Posted on 02/26/20 by Danielle Garan
The strategy to turn raw data into actionable insights is to integrate and analyze data from all data sources to reach better and optimized business decisions. And it is no secret that the volume of data and reports generated from analytics software such as Google Analytics is often too overwhelming. Collecting data is already a challenging task in itself and will only get even more daunting as you try and make sense of various data points available to you.
So, in order to utilize big data efficiently, your team needs to understand big data in terms of what it means to your organization and what it brings to the table to further improve the business. Processes like filtering, grouping, and segmenting help. Apart from that, there are tactics that can help make the task of turning data into insights easier.
Ways to Turn Your Data into Actionable Insights:
Measure the right data sets
It’ll be hard to optimize what you don’t measure. You won’t have anything to analyze if you have no idea where and how to look at your data. If, for example, you are conducting research about an e-commerce site, you need to check which channels drive the most conversions, which pages from your website have the most bounce rates and whether customers use multiple devices before purchasing your products. Find out what strategies seem to work and what don’t. Keep the most relevant information from the results you’re able to harvest from measuring the data sets. This will help you identify patterns and trends easier. Learn to also utilize market research tools effectively.
Learn to recognize patterns
Pattern recognition helps you turn information into knowledge. Patterns are identified by a series of lines that connect common price points during specific periods of time. However, you have to keep in mind that not all patterns are applicable to your research. The potential implications of each discovered pattern must be reviewed accurately and must answer all questions about the patterns.
Verbally communicate insights
Connect the insights from analytics across different channels to get a clearer picture as to why things happened the way they did and verbally express the insights that emerged from recognizing the relevant patterns. Place it on a board or a flip chart to easily track each insight appropriately. Communicating what you have uncovered to your team allows you to make sure that everyone is exactly on the same page and is aware of the project’s current status. At the same time, they can also express their observations and their input may come in handy as you move along the study.
Take a resting period
You and your team should spend some time away from your research board. This will help you and your team take a fresh look at identifying or categorizing insights, and the changes needed to fix each stage.
Lastly, take into consideration the collective reactions of your respondents and pair it with your own business acumen to predict possible end results moving forward. You and your team can then act in accordance with those predictions afterward. This should help you decide whether the insights you got from the respondents will resonate and compel other customers enough to make key decisions that will benefit you both.
Remember that turning data into actionable insights may be a daunting task but there are many strategies, approaches, and online market research services that can help you accomplish this stage of your research.
Sources: allerin.com, smartinsights.com, Investopedia.com, theblog.adobe.com