Smart Data Solves Business Challenges
As a lover of forensic science, I know how the smallest clue can help solve the biggest puzzle. And that’s why I’m excited about how we work with data at Brandience. Data and science are inseparable. The definition of science is turning knowledge into the form of testable predictions. But where do you start?
Ask a question – it begins by understanding what are you trying to learn and how will it be measured. The more specific you can be, the better. The answer to which customer segments are most profitable will provide better actionable opportunities than how well are we doing?
Background research – what data are you collecting? Many companies collect lots of data, but is it the right data? Smart data helps solve business challenges. To get the best insights you have to start by gathering valuable information. Look for trends and correlations. Marrying both quantitative and qualitative data can also produce beneficial results.
Construct a hypothesis – creating dashboards and reports is very different from hypothesizing, analyzing and optimizing your data. Think about this step as how can the past build a better future. Maybe you don’t have the resources to handle your data needs – Brandience can help.
Test your hypothesis by experimenting – develop an educated guess, or a prediction that can be tested. Collect as many observations as possible about the challenge you are trying to examine. Get into the market quickly. Consider testing various customer segments and offers, and then optimize accordingly.
Analyze your data and draw a conclusion – we’ve all heard the statement “garbage in, garbage out.” That couldn’t be more true than in the data world. How clean is your data? Prepare for this step by collecting complete data that provides the most valuable insight into your customer’s behavior.
Communicate your results – does your company have a data-driven culture or is the data tightly held by a few people? For data to truly impact your success it must be embraced, respected and shared. Whatever you do, don’t manipulate the facts to fit an agenda.
As in science, data analysis should become the foundation for all business decisions. Think of it as real-time perspective of your customers’ behaviors. Strong analysis can smartly influence product, promotion, price, place and people.