The success of the Data-Driven approach is ensured by the company's employees' understanding of its essence. Therefore, training is a fundamental aspect of the high-quality implementation of the new working method. Let's consider several key mistakes that companies can make when implementing Data-Driven.
Mistake 1 – “I don’t know and I don’t want to know”
Ignoring and abandoning innovative methods due to outdated business thinking, as well as lack of finances for the implementation of new projects.
Errors in the use of Data-Driven
If you follow traditional methods the benefit of using our database in your business, you will most likely lose to more modern competitors. After all, they process and analyze information much faster, and spend fewer resources on decision-making.
Research shows that six out of ten organizations currently use outdated methods and are therefore unable to improve their market position.
Mistake 2 – “Pot, don’t cook”
It is obvious that once employees learn to work with information in a new way, they will want to make the most of this opportunity.
It is important to remember that there is no direct connection between the volume of analyzed data and the company's benefit. It is not about the amount of information, but about the ability to use it wisely and make the right decisions.
Information overload
To obtain a specific result, there is a sampling method. It allows you to identify median indicators based on a random sample.
Experts say that the first results obtained are of the utmost importance for the enterprise. This is because the Data-Driven approach is aimed precisely at reducing the amount of unknown information. When using it, the volume of such material is sharply reduced.
It is the first results that provide a huge amount of useful data and allow the most significant decisions to be made to change the company's policy.
Error 3 – “Chamber of Weights and Measures”
There are situations in which the company has made changes to its operations based on the data it has received and has intelligently increased sales. Employee motivation has increased due to the company's transparency and the positive results it has achieved.
Over time, the company's profits begin to fall. The management monitors the KPIs and sees that everything is fine in this area. The employees continue to do their job well, but sales continue to fall. This happens if the wrong indicators are selected for analysis. For example, the employees' activities are aimed at producing more goods, which affects the quality of communication with consumers.
The main rule of any business is that the final indicators should be aimed at the quality of the final product and customer satisfaction.
As we can see from this article, in the modern world, data is the most important marketing resource. Unfortunately, not all specialists in this field understand how to use it most rationally. Employees need to be trained to work with a new approach to decision-making. Data-Driven Marketing allows an enterprise to develop personalized marketing strategies, which will improve the quality of customer service and, accordingly, their loyalty to the company. Obviously, this will lead to an increase in the company's profits.