Until recently, and for over a decade, I was Head of Digital and Chief Product Officer (CPO) at Freeads, having the privilege of being part of an incredible journey. Growing 400% from 1m in 2010 to 4m in 2013 was truly a collective effort. I believe this journey speaks to the importance of strategic digital initiatives and data-driven decision-making, focusing on user experience.
In this article, I hope to help you understand some of the reasons why this approach will work in your business too.
The Power of Daily Data Insights
In our data-rich era, companies are amassing colossal amounts of data daily, but many are failing to tap into this goldmine effectively. Daily data insights are more than mere numbers; they are the secret sauce for business transformation.
Imagine a shop owner carefully observing customers, noting their movements and preferences. This owner can promptly rearrange shelves, optimising the shopping experience. Now, contrast this with a digital business, where customers’ online behaviour is invisible. In this realm, we rely on data – our equivalent of watching customers. Daily data insights are our eyes, helping us adjust our “digital shelves” to enhance the user experience, inform product developments, and de-risk projects. Just as a shopkeeper adapts to customers’ needs, we adapt to our digital visitors’ preferences, ensuring we provide precisely what they seek.
Informing Product and Marketing Improvements
Gone are the days of relying on gut feelings. Daily data insights provide a real-time view of customer behaviour, preferences, and pain points. Analysing this data allows you to fine-tune your website or app while at 90,000 feet, flying with a full set of customers.
Everyone should aspire to solve arguments using data!
For instance, if your data reveals a spike in customer complaints about slow website loading times, it’s a red flag. Address the issue promptly to enhance user experience, boosting satisfaction and loyalty.
Daily data insights empower you to take risks
Imagine launching a new product feature or marketing campaign. Monitoring daily data helps you spot early signs of underperformance quickly. If KPIs aren’t met, you can pivot or adjust strategies. This proactive approach saves resources and minimises the impact of any failures.
Learning from Failure
Failures, typically not celebrated, shine in data-led development and are some of the most valuable in your business. A wise man once said, “If you’re not failing, you’re not trying hard enough.”
Failure is where you learn the hard lessons about your customers and how they react to your product. If you embrace them, daily data insights enable you to dissect why something didn’t work. Was it timing, messaging, or a misconception about your audience? These insights are invaluable for future strategies.
The relaunch is dead
When you approach a design agency, they will typically propose major updates to your website. However, I propose a different approach; break the project into its component parts and test each one separately, learning as you go.
Consider this scenario: imagine you’re planning a relaunch, and you have about 100 changes in mind. Now, here’s the interesting part – after rigorous testing and continuous learning, I’m willing to bet that you’ll ultimately implement only 25% of those changes. This means you’ll save a substantial 75% of your relaunch costs. Pretty cool, isn’t it?
The need for speed
In the fast-paced business world, staying ahead is imperative and that means making changes faster than your competitors. Adding daily data into the mix will unlock a treasure trove of information, shaping your products, de-risking and fine-tuning your engine.
So, embrace daily data. Learn from it. Let it propel your business. Success is the destination; daily data insights are the roadmap. It’s time to hit the data pedal!
If you’re interested in exploring more, contact Gordon Tebbutt on 0203 916 6016 or find me on linkedin.com/in/gordontebbutt/