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the myth about data led growth
Contrary to popular belief, data alone does not guarantee growth. While data provides valuable insights, it is only a tool in the hands of skilled individuals. Raw data requires interpretation, context, and human expertise to extract meaningful insights. The myth of data-led growth stems from the misconception that algorithms and data analysis alone can determine the path to success.
To achieve meaningful growth, businesses must develop a strategic framework that combines data with insights and industry expertise. It is crucial to define clear objectives, identify key performance indicators (KPIs), and establish a roadmap that aligns data analysis with business goals. Data should be used as a means to inform decisions, rather than relying solely on data-driven algorithms.
The Need for a Balanced Approach
To achieve optimal results, businesses need to adopt a balanced approach that integrates data analysis and human judgment. This involves combining quantitative data with qualitative insights to gain a holistic understanding of the business landscape. A balanced approach recognizes that data is a powerful tool, but it should not overshadow human expertise and creative thinking.
Data-led can be frustrating
Implementing a data-led growth strategy comes with its fair share of challenges. Organizations may encounter issues related to data privacy, security, and compliance. They may also face resistance to change or difficulties in data integration across different systems (usually broken or held together by a thread). Overcoming these challenges requires careful planning, collaboration with a data partner in some cases, and a focus on building trust in the data-driven approach.
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Delivering data led growth for tile giant
Data engineering, user journey analysis & iterative testing programme leading to lower acquisition costs, improved conversion rate & increased average order value.
Tile Giant are the UK’s fastest growing tile merchant with over 80 stores nationwide and eCommerce presence driving significant annual revenue. To support their ambitious growth objectives, we’ve worked with their eCommerce & Marketing teams to develop a deeper understanding of their trade and consumer customer journeys as well as connecting web & store first party customer data with relevant APIs for better audience targeting.
- 35% increase in AOV
- Facebook ROAS doubled
- 40% increase in annual online revenue
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