At the heart of every business transaction is a treasure trove of decisions made to reach that proverbial “x marks the spot.” Whenever a consumer clicks “add to cart,” signs a contract, or subscribes to services, you can bet that there were years of elbow grease and X vs. Y discussions behind the scenes that led them to their final destination.
Businesses often ask themselves questions like:
Should we charge more or less than our competitors? Should we invest in cheaper packaging or more expensive packaging? Should we offer free shipping or standard shipping?
Making these kinds of decisions shouldn’t be done with the flip of a coin but rather through data-driven decision making. Operating as an insights-driven organization is the best way to decide if X is, in fact, better than Y.
Data-driven decision making or DDDM is a process in which market researchers collect important data, analyze that data, and make relevant decisions to improve a business based on their conclusions. A company that utilizes data to make decisions is considered an insight-driven business.
Collecting insights should not be done sporadically but instead collected continuously so that decisions can be made quickly and adjustments can be implemented promptly.
How to Become Insight-Driven
What is the importance of data in decision making? The data collected with agile market research ensures that businesses are incorporating customer and employee needs into products, communications, and services. Moreover, by collecting data continuously, businesses can quickly make effective decisions that will lead to increased market growth and a healthy bottom line.
In order to become an insights-driven organization, a company must first begin using an agile insights platform that will seamlessly adapt to the best insight methods, allowing them to target any customer, prospect, or employee at any time.
The right agile market research tool is imperative to the success of an insights-driven organization. Additionally, organizations can improve the effectiveness of their insight market research in the following ways:
- Accounting for and protecting against bias through collaboration
- Defining KPI’s in a clear and concise manner
- Customizing data collection method to fit their industry and brand
- Focusing on customers – after all, they are the reason businesses continue to exist
- Analyzing data continuously and accurately
By implementing the right agile market research tools and understanding how to boost the effectiveness of market research, a company can easily make decisions that will drive them forward towards a larger market share and boosted profits.
Succeeding in the increasingly competitive business landscape of today requires relentless customer focus. To support that focus, brands need agile market research that allows them to quickly adapt to changes and tight timelines. Fuel Cycle Ignition stays on top of the latest changes in information and offers a streamlined platform for companies to deliver products and connect with customers and employees through an optimized, automated insights platform.
Ignition consists of three primary components: Ad Effectiveness Measurement, FC Live, and templated survey solutions.
You can see Ignition in action here.