Data analysis is essential for businesses to make informed decisions, rather than relying on hunches. By using the right metrics and avoiding bias, marketers can use data to accurately assess the current state of their business and what actions they need to take in order to get to their desired outcome. However, it's important to be aware of the limitations of data. While data can tell us what has happened in the past, it can't necessarily tell us what will happen in the future. To guard against this, marketers should use multivariable regression to create a forecast of their data and then compare it with the actual results. Additionally, marketers should be aware of how their data is changing and be ready to make adjustments when necessary. Finally, marketers should maintain an open mind and accept data-based realities, even if they challenge their preconceived ideas. By embracing “analytical reality”, marketers can ensure their data-driven decisions are as accurate as possible.
Originally reported by Martech: https://martech.org/data-plus-analytics-is-the-route-to-the-truth/
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