Question #1: When it comes to making business decisions, would you say you rely more on…
While you may be able to come up with a compelling, personal anecdote-based argument for the first two answers, (I mean, we all know the self-made millionaire who insists he’s gotten to the top solely by trusting his gut at all costs) there’s really no reason you should be choosing an answer besides C.
While you may be able to come up with a compelling, personal anecdote-based argument for the first two answers (I mean, we all know the self-made millionaire who insists he’s gotten to the top solely by trusting his gut at all costs), there’s really no reason you should be choosing an answer besides C.
Here’s the thing: Running a successful business requires making A LOT of decisions. And we’re not just talking about major, company-wide judgements about large-scale things like product releases and acquisitions—the fate of your company rests just as easily on the small, seemingly innocuous choices you make, day in and day out. And using data is the one surefire way you have of making sure that every decision is the best one for you and your company.
There is real value in collecting and analyzing data from all of your interactions. Data can help you learn from your past mistakes, reduce costs, predict the future and avoid industry pitfalls.
Remember the quiz you just took? If you chose Analytics, you already know all this. Congratulations on investing time and effort into creating reports that direct the way you run your business—you know what a transformative asset analytics can be! But, if you leaned more toward A or B, it’s time to take a hard look at creating a data-driven decision-making strategy. Once you have such a strategy in place, you’ll find it easier to make the best choices for your company and analyze their efficacy down the road.
Of course, creating a successful data strategy isn’t as simple as just willing it into existence—if it was, more people would probably do it. But it’s not impossible, either. We’ve broken down the three main deterrents to developing a solid data strategy and what you can do to overcome them.
If this is your main argument, you’re probably the “I’ve made it this far, haven’t I?” guy. And we get it—collecting data can be a hassle. Compiling it can be messy. Analyzing it can take precious resources. And unless you’re already utilizing it, you may view it as a waste of time.
However, according to Datapine, “while sometimes it’s okay to follow your instincts, the vast majority of your business-based decisions should be backed by metrics, facts, or figures related to your aims, goals, or initiatives that can ensure a stable backbone to your management reports and business operations.” Additionally, “companies that approach decision making collaboratively tend to treat information as a real asset more than companies with other, more ambiguous approaches.”
Simply put, a data strategy can:
When it comes to building a data strategy, getting started is having the battle. We recommend breaking it down into three easy steps:
Maybe you’ve been an avid data collector for years and you just have no idea what to do with it all. If that’s the case, it’s completely understandable. Too often, companies have a data collection strategy that is just a random collection of reports and numbers, without any consistency or analysis.
To combat this, you have a few options. First, you can hire an expert—a data pro whose sole purpose is to gather and analyze your data. There are a few drawbacks to this, primarily that it can be a huge financial strain, especially for a smaller company. Second, you can outsource this task to a data management company, who may or may not have your best interests at heart. Or, third, you can turn (again) to digital tools. Implementing great tools can allow you to receive at-a-glance, auto-generated reports from your data that make it easy to understand exactly what you’re looking at, using both numbers and visual representations like charts and graphs. Even if you’re not a “numbers person” per se, you’ll likely be surprised at how easy it is to utilize and learn from your data when it’s presented in an easily digestible format.
Hopefully, by now you’ve started to realize that a data-driven decision-making strategy isn’t just a “nice-to-have” in today’s business environment—it’s completely essential. But if you’re still on the fence about whether or not you should invest in your data, consider this: According to renowned marketing executive Casey Carey, “Leading marketers—business leaders who significantly exceeded their top business goals in 2016—indicate that two things are crucial to success: support from the top and a clear data and analytics strategy.”
If you’re ready to become one of those leading marketers, then it’s time to get started developing your strategy.
Need some help? Verb knows a thing or two about data. Our platform makes it easy to see who is looking at your content and what they’re doing with it, so you can adapt and follow up effectively. Want to learn more? Contact us for a demo!
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