DATA & Insight - Key to Business Growth in the new age
Mark Kilpatrick

Mark Kilpatrick

Business Building: Why You Should Own the Data of Your Industry and Market

When you talk about your business, product, and industry, do you simply make statements or do you also support them with data?

The world is changing and more people are now looking for data because they’ve seen so many falsehoods from the media and through hearsay.

When you own the data in your industry or market, you can take advantage of this current trend and become valuable to both customers and clients by helping them make informed decisions and servicing them better.

When you talk about your business, product, and industry, do you simply make statements or do you also support them with data?

As a business owner and leader, you’re responsible for the success of your company. As the owner, you do need to understand how technology can help your business succeed. And if you don’t have access to the data about your industry and market, then it’s like flying blind.

And when you do own the data you become the one-eyed monster in the land of the blind. You have the complete advantage.

Owning your own data is becoming increasingly important as companies rely on platforms (eg. Amazon, Facebook, or any equivalent in your market) that control access to their users’ information in exchange for their services.

When these companies change their terms of service or shut down altogether – as has happened recently with Facebook – you lose access to valuable customer insights (that helped define what products were needed by whom and when) or they are the ones who own all the data and you fly blind.

Always aim for more ownership upfront because, in the long run, you will win out.

Why is it so important to use data instead of just claiming something is true?

Using data to prove the credibility of your claims is critical. Or analyzing your data to find out new discoveries is critical to expansion.

Data is objective, more credible than statements and opinions, and can be analyzed to make better business decisions.

If you state that “I believe X” or “My opinion is Y” or “It seems that Z”, then you have no way of proving that these beliefs are accurate. You cannot quantify them; there’s no way of backing up what you say with any hard facts. This makes your claims less credible than if they were backed up by some sort of data analysis internally.

When it comes down to it, who would be more believable—a person who just says something is true without providing any evidence (and leaves it at that), or someone who has conducted research on behalf of their claim or seeks to find the real truth within the data that they have?

Saying something is true doesn’t mean people will believe it’s true.

People are skeptical.

They’ve been trained to be. They’ve seen too much marketing speak and advertising hyperbole, heard too many stories of companies that have made false claims about their products or services, and experienced for themselves the consequences of buying something that turned out not to work as advertised.

So it’s no wonder that people are skeptical about what they read and hear, or even see for themselves—especially in an age where we’re bombarded with messages from every direction.

The good news is that you can take advantage of this skepticism by being a trusted source of information in your industry and market. In fact, it’s important now more than ever!

When you own the data in your industry or market, you can take advantage of the current trend of misinformation.

When you own the data in your industry or market, you can take advantage of the current trend of misinformation.

By leveraging your data, you can prove what’s right and wrong in the industry by using hard evidence to support your position. You can also use this information to show that there are things that need to be fixed within an industry or market, which will help bring about change for all involved.

It’s about raising the value of the market through the knowledge gained from insight from the data.

Data helps you build trust with your audience and defeat false claims from other companies.

Data is the foundation of trust. It’s what makes customers comfortable with your brand and gives them insight into how you’re doing as a company. This is especially important in industries where there are often false claims made by other companies, or even within your own industry when there is a lot of competition.

The bottom line: if you want to succeed in business today, you need data! By owning the data you can make better business decisions and build trust with your audience that will last for years to come.

Data collection and analysis help make your company more valuable to your clients and customers.

First, you’re collecting data about your customers and how they buy from you. This helps you see what your customers need and value, so that you can focus on those things in your product or service offerings.

Second, this data is used to make decisions about marketing strategies like which channels should receive more attention or where the best return on investment can be made.

Third, it helps make business development decisions; if a particular segment of clients isn’t performing well with sales volume or profitability then perhaps it makes sense to invest in another group of prospects.

Finally, customer service needs are met through the use of analytics tools that provide insights into how customers interact with products and services over time as well as what their needs may be outside of basic functionality

Always looked to own the data to serve your market better.

As you can see, there’s a lot of value in owning the data that supports your business. When you collect and analyze data, it helps you create better products and services for your audience.

You can also use that information to make claims about your industry or market which are more credible than those made by other companies who don’t have access to this type of information.

By collecting data from other sources such as customers or competitors in order to create an accurate picture of what is happening within an industry or market segment – which is sometimes referred as competitive intelligence research – business owners can gain valuable insights into their customers’ needs and be able to service their clients better.

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