prove a business model’s efficacy and feasibility.
In some cases, only a working prototype is needed to establish a very basic kind of proof of concept. However, if you really want to go beyond designs, theories, and plans and into the realm of tangible progress that will make investors flock towards your business, you’ll want to gather evidence types that are irrefutable and quantifiable.
To instil confidence in investors and identify opportunities for improvement, you’ll want to create analytical reports on a weekly, monthly, quarterly, and yearly basis.
However, there are dozens of analytical tools and techniques which generate different reports, and some are more effective at showing proof of concept than others.
With that in mind, here are five kinds of analytical reports that are highly useful for companies that are trying to establish solid proof of concept.
1) Balanced scorecards
What is a balanced scorecard (BSC)? It’s a type of analysis and reporting system that takes all of your company’s essential metrics into account in order to generate an overall score, which you can then work towards improving.
Showing consistent progress in building up a balanced scorecard will show that your brand has a recent history of making positive strides toward common business objectives and goals.
Since many companies have begun to keep balanced scorecards it also helps to have this kind of report on hand so that investors can assess the value of your business proposition based on the data presented in your BSC.
Using balance scorecard software such as QuickScore provided by Intrafocus can help you generate these reports with ease. This is one of the most popular pieces of KPI management software on the market currently which you can book a demo for if you’re interested in seeing it in action.
2) Web analytics
Nowadays every company has a website, so it stands to reason that you should be generating reports that prove the popularity of your company’s online headquarters.
Investors want to see that they’re putting their money into a brand that already has a decent web presence. Tracking your site’s analytics and generating comprehensive reports will show that web visitors are responding well to your products and services while also proving that you’ve put forth a great deal of effort into content strategy, development, and SEO.
3) Social platform stats
Generating reports for stats on sites like Facebook, Twitter, Instagram, and YouTube is one of the strongest ways to show that your brand is worth taking seriously.
Any company that can prove it has a significant social following will be in an ideal position to not only appeal to investors but also sponsors, affiliates, partners, and potential clients and customers. For this kind of reporting, it’s generally best to use a social media dashboard that centralises the management and reporting for many different platforms within a single interface.
4) Advertising campaign metrics
Running pay-per-click projects and other kinds of ad campaigns can provide a tremendous amount of analytical value to your business because major PPC platforms have very detailed reporting systems.
You can export campaign results and metrics into external reporting software or generate reports from directly with your account in most cases. The top networks to consider for PPC campaigns and reporting are Google, Facebook, and YouTube.
If you can show that your ad campaigns are well-received on just these three sites, investors will want to dump money into your ad budgets to help you scale up.
5) Surveys, testimonials, and other forms of feedback
Finally, few forms of proof are more effective than an abundance of satisfied clients or customers. Compiling testimonials and survey results into an overall report is a great way to show that your company is providing an abundance of value and is therefore operating based on a sustainable business model.
While the other kind of analytical reports mentioned above essentially point to the fact that your customer base must be happy, actually having it phrased in their words is the best way to help others see why your brand is worth looking into from the perspective of the people who matter the most – the buyers.
Exceptional reports lead to exceptional funding results
Ultimately, investing in the way your company generates marketing reports could wind up generating one of the biggest returns for your investment in the long-term.
Major investors want to see a variety of reports and financial documents that confirm the legitimacy of a company before they invest millions. So it makes sense that there is a direct correlation between high-quality reporting and desirable funding results.
Try to take a well-rounded approach that incorporates the five kinds of reports listed above and you’ll have a solid advantage against most of the competition when it comes to persuading investors.
Photo by Andrew Neel