Saturday, February 4, 2023

Leveraging Organization Data During an Economic Downturn

By Swapnil Mishra - September 03, 2022 4 Mins Read

Good hygiene and an efficient, sensible data setup can make organizations data invaluable- accessible and available to all who should be using it.

If data is the new gold, then controlling the organization’s data is of immeasurable value, particularly in times of economic turmoil. Capital is significantly more difficult to acquire, and entrepreneurs who were receiving unsolicited term sheets just a few months ago are now studying how to stretch the runway. Data can be an organization’s superpower. When utilized effectively, data can enable go-to-market teams to do more with less, including:

  • Personalize on boarding and product experiences to boost conversion rates
  • Determine where users are upset and provide proactive assistance
  • Applying sales pressure at the opportune time can result in expansion revenue that would have occurred naturally many months later.

Also Read: How The Rise of Data Lakehouse Is a New Era of Data Value

In contrast, user data is usually compartmentalized within the product and technical teams, locked away from marketing and sales, and rarely related to monetization objectives.

Teams can ensure that data is accessible and available to all authorized users with the help of effective data hygiene and an efficient, appropriate data setup.

Product measurement

Organizations confront a significant challenge in transforming actual product usage into economic value. Measuring and keeping user data diminishes the value of these essential activities. For this reason, holding a cross-functional team meeting is advantageous while establishing the data structures to examine facts and measurements.

Defining measures versus facts

In the product, facts are actions that are carried out. Engineers and product managers are adept at discovering and collecting data warehouse facts. On the other hand, measures are calculations derived from the data. Measures can tell the tale of the value of the facts upon which they are based or highlight the significance of a specific step in the user’s journey. Metrics can be more complex, such as a running tally of the number of times a user has visited a pricing page or a threshold for activation. Organizations should delegate the engineering and tracking of the facts to the product’s engineers and product designers and then form a team around the metrics. The best teams address measurements as if they were a product, conducting user interviews across support, marketing, and sales to determine how customer-facing and go-to-market teams see and use this data and develop a strategy for creating meaningful metrics.

Implementing data collection and distribution

Once the security team has determined what it wishes to monitor, the next essential issue is assessing how to store it. It seems as if a new data solution is introduced to the market every day, and less technical audiences and startup owners may find themselves overwhelmed with options to store, consume, and analyze their data.

If necessary, metrics and facts can subsequently be put into employee-facing tools using a reverse ETL tool to democratize them.

Numerous alternatives are available for data warehousing, ETL, and reverse ETL to transport data. It is essential to incorporate not just the engineering team but also the product teams and the company’s roundtable to productize the measures. Thus, no one will lack actionable data in their tools.

Taking action based on the data

After saving data and identifying and generating the team’s ideal metrics, the final and most difficult stage is making this information accessible where your team works daily. Convincing sales, support, and success teams to log onto a dashboard and act on the data daily is challenging. It is crucial to incorporate their data into the technologies they already use.

This is the point at which data democratization becomes more art than science. Businesses must employ reverse ETL to import these metrics into a CRM, customer success platform, or marketing automation tools. They may design dynamic marketing for accounts that begin to discover value in the product or provide the sales team with highly active users for direct outreach.

The industry is obsessed with companies that accomplish amazing things with their data, but the underlying structures and frameworks that enabled them to get there are rarely discussed. All of these playbooks are enabled by data, but they can only be implemented if organizations have good data hygiene and structures and distribute information to the appropriate individuals.

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AUTHOR

Swapnil Mishra

Swapnil Mishra is a Business News Reporter with OnDot Media. She is a journalism graduate with 5+ years of experience in journalism and mass communication. Previously Swapnil has worked with media outlets like NewsX, MSN, and News24.

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