What’s The Big Deal About Data?
Remember when you were in high school and mathematics was the bane of your existence? You couldn’t wait to graduate and leave those pesky numbers behind.
Little by little, you’ve come to realize that analytics is one of the top three essential capabilities in any business. You can see that a bunch of numbers strung together can build a constellation of meaningful data that tells a powerful story. A story that can hypnotize your consumers and revolutionize your entire business.
The good news is you don’t have to be a mathematician to understand this story.
Have you heard of the recent gun shooting in a high school in Florida, which killed at least 17 people? Following the outrage, CDC.gov and crimadvisor.com decided to investigate the relationship between the number of gun deaths versus the strictness of gun laws, state by state. An analysis of the data revealed a startling conclusion: with absolutely no exceptions, states with the strictest gun control laws have the least number of gun deaths. The data was always there but it took an analyst to explore these relationships and tell that story. Imagine the impact a story birthed from data could have. Companies like Mint, Uber, Spotify, and OkCupid are excellent case studies for companies who use their data to fuel their content marketing strategies.
Numbers don’t lie.
Your data is a treasure trove of insights that inform your campaigns and marketing strategies. Beyond sales, it can help boost brand awareness, customer retention, and engagement. Customer Relationship Management (CRM) software, for example, is a fertile repository of customer data, actionable insights, and predictive analytics if you know what you’re doing. But don’t waste it only on internal decision-making. Connect the dots for your audience and present data-driven stories in appealing apps or visuals. Build your content marketing on top of it, using precision targeting and relevant personalization, which separates casual observers from qualified leads. Success lies in your ability to access, analyze and act on this data, responding promptly to changing market conditions and consumer demands.
Are you curious to see how it works?
SCENARIO: Data shows that your cab company received 75% of its customer complaints from young women. What do you do next? You might seek out a sample of this population and launch an investigation. Perhaps you might discover behavioral issues with the drivers, or the lack of cleanliness of your vehicles. Without collecting and analyzing the data, you would never have detected this pattern and troves of customers would be abandoning your services for no apparent reason.
Those who manage their business solely through gut instincts fall prey to confirmation bias, looking for information that aligns with their thinking and completely missing the picture. You can’t help but seduce yourself with your own ideas.
Big data provides averages, trends, the big picture. Small data has a role to play, too: completing that picture and giving it nuance, life, a face. It is the human-centered approach to data that can expound on what those big averages are telling you. Read those comments and respond to those tweets. Ask meaningful questions. Monitor feedback. It is your responsibility as a business owner to understand everything that goes on, especially at the heart of your business, your customers.
Now your picture is complete.
Can you see how the role that data has to play in your business? What’s holding you back? We’re always happy to offer support and discuss our ideas in person. If you have any questions about data analytics, CRMs or anything in that area, feel free to contact us at 0743 830 663.
By Barbara Jebet is a content strategist and brand storyteller.