The world of data measurements is similar to sailing across an ocean. The waters are unpredictable and can be challenging, but with the correct compass it is possible to navigate them. Data measurement strategy is the compass that guides businesses through murky seas to uncover treasure troves actionable insight.
Imagine trying to sail with no map or without understanding the currents. You’d likely find yourself in a circle or, even worse, crash into unnoticed obstacles. This is also true for companies that do not have a strategy to measure data. The companies will blindly throw their efforts to the wind and hope that something sticks.
The key to a successful data measurement strategy is determining the data that you need to gather to answer your main business questions. As if you were setting up the checkpoints for a race. These checkpoints let you know whether you’re going in the right direction or if there are any changes you need to make.
Start by defining the specific goals your company is aiming to reach. Do you wish to increase your business’s sales, improve customer satisfaction or reduce costs? Each goal will lead you towards different metrics and data gathering methods. In order to improve customer service, tracking customer feedback and support ticket resolution times could be used. Boosting sales would require an analysis of conversion rates, marketing campaign efficiency, and customer feedback.
To pull the right data, it’s similar to fishing at the right place in the lake. If you are after trout you wouldn’t fish in an pond without them. Be sure that the data you collect is also relevant. Collecting an overwhelming amount of data that is irrelevant can make your analysis difficult, and you may not be able to gain the insights needed.
A quality assurance program is essential. Check your fishing equipment before you leave. Make sure your data is accurate and complete. A dirty or incomplete database can cause a lot of problems and may lead to erroneous business decisions.
In addition, when you are measuring, take into consideration the freshness of your information. The fresher the data, the better. Stale information can lead to strategies that are no longer relevant. Real-time data analysis is essential for business. As an example, a team of marketers who can monitor live data on the performance of a campaign could immediately adjust their strategies to improve engagement rather than wait for monthly reports.
Let’s sprinkle a little wisdom by sharing a real-life anecdote. An organization once decided that it needed to restructure its entire marketing campaign based upon data suggesting a decrease in engagement. A technical glitch temporarily distorted the data. This serves as an important reminder why it is essential to cross-verify any unexpected or strange data before taking major decisions.
It’s possible to gain an edge by integrating new technologies, much like having a modern radar system in a ship. Machine learning, for example, can predict patterns faster than any human team could. Data analysis using machine learning is like the weather forecast that sailors use. It not only tells them where a storm is, but also how it will move.
Don’t forget that this isn’t an easy task. It’s an ongoing cycle of measuring, analyzing, planning and adjusting. The process is iterative and similar to the way you learn how to fish or better sail. The more you refine the techniques, your results are likely to improve.
Last, but certainly not least: Don’t neglect to cultivate an organizational culture of data driven decision making. Do not limit the use of data-driven decision making to the captains. Instead, empower all sailors, including the crew members, with the knowledge and insights they need to make the best decisions. Share data freely, make analytics tools accessible and encourage team members to feel responsible for the direction of the ship.
A successful data measurement strategy is built on knowing what you require, making sure that it’s of high quality and leveraging it at the correct time. It is through this approach that modern businesses are able to navigate the seas of digital complexity, not only surviving but also sailing successfully towards their business horizon.