5 Takeaways from Linkdex’s “Going beyond the Data”
Last week, I attended my very first Analytics-centred think tank held in the heart of London and organized by Linkdex. Bearing the title ‘Going beyond the Data’, the aim of the think tank was to help companies understand how to extract strategic value from their existing data through powerful analytics tools and tactics. Here are my top five takeaways from the event:
1. Don’t be struck with Analysis Paralysis
Linkdex’s Head of Insight, Jono Alderson, had me engaged with his ‘Digital Marketing by Numbers’ session where he elaborated on the importance of starting from scratch and creating tailored KPIs that align with the business objectives. He advised us not to be struck with Analysis Paralysis, which is quite common in the field of digital marketing. We tend to invest too much time in planning, reporting and attending meetings but not enough time in doing. Thus, it is vital to find the right balance between planning and doing. One trick to help you accomplish that is by having outcome-driven objectives; by breaking down your process into chunks based on tailored KPIs and tracking your performance on a timely basis.
2. Organize a Weekly Data Lunch
Web Analyst, Dan Cave, revealed some of his company’s, Import.io, tactics to putting data at the heart of your business through his ‘Analytics and Data Culture’ talk. He told us about one of his company’s most effective techniques to stay on top of the game by having weekly data lunches where they could all discuss how they could best use data. It is also an opportunity to enhance a culture of data enthusiasts who could all pitch new ideas.
3. Stop Wasting Data
Martin Woods, Head of Technical and Insight at WMG, kicked off his ‘Mind The Gap‘ session with one of his favourite quotes, “Data is the new oil? No, it’s the new soil.” A valuable takeaway from his talk was that it is essential for an organization to take advantage of the data they already have, as it is needed to make tactical and analytically driven decisions. Martin also advised us to stop wasting precious data through emails, poor categorisation, inaccessible databases and lack of integrated systems. Avoid this by conducting a full audit of your existing data. Find out what you already have and ask yourself some important questions such as; where is your existing data currently stored? Is it easily accessible? How accurate is it? Who uses it? And finally, is it secure?
4. Analyse your Website
Analysing your website might seem like an obvious piece of advice but as Anna Lewis, Google Analytics Analyst at Wiggle explained in her session; you need to ensure that you are collecting data correctly before tracking your website’s analytics. Anna covered some handy tools for data collection and analysing your website’s success. She also recommended a terrific comparison list of 25 web analytics tools that you can find here.
5. Stay Updated