Our data collection capabilities have increased dramatically over the last decade and as a consequence of this, nearly every aspect of our lives is being adapted upon examination of this new data. Our mobile phones give us instant access to a virtually infinite amount of data that we can call upon to inform our decisions. We can check the weather, check transport networks, find out where somebody is, even what they may have eaten for lunch! Where once was only speculation, now we have confirmation.
Data-driven decision making
‘DDDM’ is a term relating to how we can approach decision making in business. What does the term mean for us in everyday application? It’s a conceptual approach to making decisions that replaces ‘best guess’, with one that is supported by good hard data. Outlined here is a good practice process with which we can follow:
- What do you want to know?
- Why do want to know it?
- Where will you obtain your data to analyse?
- How will you extract & cleanse relevant data?
- Analyse the data – what were your findings?
As we well know, data is invaluable in marketing and data-driven strategies are vital for growth. We can extrapolate from our data where our customers are, what it is they want, what their habits are, who they are etc. The more data we have, the more insight we can gain. With this insight, we can set about tailoring our campaigns specifically.
So, the more data we have, the more informed we must be? Well, not so…
Firstly we must have good data, then the real difficulty is in knowing what to do with this data once we have obtained it. Referring to the DDDM good practice list above, our goals must be clear from the outset and we must approach the analysis of data with considered methodology.
Keen to know more about data and marketing? Get in touch with Data Giant today!