Today's guest on the Mads Singers Management Podcast is Tarush Aggarwal. Tarush was a software engineer who quickly realized that ranking high on Google was not just for him because no one talked about data. Tarush saw this opportunity and was able to work with a manager who showed him the ropes. This led him to Salesforce and put data engineering on the map. He also led a team for WeWork that supported 1500 employees. Because of the COVID-19 pandemic, Tarush found himself on a 10-day vacation in Bali, Indonesia, and while the world was going on lockdown, Tarush founded 5x.
According to Tarush, data is on the rise, and it is not a trend that will fade away and shape the future of the world. But what makes data exciting is its many uses, from Facebook ads, digital marketing, affiliate marketing, Google ads, and even compiling data on your customers and employees to automate business processes and make things easier for everyone. Once we focus on the data gathered, we can ask better questions to improve our current operations, implement better ones, or even replace them with something much better to help make our business better.
Data can be both intuitive and data-driven; some may be more inclined with their intuition. At the same time, some may be inclined to see the technical side of data. Still, regardless of where you belong in the spectrum, it's important to note that you shouldn't go to the extremes, especially when your vision, goals, and even niche do not have firm foundations.
Data is here to stay for the long run, although we may not see and feel it immediately, and data will continue to evolve to serve both businesses, companies, and the people.
Although there are tools out there, and more new tools and software will emerge in the coming months or years, data will always be a people-focused business.
Key Learning Points:
1.) Tarush says that spending time in the weeds and being in different levels allowed him to see how the sauce was being made, allowing him to stress-test everything, which allowed 5x to do it today. - 04:33
2.) Tarush says that data application is helpful for Facebook ads, affiliate marketing, digital marketing, and even for customers. - 07:22
3.) Understanding your customer lifetime value, how it's made up, and even why it's critical because this is one of the most significant issues Mads sees in small businesses, especially when they start investing in ads or marketing.- 09:26
4.) Tarush says that while everyone uses data in different ways they like, once we give it our full attention, it is only then that we can ask better questions and improve our processes.- 10:46
5.) Mads says it's essential to break down data when investing in different segments, so you are not simply focusing on one number or platform.- 12:40
6.) Mads continues that while most companies have a lot of data, they must look at the correct data at the right time. - 16:00
7.) Tarush says that data can be both intuitive and data-driven. However, depending on where you fall on that spectrum, we must keep in mind and be aware not to go to the extremes but instead use the data we have as our guide to making decisions rather than using it blindly.. - 20:03
8.) Mads stresses that businesses should review their vision, concept, and niche, especially when it's not very good - 21:03
9.) When asked about his 80/20, Tarush answers that 80% will always be your most challenging client.- 23:02
10.) With the rise and popularity of data, Tarush says that businesses and companies will need to eventually treat data differently and learn how to use it effectively.- 26:00
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