Speaker 1: Hey everyone, it's Matt here. Welcome back to another episode of Savant's Tech Talk. The number of data sources available on the internet today is growing tremendously. And for many, this is considered a good thing, but it poses a lot of difficulties for others. People can easily make mistakes when working with such a vast amount of data. Also, they can lose focus and emphasize the less important things, thereby failing to extract actionable insights for their company. According to a study by the consulting firm McKinsey, data generated by digitalization have not given digital marketers a considerably better understanding of their clients and their purchasing patterns. And this is because their company's outdated data modeling software failed to highlight these shifts with the required speed and precision. So while the technologists dominate the market with actionable insights, gaining a better understanding of the customers through data granularity, others become sluggish. And in today's highly competitive marketing scenario, this implies losing the market share, clients, and revenue to your rivals. And you certainly don't want that. Which is why we've curated a list of the top seven strategies to effectively use data and analytics to generate actionable insights for data-driven marketing. As always, if you find this topic interesting, then you can let us know by hitting that like button and subscribing to this channel for more videos. You can also let us know if you find it interesting by saying so in the comment section down below. Now let's jump into it. Number one on our list is to measure and calculate the right things. You won't be able to streamline and optimize data if you don't measure it. Remember, there isn't a one-size-fit-all solution pertaining to all business problems. Every company is different and their business problems should be treated differently. Let's consider that your company runs a retail and e-commerce website. In order to optimize the data, you must have the answer to questions like what landing pages do you need to work on and in which channel? Which channels give the most conversions? Which devices do people access the website from before making a purchase? What are your pain points? And what are the look-to-buy ratios for your products and product categories? You need to know the answers to these questions since it's related to your business. Also, it's directly related to the overall revenue you generate. So it all starts with addressing the right things. And that leads us to number two, which is ask the right questions. Go above and beyond to answer all the questions that your customers or stakeholders have. This means looking right through the stakeholders' aspirations and pain points by asking the right things. Some of the key examples of marketing insights could be commercial insights and return on investment, highlighting particular events and generic trends that support your plan of action, or market research and critical competitor and environmental scanning. Since the data available online and extracted by you is vast, you can easily get lost in it and ultimately waste hours of your time. Number three is apply segmentation tactics. Use segmentation if you want to drive action on your data. By segmenting customers with common traits, you can go a little deeper. You can start digging into particular groups once you understand the business question you're trying to solve. This strategy will significantly improve your understanding of how your clients behave. In addition to this, you can use this data to set up a highly actionable optimization plan. Tools like Google Analytics support a lot of inbuilt segments and allow you to customize them according to your requirements. The fourth on our list is to present the right data to convey your message. The way that you present data makes a huge difference in the results you get. You have to be aware that presentations that include numbers, words, and visualizations, including graphs and charts, give far greater outcomes than those with only numbers and words. Presentations that provide clear visualizations drive cognition. It's crucial to represent a data story with the right questions, answers, and reasons behind it. This will transform your data into actionable insights and thereby allowing you to make profitable business decisions. Number five is to build a robust optimization plan. Follow the define, measure, analyze, improve, control approach. Also regarded as one of the most significant six sigma concepts to improve your business. Define the question or hypothesis in the scope of analysis. Measure the right data and study it to find anomalies. Analyze the common things or patterns. Do the math and put your visualization skills to work. Improve your findings and present several options in front of the stakeholders to explore and control the change by undertaking A-B testing and tracking KPIs. Number six is to integrate data sources. Integrating different data sources results in faster business decisions. In addition to this, the integration of traditional databases with big data solutions will improve your overall understanding of your customers and help you deliver greater insights. And number seven on our list is to hire skilled professionals who understand your business. Tools can help you gather information, but adding human expertise to your cutting edge tools can build insight. Skilled professionals are required to find significant data, apply analytics in a customized way, and interpret it into data-driven insights. Future analytics processes will not only find the problem and why it happened, but they'll also suggest what needs to be done. You can also expect to see cutting-edge analytics tools that offer a feature for completing that prescribed action along with the data-driven insights. Even better, technologies will support the multi-channel, multi-platform nature of today's digital world and provide the analytics anytime, anywhere, as long as there's a stable internet connection. This will further drive adoption, providing a platform that leads to better and faster decision making and high accuracy and efficiency levels. So there we have it, a look at everything you need to know about actionable insights. Once again, if you found this video interesting, don't forget to let us know by hitting that like button and subscribing to this channel for more videos. Also, don't be afraid to share your thoughts in the comments section down below. Thank you for watching.