What is Data and Why is It So Important (Part 1/3)

Data is one of the most important assets that a business can have today.

What is Data?

“Data” is a set of quantitative or qualitative values about a variable or object. For example, “data” can be the values that you are seeing in your Google Ads, Mircrosoft Advertising or Amazon Advertising campaigns.

How are Businesses Using Data Today?!

Data management, analytics and generating insights is critical to growth. In my experience, when it comes to data, there are 4 types of businesses:

  1. Those that don’t have data.
  2. Those that have it, but it is poor or incorrect, so it leads to incorrect insights and decisions.
  3. Those that have good quality data, but don’t use it to drive insights from it.
  4. Those that have correct data, analyse it and drive insights from it. This would be the ideal place to find yourself in.

How to Use Data to Drive Growth for Your Business?!

As you’ve seen above, just having Data is NOT enough!

To ensure growth and optimisation for your company, campaigns and processes, you should follow the next 4 steps:

  1. You gather data and ensure that it is correct.
  2. You are analysing the data.
  3. You are taking insights from the data.
  4. You are using the data and insights to make decisions (instead of using your gut, or instinct).

Following this, will get you to an ideal place that only a few businesses find themselves in at the moment.

Follow me for part 2 of this topic when we’ll go through data analysis and driving insights.