Global market strategists indicate that the best means of improving ROI is to dig into your data.
“What increasingly separates the winners from the losers is the ability to transform data into insights about consumers’ motivations and to turn those insights into strategy,” writes the Harvard Business Review.
To remain firmly entrenched on the winning side, build yourself an insights engine. Ensure that your teams not only have data, but they can clearly and capably connect the dots between data points.
According to i2020 research, nearly 70% of executives working with “overperforming” companies attributed the corporate success to interpreting and acting on disparate chunks of data.
Modern companies are beginning to develop data analysis teams to isolate, aggregate analyze, and redistribute data throughout a given organization. These teams typically report to senior stakeholders. The infusion of industry knowledge from senior leaders can empower the team, and has historically driven increased success.
Innovative B2B firms, those willing to experiment with new ideas, such as a dedicated data team, routinely perform better than those that choose not to embrace a culture of experimentation.
Consider creating a dedicated data team within your company. Meeting your customers’ needs is why you’re in business, so why not improve alignment with client motivations and demands? For information about case studies and successes, visit The Harvard Business Review.