For some reason, many people are still convinced that being data-driven is mostly about computer science and math. However, data surrounds us and the main question is what we understand by "data". Defining concepts is a philosophical task, but we want to share the results with you and prove that the data-driven approach is the future of the digital world.
What is Data-Driven?
Being data-driven means that decisions are based on data and facts, not on personal experience and intuition. This term is often used in the business and tech fields, however, it is applicable to every area of our life.
Every businessperson knows how wrong decisions cost money. That’s why a data-driven approach is necessary, it helps to build a logical strategy based on solid facts and statistics.
In the modern context, being data-driven is not just about making decisions and building strategies, it is about creating a culture of logical thinking. Its goal is to make minds clearer and solutions more well-thought out.
We think that the general answer is understandable from our introduction. However, we don’t want to operate just words, and will give you several facts.
Personal responsibility of each associate
Imagine that everyone who’s working for a company can use data to make decisions and changes to their working process. They are able to improve their workflow and achieve better results without any instructions from above.
Connecting the dots, we see that such a company will have more success on the market. Increasing the effectiveness of everyone involved in the workflow is the main reason for that. The synergy of every channel that grows its efficiency greatly affects the overall results.
At IO Technologies, we have an effective set of useful analytical tools for media. Editors, authors and marketers watch their results and correct their mistakes without hesitation. They don’t need to conduct meetings for discussing their results. They see the data – they make changes. Simple!
A/B testing is known by every product owner, marketer and many other specialists.They allow you to find out what audiences like and how they can beat competitors.
For instance, that Linkedin conducts nearly 200 A/B tests per day. They receive the data on what people like and utilize this data for further improvements.
The data-driven approach allows you to not only analyze your activity, but also forecast the behaviour of your clients. Analyzing data on specific projects can help you to ‘backtest’ your future decisions. This allows you to understand your clients better, to correct the past mistakes, avoid the same mistakes in future, and predict how clients will act to your innovations.
All data-driven businesses need motivation, as their contribution to the common business can be measured and monitored. This creates a competitive spirit that is natural for most people. That’s why we make focus on data-driven insights within our own teams and share this culture with our clients.
How to Go Data-Driven?
Being data-driven is a culture that needs to be accepted by every person involved in your team. It means that you should cooperate with people who already have such a mindset.
However, if people are ready to learn, they can change their worldview and move with the times.
The steps of building a data-driven business:
Creating a strategy
As with every innovation, becoming data-driven starts with a well-thought-out strategy. Decide which data is necessary and what should be weeded out. Your should identify your business goals and set objectives you’re able to achieve. Build a strategy around these objectives.
We have solved this part for our clients, that’s why data is already sorted in the IO Analytics reports. However, it’s always better to have a plan that can be followed by yourself Define which business areas should improve after you implement data-drivenness in your business.
Select data that will give answers to your burning questions. For media, this could be information about your articles’ performance: impressions, likes, comments, social actions, recirculation rate, bounce rate, reading funnel, CTR, and so on. Knowing what you’re aiming for will help you understand what needs to be improved and will reduce your business costs.
Set access rights for your team members. Most management teams have access to necessary information, however, real data-driven teams include every colleague in the process. Once you've ensured the data is of the right quality, it can be used to deliver timely insights via editorial or media analytics when your staff needs it.
Taking actions based on the collected insights
It’s time for data-driven decisions. You’ve got the information from the editorial analytics, you’ve analyzed it, you can use it to improve the quality of your work. Keep in mind that there is such a feature as objectivity, so for the first time it’s better discuss your data-driven decisions with others (CEOs, team-leads or colleagues). If you see that your actions bring tangible results, keep going. If they don’t, analyze everything once again and repeat until you achieve the goal you were aiming for.
Speaking about our own experience, such a complex approach is really helpful. For example, Genesis Media, Piri Medya, DMG Media, BookSky and FilmiBeat are clients of ours that managed to bring their business to the next step using special analytical reports for media developed by IO Technologies. It’s not about advertising, but about deep analyzing visitors’ behaviour by everyone involved in the publishing process.
The data-driven approach is the future of the digital world. The media newsrooms IO Technologies works with utilize the data-driven approach and have achieved incredible results. Their teams became more self-regulating, and their stats in media analytics continue growing.
For example, Ian Brogden, Head of Digital Audience Development at CN Group, says: "The aggregated real-time stats allow us to make informed decisions about when to stick and when to change content. We were guessing before, now we have something concrete to work with".
We are also sure that this special and inspiring culture will grow and we are glad to help the world become better, smarter, and more innovative.