Data is a valuable resource for any business that wants to grow and succeed in a competitive market. But how can you use data to identify growth opportunities and make informed decisions? In this article, you will learn six steps to leverage data for growth, from defining your goals and metrics to testing and refining your strategies.
The first step to use data for growth is to define your goals and metrics. What are you trying to achieve with your data analysis? How will you measure your progress and success? Your goals and metrics should be specific, measurable, achievable, relevant, and time-bound (SMART). For example, if your goal is to increase sales, you might use metrics such as revenue, conversion rate, customer retention, and customer lifetime value.
On setting goals, it is necessary to define and validate your metrics, this is to ensure the goal you will set is within that measure, in my experience some cases wherein teams had defined their goal without checking or setti ng up of the current metrics, which causes a big variance on target vs actual result.
Mi lema es, "Sin objetivos no hay estrategia y sin acciones, de nada sirven las decisiones". El objetivo es el eje de todas las decisiones para definir las acciones que nos llevarán al logro de este, sin embargo es de suma importancia acordar las métricas que tomaremos en cuenta para evaluar que tanto hemos avanzado o no, ya que en el proceso podemos sacar infinidad de estadísticas y números pero no toda la data nos dará la orientación que deseamos. Y más importante saber interpretarla de manera correcta y tomarla de base para la toma de decisiones proactivas y flexibles.
The next step is to collect and organize your data. You need to gather data from various sources, such as your website, social media, customer feedback, surveys, and market research. You also need to ensure that your data is accurate, complete, consistent, and relevant. You can use tools such as spreadsheets, databases, or data visualization software to store and organize your data. You should also clean and validate your data to remove any errors, duplicates, or outliers.
En el área de marketing hay mucha información que analizar y cada estadística, métrica o indicador te revelan diferentes cosas como el comportamiento del consumidor, el alcance, el interés del contenido, el impacto del dise?o, etc. Pero no toda la información es relevante para los kpi′s de mi estrategia. Si tomas un indicador equivocado, puede percibirse como un fracaso de la campa?a cuando en realidad fue un éxito. Por ejemplo: Si deseas hacer branding el indicador será las impresiones y el alcance. Será un error medir la interacción y las reacciones.
The third step is to analyze and interpret your data. You need to use different methods and techniques to explore, summarize, and compare your data. You can use descriptive statistics, such as mean, median, mode, range, and standard deviation, to understand the basic features of your data. You can also use inferential statistics, such as correlation, regression, hypothesis testing, and confidence intervals, to draw conclusions and make predictions from your data. You should also use data visualization, such as charts, graphs, and dashboards, to present and communicate your data in a clear and engaging way.
The fourth step is to identify and prioritize your opportunities. You need to use your data analysis to find out where you can improve your performance, solve your problems, or meet your customers' needs. You should also consider the potential impact, feasibility, and resources required for each opportunity. You can use tools such as SWOT analysis, PEST analysis, or Porter's five forces analysis to evaluate your internal and external factors. You should also use a prioritization matrix, such as the Eisenhower matrix or the RICE score, to rank your opportunities based on their urgency and importance.
The fifth step is to implement and test your strategies. You need to use your data to design and execute your action plans for each opportunity. You should also monitor and measure your results and compare them with your goals and metrics. You can use tools such as A/B testing, multivariate testing, or split testing to experiment with different versions of your products, services, or marketing campaigns. You should also use feedback loops, such as surveys, reviews, or interviews, to collect and analyze your customers' opinions and satisfaction.
The sixth and final step is to refine and optimize your strategies. You need to use your data to evaluate and improve your performance and outcomes. You should also identify and address any gaps, challenges, or risks that may arise. You can use tools such as the PDCA cycle, the OODA loop, or the Lean Startup method to continuously plan, do, check, and act on your data-driven decisions. You should also use data storytelling, such as narratives, case studies, or testimonials, to share and celebrate your successes and learnings.
Aún cuando no toda la información te sea de utilidad para medir tu avance o éxito en la estrategia. Debes conocer toda la información generada, pues te dará un panorama amplio de todas las variables, las cuales te ayudarán a mejorar y robustecer la estrategia.