DATA INSIGHT

Data insights are the understanding an individual or team gains from analyzing and interpreting data. This can be the data surrounding a particular customer base, segment, campaign, marketing channel, touchpoint, or team performance. Look for patterns and relationships among data points to form the insights that help you make strategic?decisions.

The data insights are the value and knowledge that gains after analyzing the raw data. They are the informed conclusions that are drawn from finding patterns and relationships in your data. Data insights lead to better informed decisions about budget, time, customers, and leadership choices

NEED FOR DATA INSIGHTS

Data insights save you from making big decisions blindly. Intuition and trial and error have their place, but neither is a strategy that results in sustainable growth. Data-informed decisions are the key to moving your sales and marketing forward with confidence.

A company that’s focused on growth and improvement doesn’t make space for guesswork. It uses data insights to do things like:

• Predict customer buying trends by monitoring current behavior patterns and customer complaints and anticipating what products, services, or updates they’ll need in the future.
• Increase customer retention by looking at why customers don’t make a purchase, when a customer usually churns, and using intelligent insights to learn how to prevent it.
• Improve its sales team’s performance by seeing how prospects and customers respond to certain sales tactics and understanding what strategies close the deal best.
• Create hyper-personalized marketing campaigns by gathering as much firmographic (company), psychographic, and geographic data as possible on its customers and crafting messaging around that information.

EXAMPLE OF DATA INSIGHTS:

Insights can vary greatly between industries. Your ability to derive actionable data insights is dependent on a variety of factors. Some of these might include the quantity of data available to you, the parameters of a given dataset, and the specific problem that you are trying to solve. What’s important is establishing which metrics provide valuable information for your particular industry, and leveraging that information to give you an edge?in?the?market.

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