If you don’t use your data to take decisions, your data is almost useless. Just having data is not enough.
To make meaningful changes and optimisations to your business, first, analyse the data and secondly, drive insights from it.
Let’s compare these 2:
What is Data Analytics?!
Data analytics is the science of analysing raw data and answers: what’s happening in your business.
What is Insights?!
On the other side, insights is the step that comes after you do the analysis. Insights offer a deeper understanding of why the data is as it is. It can explain behaviours, and market trends and can even prepare you for what’s going to happen in the future.
So, the connection between data analytics and insights is rather simple: insights cannot be obtained without analytics, and analytics is useless without data.
That’s why having data, analysing it and driving insights from it go hand in hand.
Example of data analysis vs insights
You look at your search campaigns data and see an increase of 25% in the number of conversions in Q4 last year vs the previous quarter. This is data analysis.
You know that you haven’t increased your spend, but looking at business data from previous years, you notice that there’s always been an increase in the last quarter. You then correlate this with seasonality and consumer behaviour: due to holidays, more people buy your products as presents. This is driving insights. It explains why the conversion rate increased in Q4.
Follow me for part 3 of this topic when we’ll go through some of the most important KPIs that you should always keep an eye on.
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