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There is one abundant and seemingly inexhaustible resource available to every business on the planet – data. By this stage in the game everyone knows that it’s important, but many businesses still don’t know how to harness its undeniable power for boosting rapid growth.
A recent study by the market research company Forrester showed that companies driven by data insight grow faster – by nearly a third every year! They calculate that together these forward thinking businesses are on track to earn $1.8 trillion by 2021.
The alternative in today’s market is stagnation. A 32-year old McKinsey study of over 3,000 businesses showed that “If a software company grows at a rate of 20% a year, it has a 92% chance of ceasing to exist within a few years.” That remains true today. Suddenly 30% sounds less like a pipe dream and more an essential target for survival. So how can you use data to grow your business?
Start right away. You don’t need a PhD in computer science these days to begin to interpret your data. There are many powerful – and often free – resources, such as Google Analytics, that can quickly give you an understanding of what your customers want. From here you can begin to investigate new products and services to meet those needs.
Now it’s time to get serious and employ experts who can really make your data work for you. The Forrester report says the best businesses use “data, analytics, and software in closed, continuously optimised loops to differentiate and compete.” Roughly translated that means you should target your analytics to focus on answering specific questions; as the business needs inevitably evolve, the analytics can adapt and react almost instantaneously in order to provide data to support the new focus.
Making these insights a central part of your business is something which needs to come from the top. Make no mistake, if the leadership believes this is just ‘something for the IT guys’ then there is no chance that your company will be using data to its full potential. You need to make it part of your overall business strategy. This will allow you to focus on the data that will really make a difference to your company.
The more completely you act on these insights, the better your relationship with your clients. Retention of customers is of course hugely important to your long term success. According to customer relations experts SuperOffice, those who are most dedicated to creating an insight driven experience see 89% of their clients returning for repeat business.
Once you have seeded insight driven culture in your business, don’t assume it’s solely up to you to act on the findings. Data shouldn’t be the preserve of management or marketing, everybody needs to understand your business strategy and to become as data obsessed as you are. Only when everyone, from executives to interns, are accountable for measuring and reaching these targets will you fully reach your potential and become a truly insight driven company.
30% growth year on year will put your company among the best performing businesses on the planet. This success and the extra revenue it brings can be reinvested in innovating to keep ahead of the competition and rewarding all those employees who helped get you there. Make no mistake, data driven businesses are winning.
To find out how to unleash the power of your data, then book your FREE 90 minute Data Strategy call now ->