June 23, 2023

What’s Your Level of Data Savvy?

As we launch the Diligence Leads program with more and more chambers of commerce and business associations throughout North America, we are casting a wide net of promotion that is consistent with our mission of “putting the power of Big Data into everyone’s hands.”

In doing so, we’re having the opportunity to connect with companies that line up across the spectrum of their levels of knowledge and experience with data.

And that’s good!

The dire need to be using data to make business decisions does not apply only to people who already know how to do it.

It applies to all of us.

Whether you’re investing to add a production line or new market, trying to stay ahead of global shipping trends, navigating the post-covid office space quandary, or grabbing your market share of the late night pizza-eating market in your community, the more you know about your customers, the stronger your business is going to be.

So, let’s take a snapshot today. Right now. When it comes to using data to help you accomplish your business goals, where are you?

  • We Feel Proficient

You’ve used data before, and understand how it works. You know the right questions to ask and how data can point you to your goals. It’s impossible to keep up on everything moving so quickly, but you’re trying, and you’ve interjected creativity into your data requests, looking for curiosities to point you in directions you hadn’t thought of.

Where to go from here: Now, you just need the best data you can possibly get your hands on, incorporating state-of-the-art AI and algorithms and analysis by human data scientists, with your internal processes, to take the next step.

  • We Know We Need to Use It, But Have Been Let Down Before

The most frequent pushback on using data that we hear is that companies bought a data list or project in the past, and “it didn’t work.” There are a number of reasons for that, which we expound on in our blog, Have You and Data Had a Bad Break-Up?. Problem is… You need to get back on that horse. Because using data works. It’s a fact. That it didn’t work for you is probably more a testament to process than the concept of using data.

Where to go from here: We like to use the tube of toothpaste example. You buy toothpaste for $3.99, and by the time you’re done with the tube, you have done everything short of running a steamroller over it to squeeze every last drop out of it. For $3.99. When you purchased data last time (presumably for more than $3.99), did you do the same with it? Did you align your data request to be in lock-step with your growth goals, have two-way feedback with your vendor, and keep your CRM up-to-the-minute with new information? Let’s start there.

  • We Know We Need to Use It, But Don’t Know How

This is probably the most populous category. Data is a part of our lives, and we know it every time we pick up our phone or turn on the computer. It seems like every decision we make on a daily basis is being analyzed and scrutinized in an attempt to sell us something. So, we know it’s real, we know it’s important, and we know that we can use it to grow. It’s just very intimidating, because it seems so vast.

Where to go from here: This is where targeting comes in. Data doesn’t have to be vast and intimidating. It starts with how you ask the question at the beginning. What’s going to be better for you? A list of 5,000 companies that could be good clients for you, or a list of 250 companies that would be perfect clients for you?

  • Love the Idea, No Time

This is the other category that is pretty stuffed and, in truth, probably is one of the driving factors that put people into the We Know We Need to Use It, But Have Been Let Down Before category. Many of us can see the forest for the trees, and know that data is a path forward for us. But we’re just so darn busy. The idea of even taking a few hours to lay out a strategy, or train on a new system, seems onerous. We’ll do it tomorrow. Promise.

Where to go from here: As you are well aware, “tomorrow” never gets here, and while you wait, that many more people in your market space are using data to grow. Don’t let it be overwhelming: go in with a detailed strategy, that aligns with everything you’re trying to accomplish in real life, and find a data vendor who isn’t a faceless form on a web site, but a true partner as invested in your success as you are (we can suggest one such data partner!)

  • We’ve Gotten This Far Without It

The big question here is, “Have you?” Any time you notice a trend among your customers and make adjustments to meet it, you’re using data. You might not have invested in the tech, or introduced processes to capture information, but every decision you make based on some kind of feedback or prior behavior from your customers, puts you right in our wheelhouse. Hate to tell you this, but in most cases “gut instinct” is just another way to say that you’ve analyzed a specific set of data, and have used that data to inform a decision.

Where to go from here: There’s no way around it – your company will be stronger if you have good data and strong processes in your arsenal. We encourage you to take a half-hour meeting with a data professional, outline for them your real-world goals, and let them show you what’s possible.

No matter where you are on your level of data savvy, there’s a direction for you to go.

And now is the time to move forward – between consistently upgrading AI, and the evolution of data science to make it accessible to everyone (not just the Amazons and Targets of the world), there’s never been a greater opportunity to strengthen your decision-making.

What’s next for you, when it comes to data?

The folks at Rel8ed are on the edge of their seats, waiting to help you figure that out.*

Shoot us a quick note via the form below, and we’ll get back to you within 24 hours.

* Have to admit… The “We’ve Been Let Down Before” group are our favorites to work with. Mainly because we know we can win you back!

What's your level of data savvy?
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