Why do you need data

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One of my favorite books, ‘Start With Why‘ by Simon Sinek shows how asking ‘why’ is the main difference between successful and failed acts.

 

If you know the past you know the future. Experiencing a slow sales month, you can not still pinpoint what went wrong? Then maybe your sales will be the same the next month.

To improve your business you need to review your tracked data and uncover the reasons behind the underperformance.
For a small one-person employment business, it’s possible to remember partially remember facts about the past month but for a little bigger business with few-employments, It gets just overwhelming, and what’s about the summer of last year? If you do not learn from last summer, this summer you will improve generally speaking. So you need to track and keep a record of every fact.

Measuring your progress:
Your business has a goal. You need to keep track of your progress otherwise you might lose the track. In the book Digital Maturity, Author, Pearl Zhu, wrote ‘What gets measured gets managed. You need to keep records and assess your progress to keep you on track, to motivate your business, or recorrect your approach if needed.

Knowing the market and your customers:
the market these days changing every single day. To learn what your customers want, to know if your customers are satisfied you need to collect data from your customers. Sometimes you need to change your business strategy.
If you want to reach new customers or extend your service you must know your niche and your potential new customers. You might use targeted advertising to reach the most with less expenditure.

Knowing your competitors:

Unless you are google or amazon, most probably you are in a very competitive market. As the market changes every day your competitors are evolving. To stand out or to even be useful to your competitors you need to know about your competitors. Measure your progress as well as your competitor’s progress. Know your advantages-disadvantages and your competitor’s. For this reason, you need to gather and analyze as much data as possible.

 

Investing time and efforts in data is crucial. Fortunately, advanced data processing and visualization make your growth easier than ever. Uncover as many insights as possible to guide your business into the future.

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