May 23, 2018
Five Strategies to Turn Your Data into Actionable Insights
Organizations have been working in data-driven environments for some time now with access to a wealth of transactional, personal and behavioral information. But what is the data worth if you are unable to draw any meaningful insights from it?
We draw on our experience to provide five strategies to make your data provide actionable insights:
Measuring the Right Metrics
Knowing what to measure is key. Having a measurement plan in place is important because it allows you to track your goals and KPIs.
This helps to drive performance as you can continually monitor how you are performing against your objectives. Without one, you have little idea whether your performance is driving the actual wanted results.
Know What Your Stakeholders Actually Want to See
In such a data driven world, it is easy to fall down the rabbit hole and get lost in your data. The skill for anyone working in analytics is knowing when to lift your head up, understand the overall business objective and recognize what your stakeholders want to see from your reports.
The skill is in asking the right questions.
Forming a hypothesis, understanding the meaning behind the numbers then taking the appropriate action based on that new understanding.
Grouping Your Customers
Segmenting your customers makes it easier to action your insights. Knowing what customers have in common allows you to explore your data further and answer key business objectives.
By grouping your customers into segments, you create the opportunity to better understand how they behave. Understanding these behaviors aids your other marketing activities such as email marketing and optimization.
Being able to cater messages specifically to customers and then have specific feedback for them, allows you to learn more from their responses.
Integrate Data Sources
Combining different sources of data gives you a better view of your business.
By integrating your data, you are also able to think and act fast which leads to making better decisions.
Marriott is a great example of this with their attempt to integrate data from 30 brands and 6,500 properties.
Communication Between Teams
Breaking down silos is the cornerstone of any successful business. Effectively presenting insights throughout a business can lead to not only informed colleagues, but also to a team who is inspired and motivated.
Think about how the results of your data can be used and integrated into the company.
DerbySoft has invested in developing tools to better understand and drive your digital marketing performance, as well as, empowering our data science and digital marketing managers to discover insights which go on to drive your metasearch.
If you would like to find out more on how our experts in travel marketing can help you get the best performance from your marketing, get in touch with DerbySoft today.