Do not Fear the Data

Data is your friend.

Data is a tool.

Data is information.

Information is power

More data = more information = more power.


Your business data come sin two forms. It is either quantitative or qualitative.


Quantitative is numbers data. It is information that you can count. It is what and when.

Qualitative data is information. It is feedback. It is information about how and why.


Quantitative data is tracking data. It is backward-looking data about what has already happened. It is the measuring of results.

Quantitative data can also be forward looking. It can be what I call action tracking. It can be about measuring the actions that you are taking to impact the results of the future. (see last week’s blog for more on this type of tracking data).


Qualitative data is feedback. It is information about the quality, not quantity of what has happened. It is about notes and information.


Notes represent your information, your observations. It is information that comes from you about your business. Things you see, hear, feel and think.


Feedback is information that comes from others. Many times, from your customers. Customer surveys, exit interviews and online reviews are best sources of this feedback. The key to assessing and using feedback is the filter thought spikes, white noise and real information. White noise is the ever-present background chatter. Spikes are the isolated incidents. The real value lies in the middle. The policy of “Read Your Threes”, That is to say, focus your attention on three-star reviews to find the real information with real value to you in improving your business. A one-star review is likely a chronic complainer. A five-star review is mostly blowing sunshine. The threes take real effort. They are typically a happy customer with a legitimate issue or a disappointed customer who REALLY wants you to learn and grow from their input.


Use all forms of data to make you and your business better.

Embrace the information.

Use it to make better decisions.

Let me help you.

Reach out for help any time.

I am happy to help.


THX.

Ivan



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