Why Ignoring Data is Bad for Business

ignore data

For today’s businesses, data is often everything. Delivering crucial insights into your customers, it provides many great benefits for your business and potentially even your bottom line. However, despite its importance, many businesses continue to ignore data.

Here, you’ll discover why ignoring data is bad for business and the benefits it can provide. 

Data is crucial for your marketing campaigns

One of the main reasons data is so important in business, is because it helps to enhance your marketing campaigns. Marketing is crucial for both acquiring new customers and retaining existing ones. Without tracking its success, you’ll have no idea what is working and more importantly, what isn’t. 

A good example is call tracking. Without tracking call data, all you will be able to see is whether calls to your site are going up or down. You won’t have any idea which factors are influencing the rise or fall in calls. Therefore, it’s a good idea to use specialist services such as Mediahawk, which can give you a clear idea of the factors influencing calls to the business. 

Enabling you to identify consumer behaviour

Data is also used to help businesses identify consumer behaviour. That is, any purchase patterns and trends which could be used to better drive sales. 

With the right data, you can start recommending items based upon your customers previous buying or viewing habits. Customers today prefer a high level of personalisation. So, if you can ensure any marketing directed at your customers is tailored to fit their preferences, it’s going to help you to achieve much better results.  

The trouble with using any old data

It’s important to remember that in order to make data collection and analysis work for your business, you need to be focusing on the right data. These days, there is so much data out there and if you focus on the wrong data, it’s not going to deliver many results. 

Recent research has suggested that as much as 40% of the data businesses use is bad. This can lead to missed opportunities, recovery costs and potentially even lost customers. So, it’s really important to make sure you’re using correct and insightful data. 

Overall, if your business has been ignoring data, it is definitely missing out on a lot of potential benefits. Tracking the right data can really help to boost your profits, retain customers and show you where your marketing efforts are best spent.

What do you think?

Written by themoneyshed

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