While we all do a gut check every now and then, it is usually in conjunction with other information we are using to make a decision. A study by the McKinsey Global Institute reports that organizations which utilize data driven decision making are 19 times as likely to see profitable results, 23 times more likely to acquire new customers, and 6 times as likely to retain their customers.
In addition to these three benefits that relate directly to your bottom line, there are also organizational advantages to implementing data driven decision making practices. They are consistency, longevity, awareness, responsiveness, feedback, and confidence. Let’s take a further look with the infographic below.
Once you make data an integral part of your organizational culture people will see data as a helpful resource. They will understand that data provide a clear picture of the overall situation whether you are looking at products, services, marketing, or the customer experience. Data provide trends which lead to insights which lead to informed decision making. It’s that simple.
Your team can use data to see who is seeing your ads, interacting with your brand, and converting to purchase. Data can help you understand what is convincing consumers to convert and, sometimes, what is causing them to leave without converting. Data can tell you which channels your target audience is using and when they are using them.
While you can’t track everything, your team can determine which pieces of data are most important to your organization and which data will help you measure progress towards your business goals. Data takes the stress out of decision making and keeps your organization moving forward.
The experts at Strategy Driven Marketing are all about data and analytics. We’d love to deep dive into your business to understand your organizational goals. We can help you determine analytical measures that will let you recognize progress towards those goals and identify challenges along the way. Contact us today to set up a consultation. Let’s get started!