Data Driven: all about the Data Culture

Data Driven: all about the Data Culture

Claudia Roca

Aug 20, 2022

Aug 20, 2022

Aug 20, 2022

Data Driven: all about the Data Culture
Data Driven: all about the Data Culture
Data Driven: all about the Data Culture

There's so much information coming into your office and you still can't detect the exact behavior of your customer.

Has this happened to you? Yes, it's very frustrating; it's just not so easy to decipher the data that your website shows, but there's a tool that will help you reduce the margin of error: Data Driven.

We're talking about a technique applied by the best companies in which they base all their decisions on critical data. 

This way, they ensure a greater probability of success and reduce possible risks. 

What is Data Driven?

We define Data Driven as business management based on information. All company decisions first go through a detailed analysis of data on a particular problem in order to increase the probability of success.

The reality is that this type of practice has been applied for several years, although the arrival of technology has accelerated its use in the market.

Now there are specialized tools that provide you with all kinds of information about the behavior of your customers, prospects, the market in general and the competition. 

This way you can develop strategies customized to the needs of the users.

What is its purpose?

We cannot understand digital marketing without the use of metrics. These came to give you an x-ray of everything your target audience does and doesn't do, in addition to the behavior of visitors who enter each page of your website.

For this reason, big data and Data Driven are two trends worth implementing in your company. 

One way to make accurate decisions that generate results in the medium and long term is through a study of user behavior. Data Driven provides this in great detail.

Some of the objectives of this trend are:

  • You discover the behavior of users on your website: (interactions, leads, number of visits, among others).

  • Important market information, such as the size of the sector, number of potential customers, demographic characteristics and much more.

  • Key competitor data to create strategies that differentiate you.

Data Driven Model

Steps to implement Data Driven in your company

Implementing Data Driven is a wise decision if you want to stay at the forefront of the latest business productivity techniques. 

It's an investment that will pay off sooner rather than later.

Let's take a closer look at the steps you need to follow to implement it successfully:

1. Collect the data

It is true that we have mentioned that Data Driven is based on data-driven decision making. 

However, the most important thing is its interpretation, since in marketing there are metrics that are more or less useful depending on the context. 

This is where Paretto's principle comes in, where 20% of what is collected will provide up to 80% of the results, so it's very important that your team prioritizes all the information that comes in.

Formula data driven

2. Get access to information

The information must be available to everyone equally. A single person cannot study all the incoming data, so the ideal thing is to divide the work in order to be more productive.

Even so, nowadays there are programs that allow you to prioritize data according to their category and importance for the company. Use them and you will see the difference.

3. Make the reports

Once you've analyzed the information, you must write it down in a detailed report that will later be approved by the board of directors.

The important thing is not the quantity but the quality of the data you study. Make sure you pick metrics that fit your business model and the company's situation, otherwise you will waste time and money.

4. Analyze

Take every piece of data into account and put it into perspective. See the reason for that number and develop customized strategies that allow you to attack the weak points of the indicator.

This way and with a little patience you will create marketing strategies based on data, which would be Data Driven at its best.

Advantages of Data Driven

Many specialists point out that information is one of today's most valuable resources. 

That is why Cloud Computing platforms are increasingly being created to protect your personal and business data. Losing them is a luxury you cannot afford.

Let's take a look at some of the advantages that Data Driven offers your company.

1. Resource optimization

Resource optimization is one of the critical points of any business, and it is becoming more and more costly to waste time, money and the team's effort.

How can we optimize it? With Data Driven. The tool provides you with accurate data on different items that allow you to reduce uncertainty through strategies tailored to the needs of your customers.

Don't forget that according to a Harvard Business Review study, 48% of companies that implemented Data Driven processes reduced losses in their accounts in the short term. 

It's time to apply it and see the results for yourself.

2. Better planning

Lack of information leads to poor planning in most cases and you know what this causes: loss of resources, a luxury you can't afford right now.

That's why we love Data Driven, because it reduces risk by analyzing the following elements:

  • Market trends. Discover what customers are looking for and how they want to buy it.

  • User consumption habits, unmet needs and demographics.

  • Accurate competitor data. What they do, what they stopped doing and what position they occupy in the market.

  • Your business statistics. Detect errors to correct them before it's too late.

3. Maximum productivity

Productivity is one of the most important indicators of your company, so you should never lose sight of it.

The good news is that Data Driven allows you to significantly increase the company's productivity, which translates into more sales, leads and market positioning.

A few months ago the Mit did a study showing that companies that operated according to data had 6% higher productivity compared to organizations that did not implement it.

This small difference represents a significant leap in quality that you can't ignore.

Data Driven is one of the biggest innovations of recent times and it's time you applied it once and for all. 

Leave unpredictability aside and make decisions based on accurate information that will give you an advantage over the competition.

The results will surprise you. Apply Data Driven and let us know your experience, we're sure you've never imagined anything like it.