Every company has data, but not every company uses it wisely — or even at all. And that can be a critical mistake, says Kelly Manderfield, chief marketing officer at Cleveland Metroparks.
“The knowledge gained through data can be extremely valuable when it’s deeply analyzed and incorporated into your decision-making process,” says Manderfield. “Doing the research, and making use of it, can have a direct impact on your business’s bottom line and result in significant cost savings. You have to invest up front, but doing so will yield more positive results.”
Smart Business spoke with Manderfield about how leveraging market research to make data-driven decisions can help your business reach its goals and beyond.
Why is it important for organizations to gather data, analyze it and use it to make decisions?
Using data to help inform decisions can have a direct impact on a business, on revenue return and on cost savings. You may think you know your target audience and what motivates them, but what you think may not be what your audience actually thinks. It’s critical to get feedback and use it to influence what you are doing in your business not only for revenue but also to continue to improve the customer experience.
Sometimes companies will include research as part of a process, but that’s only the first step. Analyzing consumer feedback is equally important in helping to identify strengths and opportunities and providing actionable improvement…