Data can be daunting yet so worthy of investment with plenty of research showing that being data-driven makes your business more robust, efficient, agile and profitable. Plus, you may as well take the time now to sort it out now rather than suffer the consequences of your competitors getting there first.
Did you know? Data-driven businesses are:
- 162% more likely to exceed revenue targets (Forrester)
- 23 x more likely to acquire customers (McKinsey)
- Grow by 30% each year (Forrester)
So, start using data to your advantage. Otherwise, it’s only a matter of time before you get left behind.
Here are 6 top steps to help get you started…
Step 1 – Start with the end in mind
It is too easy to get lost in data, looking for ‘insight’ which can be overwhelming and take up your precious time. Much better to be clear on your business goals and think about how your data can be used to help you get to where you want to be.
Step 2 – Gather data to help you make better decisions
Once you know what questions you want answers to, you can start collecting the data you need consistently and accurately. This will then become a powerful tool for you to use to support your instincts, share with your team and investors and give you the confidence to focus on what matters.
Customer focus plays a big role in being competitive. Knowing who your customers are and what problems you can solve for them is a constant evolution. Start by tracking key areas such as customer behaviour, satisfaction levels, feedback and reviews. This information can be used to create a strong picture of who your customers are, then you can use this to help serve their needs better. Your marketing team will be motivated by this insight and you will see better campaign results.
Step 4 – Use data for continuous improvement, not just after-the-fact fixes
Your business needs will constantly evolve, you can use the data to reflect on the past, to answer questions like what happened and how can we improve it for next time. But it can also help you plan ahead – to be proactive in your business and spot opportunities your competitors don’t.
Step 5 – Focus on turning insights into actions that drive growth
It is all too easy to create and admire some pretty graphs, but they have to mean something rather than a vanity metric that does not answer any important questions for you. What is most valuable is being able to uncover actionable insights that will help you and your teams do their jobs better. Ask yourself how this information is going to help you reach your goals, if not then challenge it to be changed to something that does.
Step 6 – Make sure everyone is aligned around the same goal of being a data-driven business
Culture is probably the hardest step – tech is the easy bit, then you have to get everyone on board. So that you can make a success of your data journey, your employees need to understand what your data vision is, how it will make their jobs better/easier and what the end goal is so they can join in the fun!
The more you know about what happens in your business and the actionable insights that can be taken from this, the better off you will be. There are many ways to make your business more data-driven but as you now know from reading this blog, it does not have to be complicated.
When it comes to data, the one certainty is that your data challenge is only getting bigger.
Get started with our help and insights, visit data-cubed.co.uk or call us on 0117 25 10 100 today!