Data is the foundation of sound ecommerce business decision making. But data alone is relatively useless.
“You can have data without information, but you cannot have information without data.” ~ Daniel Keys Moran
For data to be an effective tool for your business – driving investment, ROI and profitability – it needs be analyzed in reference to your objectives. Consequently, it’s data-driven insights, not data alone, that allows for strategic business planning and revenue growth.
“If you torture the data long enough, it will confess to anything.” ~ Ronald Coase
Gaining Data-Driven Insights
It’s imperative to have best-in-class industry analytic tools to gather robust yet detailed data. But it’s also critical that you have business and data analysts, or implement qualitative interpretive software (I’m still a fan of the former) to gain actionable data-driven insights for your marketing channels and your business as a whole. For example, do you know:
Making use of data-driven insights, not opinions or theories, to make better decisions is by no means a new concept:
“It is a capital mistake to theorize before you have all the data. It biases the judgment.” ~ Sir Arthur Conan Doyle
Room to Grow
That being said, challenges and concerns about a lack of effective data-driven insights are common and marketers are feeling the pressure. According to CMO.com only 40% of marketers think their company's marketing is effective and while more than 75% of marketers believe measurement is important, just 29% believe they’re doing it well. Furthermore, only 44% of marketers say their marketing departments have a great deal of influence over their organizations overall business strategy.
Successful ecommerce companies provide an exceptional, frictionless and positive end-to-end customer experience. To do this, marketing needs the data to interpret to make effective data-driven decisions at every touchpoint of consumers’ decision making journey. Ultimately…
“If you do build a great experience, customers tell each other about that. Word of
mouth is very powerful.” ~ Jeff Bezos, Amazon CEO