Making Business Decisions Based on Data Leads to Success

  • March 19, 2016

Are you a business manager or business owner? You probably have a lot of decisions to make - sometimes quickly and under pressure. It's not always easy.

What do you base your decisions on? Is it intuition or hard facts and data?

Intuition often fails us!

We often make the mistake of thinking that we have all the right answers. It is natural to base our decisions on what's familiar. However, the problem is that we sometimes lack perspective and misunderstand the reality of the situation. Business decisions are best when they are based on tangible results and data. Your marketing decisions should be based on concrete facts.

Analyze the data

You have to be careful. It's important to look at relevant data often and update it regularly. Develop your digital strategy with your Web agency and your team in order to analyze certain situations, campaigns, product launches before investing time and money.

A/B split campaigns is an effective marketing technique that consists of proposing several variants based on one criteria to determine the version that resonates the most with consumers.

Through online polls, Google Analytics, your email tool, and social media you'll be able to have a global overview of the situation.

Note: it's not the quantity of performance indicators that will allow you to make a smart decision. However, an overall analysis of all data will.

Follow the example

According to a study conducted by the Aberdeen Group, businesses who base their decisions on concrete data instead of their instinct increase their yearly market share more significantly than the competition. It is estimated that data driven organizations have a 27% yearly increase. While non data driven organizations have just a 7% increase. 

Making business decisions based on hard data can make you a large successful corporation, think about Google, Amazon, Yahoo…

Google practices this type of strategy regularly. In campaign launched by Marissa Mayer, over 41 tints of blue were tested in order measure which one would generate the most clicks on paid ads. Many criticized this technique, however, this campaign allowed the company to generate an additional $200,000,000. Not too bad?!

In our industry, we integrate these methods to our business practices to better understand our clientele & market segment. This helps identify the weak & strong points of our digital strategy. And finally, gives us an advantge over our competition!

So, what would Data analysis bring to your business?