It was the time when decision-making in a company was made only based on the entrepreneur’s feeling; currently, those who do not base their actions on a solid data analysis are doomed to lose money.
Thousands of data are generated every minute and it is up to the entrepreneur to identify which of them are relevant, to capture them, to cross them and, from there, to perform a thorough analysis to identify trends, possible internal problems and market opportunities.
In this post, we’ll talk a little about data analysis, its advantages and how to apply it in your company’s decision-making.
What is the role of data analysis and its advantages?
Data analysis is essential for any area of the company. After all, it is possible to make informed decisions, improve processes and be safer when making an investment, whether in equipment, structure or marketing actions.
To do this analysis correctly, you have to ask the right questions, after all, you have to have a goal before you look for ways to reach it. Once data are defined and collected, they need to be compared and identified.
In the case of Data Marketing (use of data in marketing) these standards will indicate, for example, the main complaints of their customers, their consumption habits and products with greater output.
Check out the key advantages your company can get when investing in data analysis:
- greater investment security;
- possibility of foreseeing trends and preparing for them;
- to be ahead of its competitors;
- create a market differentiation;
- identify problems in advance and;
- increase the company’s results.
- The origin of the data
The key point of a well-conducted data analysis is the selection of the source of the data used in it. Always look for reliable sources and keep your systems always up to date, after all, old data can be inefficient and not accurately portray the current moment of the company.
How does this analysis help decision making?
It would be great to be able to invest and be sure of a return, is not it? Then, through a data analysis it is possible to have more security in relation to the investments made and to know in depth the profile of its clients.
This analysis also assists in the prevention of loss of resources with unnecessary actions and processes or that are not bringing profits to the company.
How to make decisions based on Data Marketing?
To adopt data analysis in your company you need to instill it into your culture and deploy a data-driven management. Check out some tips to perform this analysis below.
Use BI tools
Yes, you need to invest in a Market Intelligence tool (Business Intelligence or BI). Through it you can organize the data in a logical way, cross them and generate accurate reports and graphs.
Check existing data
Do you already know where you are going to extract the data for your BI tool? They can be extracted from the following channels:
- social networks: organic reach, paid reach, tanned and shared;
- marketing automation tools: open rate of emails and click through rate;
- CRM: demographic data and stage of the purchase day;
- market research: consumption trends, economic situation and actions of competitors;
- ERP systems: cash flow, asset value, process metrics and;
The key is to remember that this data should be of quality and the sources should be updated frequently.
Extract useful feedbacks
In your BI tool, seek to extract useful information and, in fact, bring some information that will benefit the company. Tanned on Facebook and mentions on Twitter alone are not relevant, so beware of vanity metrics!
Turn data into action
It’s no use having a lot of data available if you do nothing with them. Analyze the data collected and, from them, draw up a plan of actions and campaigns for your company. Ignoring this information is the same as having a Ferrari and walking on a race track.
Interested in how data analysis can help your business grow? Contact us and ask your questions!