Now that businesses have access to vast amounts of data, they can gain unprecedented insights into consumer and competitor behavior. Similarly, companies can track their own performance to maximize results and productivity. However, data-driven decisions are only truly valuable if they’re based on the right type of data. Additionally, you’ll need to ensure the data you’re using is accurate and originates from verifiable sources. To find out how you can use data to transform your business, take a look at these three ways to make data-driven decisions:
1. Track Website Metrics
Collecting and collating your data is one way of ensuring that the information you’re using is highly accurate. Afterall, when you’re responsible for gathering and analysing the data, you can be confident that it won’t be skewed or incomplete. Of course, there are numerous metrics you can use when assessing website performance, so be sure to choose the ones that are most relevant to your current goals. If you want to acquire more customers, for example, it may be beneficial to gather data pertaining to users who have already converted. This gives you an insight into what a successful customer journey looks like and what touchpoints had the biggest impact on the customers you acquired.
2. Purchase Fresh Data
As well as collecting your own data, you can access the information you need by purchasing it. When you engage with a reputable data provider, like Lead Lists, you have the opportunity to access fresh, verifiable, criterion-based data. With this information, you can create highly targeted marketing campaigns and optimise your conversion rate.
Similarly, you can also invest in data insights and reports from major research organisations. This can be a great way to develop a deeper insight into consumer behaviour, industry changes or trends within the marketplace. As a result, you’ll be able to make informed, data-driven decisions to future-proof your business.
3. Set KPIs
The prevalence of Big Data means that there’s virtually an endless amount of data that businesses can access. Even with effective analytics tools, however, tracking too much data can lead to unnecessary confusion. In many ways, an excess of information can be as damaging as having too little information, so don’t get side-tracked by metrics and figures that simply aren’t relevant to your performance or goals.
When you take the time to set key performance indicators (KPIs), you can determine which metrics are most relevant and adjust your data analytics accordingly. This makes it easy to stay up to date with real-time data that adds value to your business, rather than getting bogged down by metrics that provide limited insights and ensures you can make data-driven decisions.
Use Data to Increase Business Success
Data has always been critical to commercial success but, until relatively recently, it has been difficult to access and interpret. However, new technology and the rise of artificial intelligence (AI) ensures every business can utilise data. When you capitalise on the increased availability of information and make data-driven decisions, you can increase your profitability, grow your venture and achieve greater business success.