Data Consulting - Smart Digital Planning Consulting

TURNING DATA CHAOS INTO

CALM

DATA ORGANIZATION

Companies typically already collect a fair amount of data. However, it resides in individual business units and is not being leveraged for the overall business strategy. Well-meaning leaders often know they need to dig into the numbers and the data but they just simply don’t have the time to do it.

The data process can be overwhelming and sifting through it all to find the strategic insights takes time. This is why data consulting can benefit businesses. Our Discovery process allows us to quickly pinpoint the most important areas of your business and provide custom strategic business insights to help drive data driven decisions.

TYPES OF DATA

Zero-Party Data

Zero-Party Data has been directly collected by the business from its customers, willingly. It can include a variety of aspects about the target audience including demographics, interests, behaviors, etc. It can be collected via surveys, forms, registrations, etc. This data is considered the most valuable to your business because it is willingly collected directly by the people who are interacting with your brand and using your products and services.

First-Party Data

First-Party Data is data shared with a business by their direct consumers without solicitation for the information. It can include consumer preferences and behaviors shared just by interacting with the brand. It may be collected through the website, purchase transactions, newsletters, social and other methods. Since it comes from the direct consumer base engaging with the brand and products, this is highly valuable data.

Second-Party Data

Second-Party Data has been collected outside the business by another business that has either shared that data or it has been purchased. This data will be less general typically than the 3rd-party data but will not be quite as reliable as that all important first-party data. This information can be great to establish your business' position in the market and give insights into trends in market.

Third-Party Data

Third-Party Data is very useful as well because it is more generalized and including a larger pool of people but can be helpful to fill in for missing first-party data as well as establish averages, benchmarks and targets.

This additional information can be used evaluate your business to determine your position in the market, as well as, highlight areas of concern or competitive advantage.

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LEVERAGE YOUR DATA FOR

PROFIT

LEVERAGING DATA

Data can easily become overwhelming – especially if the data your business is tracking isn’t having a positive impact on your business goals. Data consulting can help you streamline you data process. High-level data analysis can esure data, business goals and leadership are aligned to build momentum toward meeting those goals.

The Right Measurements

Ensuring you are collecting the right measurements can be tricky. As markets and consumer habits shift with emerging technologies, environmental impacts and social trends your data collection and measurement practices need to shift as well. Often companies just add tracking metrics until the team is stretched so thin managing and reporting they lose sight of the bigger picture. Helping your team to identify the most impactful data can improve efficiency and increase the impact of the data.

Visiblility of the Data

Data tells the story about the health of the business and how it is evolving. If the data is only looked at in isolated and then filed away, helpful clues about opportunities for your business can be overlooked. Data that has been filtered and studied for insights allows busy business leaders to use that information to quickly apply it to problem solving, brainstorming and innovation. It is an outside perspective looking at a bunch of data and giving you the best curated information.

Alignment

It's easy to get off track, especially if your strategy has become outdated. Often business leaders will react to current conditions and it can take the focus away from longterm strategies. Employees can get confused about priorities or distracted by day-to-day demands that impact the momentum to reach strategic goals. People get stuck and progress slows. Checking in with leadership teams, supporting employees and customers regularly can help provide clarity for your business will keep momentum toward strategic goals.

Data-Driven Decisions

Good business leaders work off of instincts but even the riskiest of them know the importance of good data and awareness of trends to bolster their experience. It's the sum of all these things that builds a solid business strategy. Timely data can help support or challenge existing strategies and can identify new opportunities. It ensures the business is making investments with a clear understanding in areas of the business that show the greatest opportunity or threat.

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