Making the right decision in business can mean the difference between success and failure. When we choose an option or make a decision in life, we often go with our gut or intuition.
While this might work for some people, it creates a lot of risk and can lead to poor choices. Even the most experienced and knowledgeable people can make poor decisions when they go with their instinct.
Data allows you to verify, understand, and quantify. It’s far more likely to produce the results you want than trusting your instinct or intuition. Data-driven organisations are three times more likely to report major improvements in decision-making compared to those that rely more on intuition. This is according to a PwC poll of more than 1,000 senior executives, and it shows the importance of using data to make decisions for UK businesses.
As the methods for data analytics have improved, the possibilities for businesses to make accurate data-driven decisions have grown. Data can be used to make decisions in a wide range of sectors and can help UK businesses find success. AWISEE is a digital marketing agency that uses data-driven marketing insights to provide clients with the best results. There are many ways data can be used to help UK businesses, including the following.
Gaining Funding
Achieving funding makes a huge difference in whether a company will fail or succeed. Funding is a major help for businesses looking to grow, and recent data has suggested that half of UK tech firms require support to scale. According to research by Tech Nation, the UK has a robust technology sector with 54 IPOs that have raised a total of £3.2 billion, with 37 of these taking place last year.
Funding is used to help businesses grow and achieve success, and without funding, some of the UK’s biggest tech startups may have never made it off the ground. Gaining funding is a difficult process, with angel investors being one of the most common sources of capital for emerging companies. Finding the right angel investor is difficult, but data analysis can help. It can also be useful for creating pitches and building stronger relationships with current investors, helping to increase the total amount of capital gained.
Marketing to the Right Audience
Marketing can be expensive, but if done right, it produces excellent results. A company without a solid marketing strategy is going to struggle to live up to its potential, so using data to create the right strategy is important. Data can be a powerful tool for marketers and can be used creatively to produce the best results. Most major marketing firms now collect and make use of data and as a result, it’s become incredibly valuable.
The first step of any marketing campaign is to understand your audience. Data can provide insights into the motivations of your audience as well as their behaviours, such as buying habits and preferences. All of this can be used to create an ideal marketing campaign to engage with its audience and potential consumers.
Gaining a Competitive Advantage
Data can be used to understand an industry, stay informed of the latest trends and understand the competition. Businesses now use data on competitors to influence their own strategy, looking at how they market themselves and the products they offer. Understanding the competition is important when it comes to gaining an edge and developing at a faster rate.
In addition, data analysis helps a company to save costs while being more efficient and providing a better service. This will also allow it to create a competitive advantage and can make a major difference in whether it fails or succeeds.
Read more:
Why Data Driven Decision Making is More Important than Ever for UK Businesses
