Deren Baker says, “Many experts think that massive collection and analysis of data is the way to retain customers, but in reality, data’s not enough. And while the field of analytics is continuously growing, only 31 percent of CEOs, according to one study, said they felt confident that their organizations were in the top tier of data analytics users.

What’s all this data for? Most companies use it to evaluate performance and optimize programs, but many struggle to determine which data subset is most valuable for understanding consumers and pushing them through the conversion funnel.

Some companies simply decide that large data sets are the most valuable ones. But a mass of unexamined data can harm an organization more than it benefits. What’s most important is collecting the right data and analyzing it effectively.

Surveying the lay of the land

Unless you first understand what data you should focus on, you’re going to find it difficult to identify a problem or its solution. If an organization isn’t sure which interactions influence it customers most, it could face endless troubleshooting while looking for the changes that will optimize conversions and retention”.

Beat the Marketing Competition With Data Analysis

Entrepreneur

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