It’s Time to Take Data Seriously in 2021
Posted by Norma Stratton on
It’s Time to Take Data Seriously in 2021
Everyone in a position of leadership will find themselves having to make decisions. Sometimes they will be easy, sometimes exceedingly difficult. When you run a business, your decisions can impact hundreds or even thousands of lives, so how do you ensure that you are making the right decisions?
What it all comes down to is making informed decisions and to be informed, you require data.
While proper decision-making has always relied on having good data, it is more important than ever as we head into 2021, with data management and analysis taking an ever more prominent role in running your business.
The Importance of Metrics
You are likely already following certain metrics such as customer churn (the percentage of customers who stop doing business with you during a particular period), but to really excel, you will need to pay attention to specific metrics that reveal the goings-on in your industry and the economy at large, as well as those which coincide with your goals.
With these metrics in hand, you can work from a more objective point of view, providing you with the ability to meet challenges and adapt in a way that positions you for long-term success in a constantly shifting economy.
Putting the Customer First
It is the desire of every individual to feel important and appreciated and customers are no exception. This means that your customers expect to be the focus of your attention. Your business efforts should not focus entirely on the pursuit of profits—those profits will come naturally once you build a relationship with your clients by focusing on their needs and expectations.
Customers today are finding more options for where to spend, whether it be local businesses or online. Becoming more customer-centric using available data should be a priority. Predicting customer needs in a highly precise manner is becoming easier due to the amount of data available, such as demographic information, surveys, and more. It is possible to create marketing that is effective across multiple groups.
A good example of this is the way Netflix reviews customer data to determine the types of movies and television shows that are resonating with viewers. They then proceed to find and buy similar scripts in the belief that having liked a particular film, viewers will want to see more of the same. The premise is simple enough, but it has seen Netflix increase their value by over $50 billion during this year with countless viewers seeking entertainment to deal with being confined at home.
Be Proactive, Not Reactive
Most companies understand the importance of responding to customer complaints and other issues. This might include something as simple as accepting a return or reviewing customer feedback on ways to improve products. But as important as it is to react when necessary, it is better to be proactive. This can be done by collecting data that will allow you to anticipate customer needs before they arise. The ability to anticipate trends will allow you to leap ahead of competitors to capture early market share.
The better you are at anticipating customer needs, the more likely you are to build toward something that does not exist yet. In this way, you will not only be positioned ahead of trends, but helping to define them.
Making Use of Your Resources
Specific metrics will provide you with information you need to make the best use of your resources to be more effective and responsive to challenges. This also includes getting the best from your employees. Using data to create a positive company culture will aid in becoming both more productive and more resilient, which can allow you to continue operations even during trying times such as those experienced this year.
Going forward, data will become ever more important for your business, especially as 2020 draws to a close and a new year looms large ahead of us. Gathering and effectively using data will help you meet the challenges of the coming year and grow your business.
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