Just like the Lord of the Rings movies, our last installment is our best one (Return of the King is the best one, we'll die on this hill).
So you've thought about building a data driven culture, acquired some data management tools, collected some data and you might have even analyzed some of it too. Now what do you do?
It really all depends on the type of data you collected and what it's telling you. Here are a few ideas to get you started:
- Struggling with customer satisfaction? Take a look where you scored poorly and make adjustments.
- Considering a price increase? Find the price point your customers are comfortable with and explain the reasoning for the price increase.
- Developing an app or a website? Perform a usability test to see what features your audience finds useful.
- Trying to enter a new market? Analyze the data and see what makes the most sense.
We could keep going, but this newsletter would start to look more like a dissertation. What this illustrates, though, is the wide variety of ways data can be used depending on the type of data collected, the methodology, and the target audience.
One minor detail regarding using data to make decisions; data is only a tool. Data, like any other tool, is only as good as the person using it. Therefore, it shouldn't be used to make your business decisions for you, but rather it should serve as a guiding hand pointing you in the right direction so you can make your own decisions, but with the evidence to back them up.
See Game of Thrones? That's how you properly end a series.