You’ve got a ton of data secured in your company systems – but is it doing more than just sitting? Data-driven strategies are essential concepts in today’s business landscape, but many aren’t aware of how to take what they’ve accumulated and kick it into high gear. Some companies are stuck in neutral, hoarding tons of information instead of using it to their advantage. Raw data alone isn’t enough to help businesses make informed decisions and drive growth. To unlock the true power of data, start rethinking how your business allocates, enriches, and uses it. Let’s take a deeper look into how you can get your data out of park and propel your business forward.
Is Your Company Collecting or Hoarding Data?
Most businesses tools and technological resources collect data automatically, but most businesses don’t consider the type of data they gather and its usefulness. Sure. You’re getting a thousand clicks on your landing page, but it won’t mean much if these insights aren’t aligned with your goals.
Rather than waste your time collecting every metric there is, finetune your collection strategies. Consider what moves the needle for your business. Do you need to focus on customer behavior, operational efficiency, or audience segmentation? You can begin by visualizing what success looks like for your business. Then align those goals with the types of data you collect.
Data Enrichment: The Non-Negotiable
Don’t make the assumption that the data you’ve collected is “good enough”. Data enrichment is an essential part of ensuring that your insights translate into something meaningful with depth and context. Foregoing this step is ultimately like judging a book by its cover.
Why is data enrichment a must in business? To learn more about data enrichment, consider the real-world impact. Let’s say you run an e-commerce platform. You’ve acquired enough data to know that a customer purchased a product, but the buck stops there. Without having enriched data that shares their location, preferences, and shopping habits, you’re not able to determine what they’ll buy next, what their interests are, or how to cultivate tailored campaigns that make the customer feel relevant and valued.
Data enrichment takes numbers on a spreadsheet or database and transforms it into invaluable information that you can turn into actionable insights. By developing an ongoing process to refine, update, and enhance your data, you can improve your marketing and make wise decisions. That’s why it’s important to treat enrichment like an investment instead of an afterthought.
Unlock Insights While Maintaining Control
Some businesses have enriched data, but have no idea how to analyze it without finding themselves in a messy or risky situation. That’s where data sovereignty comes into the picture. It helps to balance the desire for global access while maintaining localized compliance and security standards.
Companies that operate across borders understand that their customers expect that their personal data is handled with care. Data sovereignty for businesses isn’t just a matter of compliance, but also about trustworthiness and reputability. Even a single breach could ruin years of hard work and goodwill.
Enhancing data protection isn’t about overcomplicating the process with endless policies and procedures. Businesses must learn how to build a framework that enables customer data to remain secure and actionable.
Use Storytelling to Turn Numbers to Narratives
Once you have enriched and secure data, the next step is to convert the data into stories that your target audience cares about. Whether you’re sharing your insights with colleagues, shareholders, potential partners, or customers, it’s important to make the details come to life. No one is going to pay attention to a dashboard or spreadsheet filled with numbers and percentages. However, most will listen to a great story.
There’s something very powerful (and underrated) about storytelling. When you’re able to successfully connect the dots and explain what the data means in ways that peak your audience’s interests, it’s sure to warrant positive outcomes. Did a new campaign spike sales because of timing, messaging, or audience targeting? Did customers drop off because of price sensitivity or poor UX?
The secret to master storytelling is to focus on the “why” behind the data. When you understand the “why” you can deliver insights to your audience that inspire action.
Don’t Get Driven, Drive the Data
For many businesses, developing a data strategy feels like a chore; however, it should feel like an opportunity. While it may seem like nothing more than a bunch of numbers on a dashboard or spreadsheet, the idea is to find the best method to clarify its meaning and purpose for your organization. When you collect the right data, enrich it with context, secure it properly, and transform it into stories that promote action, you’re a step ahead of the rest. Don’t allow your data to stay parked, use the above advice to find ways to enable your company’s data to drive you forward.
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