Overall, the success of a data-driven organization lies in its ability to transition from having good data insight into actions. Here is how data-driven marketing is supporting big decisions in large organizations.
According to PwC research, data-driven companies report significantly better improvements in their decision-making processes than those of their competitors who are not governed by data. Shockingly, a whopping 62% of business managers still depend on their own experience and external advice instead of data to direct decisions.
The big question is “Why do business executives trust their instincts when they should rather be trusting their data?”
The explanation goes that executives believe their instincts will make greater headway. Unfortunately, while this feeling of confidence is innate, but it’s not always justified.
Dependence on instincts may have worked well for some businesses in the past, but it certainly doesn’t today.
In the corporate world, organizations with strong data-driven cultures are winning the race to the top. But without a proper execution plan, good data insights cannot be converted to a gold mine.
Data-Driven Marketing: How to Move from Insight to Action
The marketing leaders of today owe their successes to advanced technologies. Progressive Corporation (a US insurance company) is one living example of how data can work wonders for a data-driven organization.
Using machine learning tools, seasoned data-driven businesses are able to increase their speed as they move from insights into actions.
The following are ways data-driven marketing can support big decisions.
- Harnessing the Best Data
Tons of data won’t necessarily drive big decisions if that data isn’t right. By leveraging on the best data, a business can discover the true potential of its data insights and then learn not to only trust instinct.
Expert consultant opinions may have to be considered when it comes to gathering insights from data. You can’t do it alone when there are vast pools of data to be analyzed.
Tropare.com is the most useful source to check the power of your data.
- Mobile Platforms Integration
According to Google, web traffic on its search engine mostly comes from mobile devices (smartphones and tablets). This represents a potential data source for integration. It’ll allow you to develop better ideas about your customers’ journeys.
Unfortunately, thousands of companies are still clueless about how to read between the lines of their mobile data.
When Progressive Insurance launched its mobile app, it became a central tool that helped them to gain insights and improve their customer service.
The launch of the app was triggered when Progressive’s marketing team realized that customers were interested in buying services, and not only information.
- Embrace Machine Learning
Many companies are sitting on huge piles of data, but they lack the technical expertise to dig out the insights. Machine learning is a technical tool that helps you to automate data analysis, make well-informed decisions, and execute insights.
If your organization is having a hard time settling on what matters most, machine learning technology could help you to analyze your data sets, and focus on what’s important.
Apart from alerting you to what’s not right, machine learning could assist you to fix any glitches.
Begin from the Top Hierarchy
Ideally, the transition from insights into actions should start from the top-level of management down to the bottom. Executive support is crucial to the smooth flow of data analytics through an organization.
Just to confirm the vital role of top management in the execution process, a McKinsey Global Survey found out that the participants placed senior management as the most significant contributor to their successes in data analytics.
We have learned that organizational data sets can be huge as a mountain, but without integration with the right tools, the insights can’t drive big decisions. Moving from insights to actions is a collective step-by-step process that involves getting the best insights and integrating them with advanced technological machines.