Why Data Shouldn’t Be an Afterthought in Your Business Strategy
In the newest installment of the Data Unlocked Podcast, Jason Davis, Simon Data’s co-founder and CEO links up with Sara Tresch, SVP, Digital Transformation & User Experience at Charles Schwab.
Prioritizing Data in Your Business Strategy
The main topic that this duo discussed is recognizing and optimizing where data fits within a company’s business plan. By now, most companies track customer data to some extent. Sara mentions that considering how consumers’ actions level up to business goals is crucial to proper data management.
You can take those fact-based decisions into your product or your marketing plan and then rise those up and start to really show them why for what you’re doing and get support for it. – Sara Tresch
Jason mentions that understanding what brands want to measure first is critical instead of collecting data broadly and then creating goals. Above all, data works best when adequately embedded into outcomes, goals, and strategies. In the same vein, this topic was recently discussed by Simon in a recent collaboration with Sageflo. It’s crucial for marketers to consider how we use data and who we provide access to analyze it.
Creating a Feedback Loop
Once a plan is in place, Sara mentions how important it is to improve it continuously. As a result, a constant feedback loop helps marketers make informed decisions that ultimately lead to customer retention. She notes that this is becoming an increasingly automatic system. Sara challenges marketers who think they don’t have time to experiment or consider a feedback loop to start small. Consider the benefits of a feedback loop and why it is crucial to success: hitting targets, more easily meeting client needs, and better data quality.
This conversation about weaving data into business strategy and more on feedback loops continues throughout this episode. You can tune in by clicking the button below.