Data-driven decision making: Four practical tips for an effective implementation in sales and marketing
Renowned researchers agree that "data is the gold of the 21st century". Data storage has increased massively in recent years. More and more rules and laws are being passed to regulate the data storage – especially personal data - to which companies must adhere. Certainly, a great example of this is the General Data Protection Regulation (GDPR).
Despite all the regulations, there are still companies that often store data without analyzing or checking it. I became aware of this in my previous job as a consultant for online marketing. In the first meetings with new clients, topics such as web analytics tools from Google Analytics often came up. More than 90 % of the companies were using Google Analytics. When they asked me what decisions and conclusions had been made from the data record in Analytics, I often didn't know what to answer. Massive data storage without proper analysis and data-driven decision-making makes it difficult for you and your company to move forward with your projects and can even lead to considerable penalties - if you have stored personal data illegally.
Data-driven decision-making is just the opposite of instinctive decisions and therefore needs to be objective: In the end, each person makes the same decision based on what the data yields. So, should marketing and sales decisions be made just based on data and completely ignore intuition or opinion?
How does data-driven decision-making work?
"DDDM" – "Data-Driven Decision Making" consists of using facts, data, and software metrics to make strategic business decisions. Therefore, it is necessary to understand the following aspects to take the first step towards a data-driven business culture:
- Record data based on KPIs
- Evaluate data and identify patterns and models
- Develop strategies and activities to improve business activities and optimize internal processes
- Reiterate steps to review KPIs and results
Let's take the first step together!
We, as snapADDY GmbH, have also followed these steps and created appropriate key performance indicators and metrics for four relevant aspects of marketing and sales. During the process, patterns emerged that we identified and that influenced our success.
In a practical report, I have compiled four tips that will help you introduce the DDDM strategy in your company and thus make more data-driven decisions.
The report includes the following practical examples:
- Scoring an opportunity based on company activity and results
- Outbound marketing conversion rate
- Budget allocation for network ads
- Evaluation of the website’s performance and thus the online marketing success
Read our free practical report now!
Please fill out the following form and you will receive the free whitepaper with our four practical tips by email. We hope you enjoy reading it!