This is part four of a six-part series. Earlier this year, just as the COVID pandemic was hitting the United States, we spoke with business leaders across industries, asking them to share their goals and challenges for their organizations as well as for themselves. Amid the surge of change since our conversations, these challenges have come front and center for any brand in the throes of disruption. Download the entire series in one PDF here.
During our interviews with business leaders in February and March, the subject of data came up multiple times as leader after leader talked about how data helps them tell stories, convince and unify leadership, and, ultimately, move organizations in new directions. Some think of data as “having outside perspective,” which they indicated is “more important than ever.” Others shared stories about the critical tool data has been when proving their business case to leadership: “I used data to get people to listen.” We also heard how data has settled tensions and unified seemingly competing directions: “I felt like people were waiting for the right moment to say it wasn’t working, but data bailed me out.”
Although the important role data plays in setting strategy and navigating organizations from moment to moment is nothing new, it is also not a practice that many organizations have nailed. Data is powerful, but on its own, it doesn’t amount to action. Carly Fiorina, former chief executive officer of HP has said, “The goal is to turn data into information and information into insight.” Valuable data for leaders is all around, in customer service, online orders, website tracking, third-party providers, operations, employee attrition, employee surveys, client surveys, Net Promotor Scores (NPS) — the list goes on. The key is to identify the data and organize it in a way that will lead to the decisions that make a difference in your course of action.
Data for new opportunities
Using data to identify opportunities is powerful. Reviewing sales data, conversion data, NPS data, and other data sources through the lens of “what could we do differently” is an eye-opening exercise. New service models might emerge, new operational efficiencies might be uncovered, gaps in product offerings can show up. The ideas can be free-flowing, but as we learned from other leaders, it takes time to analyze the data, and it requires doing so with a mindset to unlock more than new ways to do the same things. Look for new ways to fulfill your purpose altogether.
Data for action
Data is one of the greatest tools to drive action in an organization, but specificity is key. “Conversions are down 20%, while cart orders are up 50%.” This drives different actions than it would to just say revenue is up by a couple of points. Diving into the details will help uncover the kinds of information that can lead to different insights and, in turn, inspire different actions. Go deep into data so that you can act based on business-critical insights.
Data for unification
In its purest form, data should be reviewed and consumed using a beginner’s mind. Suspend bias and agendas so that the data can speak for itself. This is easier said than done, but a strong understanding of purpose and an environment that encourages innovative thinking help set the stage for data insights to propel an organization forward. Deciding what to measure and then reviewing it together regularly makes data another way to unify a team.
Curious about how to approach your sales and marketing data practice? We help leaders set new courses with data. Reach out to us.
Mike McFadden, Executive Vice President, Ogilvy U.S.
