Skip to main content

Optimize Data to Make Better Decisions

In 2015, data and analytics guru Bernard Marr said, "I firmly believe that big data and its implications will affect every single business—from Fortune 500 enterprises to mom and pop companies—and change how we do business, inside and out."


That was four years ago, and today Marr's statement could not be more true.


Solve Problems with Data


Likes, clicks, counts, views . . . you dream it, and the technology can track it.


In a world of limitless measurement, data is helping companies solve problems, see performance, and scrutinize the market. And while it's easier than ever to collect stats, knowing how to use this data can be a challenge.


Here are several markers to help you distinguish the forest from the trees.


Clearly Identify the Objective


Data seeks to support your business goals, so the best way to use data is to be precise in these objectives. For example:


  • A retail business seeking to grow revenue will measure which products are selling most quickly and if they are understocked in this area.

  • A sports team seeking to win more will use stats from individual players to analyze weaknesses.

  • A marketing executive seeking to generate greater return will analyze conversions to find which ad placements are generating the best response.

To set clear, data-driven goals, ask yourself:



  • What do I want to accomplish this quarter?

  • What are the weak areas the business needs to address?

  • What do I hope to achieve by gathering this data?

Outsource the Analytics


For many people, data shortage isn't the problem. It's time and expertise that are lacking.


Because it can be challenging to make sense of the data you've captured, sometimes the best option is to outsource. Perhaps there is someone on your team who can read, analyze, or interpret data for you. Maybe a team manager or an account representative could take ownership over their areas of expertise, and present information to your leadership in a simple, understandable way.


Your company may also benefit from third-party data providers like SAS, ClearStory Data, or Kissmetrics. Companies like these can work to combine your business's internal data with publicly available information to help you make better business decisions.


Optimize Value


After assessing your data, you'll want to identify the information that will increase value in your day-to-day operations. Areas to consider include:


1. Sales Patterns or Emerging Trends


What is selling the best? What is selling the worst? What product categories are growing fastest?


2. Internal Procedures


How long does each task take, and how can it be done better? Who is driving output? Can we trust high performers with more responsibility?


3. Project Management


Are we on time? Which projects or areas should we prioritize?


4. Benchmarking Competition


What is my competitor's pricing? How do they market? Where do we fall short?


Save Time, Save Money


The market research firm IDC found that inefficiencies cost companies anywhere from 20-30% of their revenue each year.


Would you like 20% more money to use toward your business goals?


Armed with clear objectives and actionable data, your business can more efficiently market to customers, improve pain points, or streamline operations. The collection of actionable information is certainly worth your investment.


As they say, it's never a waste of time to stop and sharpen the ax.

Comments

Post a Comment

Popular posts from this blog

5 Print Marketing Pieces that will Woo Your Corporate Clients

Some of the most effective ways of communicating value don’t require looking up a website or downloading a mobile device teaser program. In fact, non-digital marketing activities win over corporate clients regularly without ever needing to be plugged in. Here are five of them. 1. Business Cards Yes, those traditional business cards are still winners. Business cards provide critical contact information and enough detail on how to connect with an organization quickly. Whether by email, text, phone, or mail, the info on a business card is powerful. People love business cards because they are easy to transfer, pack, save, and reference. In the corporate world, business cards still resonate. 2. Letterheads and Stationary In a day and age when so much communication happens by email and texting, the traditional letter stands out, even in a mail pile full of folders and generic material. Best used when conveying a personal connection, professional letterhead is loved by co...
3 comments
Read more

Share Your Brand Story to Create Distinct, Authentic Connections

In a noisy marketplace, businesses must work smarter to grab prospects and lock in loyalty. But the desire for relationship is mutual. According to Cheetah Mobile marketing director Josh Ong, customers don’t just want to buy, they want to buy into something: “Millennials are more likely than any other demographic to be brand loyal. But millennials don’t choose which brand to be loyal to at random, instead, they are highly attuned to the story that a brand tells, as well as the values that brand exhibits.” No one can resist a good story! Need proof? Here’s a fun brand story from eyewear retailer Warby Parker : Warby was founded as a rebellious upstart to tackle the problem of expensive eyewear because of a frustrating personal experience. During a backpacking trip, one of Warby’s founders lost his glasses. Since he was a broke grad student, he couldn’t afford to replace them, and he spent the rest of the semester squinting. By circumven...
Post a Comment
Read more

How to Prepare Large-Format Projects for Print

When you want to flaunt your finest, large-format printing can make an oversized impact! Large-format printing includes products printed at a length of 18-100 inches with a minimum width of 60 inches. Some of the most popular items include posters, window graphics, yard signs, vehicle wraps, vinyl banners, media backdrops, and more. While large-scale graphics are stunning, these projects require special preparation, so these images remain vibrant and sharp when stretched to larger-than-life proportions. If you plan to go BIG, here are some factors to consider. Communicate from the Start When diving in on a large-scale printing, create a detailed brief and use this to speak to your printer as early as possible. Try to include everything from the size, design, materials, and deadlines. Your printer will work with you to be sure your ideas are achievable, and the timeline is realistic. Set Appropriate Image Specifications As you connect with a printer, be sure your images ...
Post a Comment
Read more