[BLOG] Does your business fully leverage the potential of Data?

Data is everywhere and knowing how to process and leverage it provides a significant advantage in any field, initiative or task one is working on.

Intuition vs. Data-Driven Approach

Undoubtedly, years of hard work may bring knowledge, experience and ultimately some kind of wisdom. One might feel increasingly comfortable to solely rely on their mastery of the skill and their intuition – but that can be prove a bit risky for the business.

Nowadays, trends, societal changes and industry disruptions happen at a pace that one needs to constantly challenge whether the rules of yesterday still match the reality of today, let alone those of tomorrow. This is especially valid if one disregards the data and only base their judgment on intuition.

No matter how good we believe we understand our consumers, clients or employees and their needs, wouldn’t it be better and less risky to simply ask a few right questions and track the bigger picture than merely speculate about it based on intuition?

Leveraging benefits of current technology which evidently improves day by day, there is a possibility to track changes almost in a real time and sense the pulse of a segment or the whole market staying in tune with the changes as they appear.

It is important to clearly define the research and insight challenge we are dealing with. An adequate methodological path, engaging with the right questions, data set gathering and processing capabilities would make even the most challenging insight need attainable.

In a properly harvested and constructed Data Set numbers rarely misrepresent reality. It is only up to the person interpreting it to discover the most important insights.

It is also important to emphasize that more often than not the results might not be as expected and a bit more challenging, but it is hardly a reason for panic. In essence, it is a great opportunity for the business as a problem is diagnosed and it can be addressed, which can only lead to the business improvement.

It is important to highlight that Data-Driven approach is highly beneficial in the process of asking for the fund approval. It makes an argument more credible and trustworthy and discussion about the risk profile of an investment more objective.

Would you rather invest your own money in an idea backed by a credible research and a clear understanding of risk and opportunities ratio and possibility of success on market, or when someone just tells you “trust me, based on my experience and intuition, this initiative will be a success”?

Data-driven approach is also beneficial for driving leadership – it enables more confidence in decision making and calls for action.

Objective approach based on research is more trustworthy and less doubtful.

Data-Driven Approach in Practice

So, what can one do with the numbers? Obviously, a lot. However, let me put forward a few useful tips for almost every industry and business.

1. Service or Brand Perception

What do my actual and potential consumers or clients think about my brand and/or services? Is there any room for improvement? Is my brand or service positioned where I want it to be? What can I do to reposition it and place it where I want it to be? etc.

All those questions of great importance for strategic thinking can be answered using adequate research approach along with right advanced business analytics tools.

2. Service or Brand Performance

Most of businesses tend to believe their products or service cater the consumers and the markets in the best possible way, right? Or, at least better that consumer feedback or sales numbers would indicate.

Such a ‘cognitive bias’ could prevent us of clearly grasping a potential issue. However, unlike guesswork, numbers can easily show what is going on with product and brand and what it the performance gap. Insights gained from research can clarify needed actions for improvement.

3. Emphasizing the Right Point of Benefit

Do we know exactly what is the story behind our product or service? What do our potential consumers or clients think of them? Do they appreciate all the benefits provided? etc.

To grasp and optimal path of communicating your brand or product your product or service is a kind of art, which in our view should be based in research and insights. An appropriate segmentation and narrative methodology could identify the needs of each segment. The research insights can help drive the right narrative addressing each of those needs.

There is no need for any speculations or unnecessary risks, as the right research methodology can give you reliable insights and guide your communication and strategic approach.

If you feel like getting to know more about how to leverage data for communication and business development, feel free to contact us.

Autor: EQUESTRIS Tim