Data driven decision making is what we call it in the digital age.
It’s possible you are wondering where to begin to get these insights to help you make informed decisions.
What is data driven decision making?
Data-driven decision making (or DDDM) is the process of making business decisions based on concrete data.
Web analytics platforms are used to gather data and create reports that allow people to make business decisions.
Next, you can use that data to draw conclusions and make decisions. Regardless of your feelings towards the sneakers, it is more profitable to advertise the sneakers in blue.
Why is data driven decision making important?
Data-driven decision making is crucial because it can improve your organization’s success.
Data driven decisions
Now you know how crucial data-driven decision making is, you may be asking yourself: What are the steps to make these decisions?
01. Identify objectives
Understanding which data is important to you is the first step in making informed decisions. If you own a blog, for example, you might want to increase your subscribers or readers.
02. Get the right metrics
Your objectives are sometimes referred to as s or key performance indicators. These are the data or metrics that you use to help you focus on your goals and grow your business.
When you’re trying to start a business, there are certain metrics you might consider. These metrics could include direct traffic to your website and users who found your brand by searching for your name. As your brand develops, you may want to adjust your metrics.
These metrics can be analyzed directly from your professional website.
03 Make the right reports
After identifying your metrics, it’s important to be able view them when they are influenced by different conditions. These correlations can help you understand what has caused your business growth.
Kobe Digital Analytics is a great way to create reports. You can interact with the most important data points to you to understand your business.
04. Track changes over time
These reports can be used to quickly notice changes over time. It is possible to compare time frames to see how your business has changed over time.
These charts make it easy to identify peaks and trouble spots or see trends over time. You can also view trends reports that consolidate this data.
05. Analyze these changes
These patterns can help you to predict when you will see the most traffic and sales.
Armed with this information you can more confidently determine when it makes sense to spend money or when you should expect to see the most traffic.
06. Adjust according to analysis
This is where data-driven decision making really comes into play. If you haven’t drawn any conclusions yet, it’s time to review your data and analyze the situation.
It is possible to analyze the sales figures of certain products, as well as the time and place they were sold.
Or, you could decide that you will only advertise one product in New York while it is more profitable to advertise another product in Georgia.
Analyzing data, optimizing your decisions, and analyzing it is a never-ending task.