Using your data is essential for growing a business, but how much data do you actually need?
In principle, the more data we have, the better. However, the past 10 to 20 years have seen an exponential rise in available data, both internally and available from third-party sources. Right now, many companies have more data than they know what to do with across all the platforms, software and systems connected to their business.
Right now, many companies have more data than they know what to do with across all the platforms, software and systems connected to their business.
“Data needs to be gathered, transformed, analysed, and turned into actionable insights before it’s useful,” say Econsultancy and Google in their report on consumer experience. “While many marketers focus on making magic happen in that last mile, those previous stages are a critical part of the course to conquer too.”
When it comes to filtering through that data and narrowing down the key points to guide actionable insights, who’s the best person to decide what data should be gathered and analysed? How can you sort through it all to make the best decisions for your business?
Well, there’s an old saying: practice makes perfect.
Of course, there’s an abundance of data available, which includes internal insights, external reports and historical trends. However, the only way to decide which data is useful to grow your business is to simply dive in and practice incorporating that data into your day-to-day decision-making.
The only way to decide which data is useful to grow your business is to simply dive in and practice incorporating that data into your day-to-day decision-making.
This exercise will provide innovations, new forms of creativity and alternative ways to interact with your potential buyers. The more you can do this, the more you’ll improve your ability to see what’s relevant and what’s not.
When it comes to historical data, there’s a lot to learn – such as why people are using certain products or how they became attached to them. Unfortunately though, data from the past 10 to 20 years may not be relevant in today’s digital experience.
The platforms and digital spaces where people buy online are constantly shifting, changing and evolving. If you focus narrowly on historical data, you might miss the mark on what’s trending and relevant right now.
Also, let’s not forget the ongoing changes to algorithms and software capable of tracking user behaviour and generating fresh data like never before. This offers fresh insights on real-world and up-to-date interactions with customers.
It’s going to take some real effort to master the art of narrowing in on data that’s relevant to your business. And, as Tim Cook, CEO of Apple, once said, “For the most important decisions in your life, trust your intuition, and then work with everything you have to prove it right.”