In the current retail landscape, everything is moving rapidly. Consumers have an insatiable appetite for information, and they are actively shaping (and then re-shaping) the brand messaging of the products they purchase. They also have more options and are receiving more targeted messages than ever, so their loyalty is easily swayed. Retailers who rely on the once-trusted, go-with-your-gut approach to day-to-day operations are in danger of falling behind those who utilize real-time insights and data to build on measurable standards of success.
Love it or running from it, data is on everyone’s minds these days. It comes in many forms and from many sources, including customer ratings, reviews, surveys, business and location intelligence software, third party research, POS data and more. For retailers who haven’t identified a clear objective, data can be a daunting four-letter word, and it is easy to be overwhelmed when looking for answers before determining your most pressing questions.
Many fuel and convenience store brands have a lot of room to grow when it comes to using data and analytics to make smart, informed decisions. It is critical for those who want to build their analytical muscle, gain an edge over their competitors, enhance the customer experience and grow their market share.
But which departments need access to shift the company into a data-driven mentality? The answer: all of them. Creating an all-encompassing data-driven culture is to foster an environment where everyone from the top down has access to data relevant and necessary to their work, and where everyone is encouraged and empowered to use that data to gain insight and make decisions.
As your organization continues to shift toward one driven by analytics, ensure data is a central element in everything you do; not just in fixing problems, but in planning for the future. The practice of gathering and using data is growing because it’s measurable and it works. It is up to everyone to back up the road ahead with numbers and insights.
Five Ways to Become a Data-Driven Organization
- Identify your strategy
Don’t collect data just for the sake of collecting. Data cannot benefit your organization without a plan of action for gathering, dissemination and implementation. - Determine which kinds of data you need to answer your questions
While collecting all available data “just in case” may seem like the way to go, an overwhelming data-dump may leave you with more questions than answers. - Keep your finger on the pulse
You may discover that some of your metrics need daily attention, while some can be looked at weekly, monthly or quarterly. - Leverage your whole organization
Different types of data have distinct value for departments within your company. If you don’t see an immediate need, think of how a data set or insights could help someone else on your team. - Be data-driven in everything you do
To make data truly effective, you can’t pick and choose which areas of your organization need to be driven by data.