The quantity and quality of data available to retailers has grown exponentially in recent years, but many leaders are left wondering what to do with it. That’s a great question to ask because data, in and of itself, is useless. The value of data comes from turning the data into information and meaning that inspires decisions, behavior changes, and actions.
Data creates impact and value if appropriately used.
The only way to create impact (value) from data is to be proactive in its use. A simple and recommend approach is to have a goal or target, set the unit of measure, place a value on the improvement effort, and implement your plans. It’s easier said than done, but it is that simple.
We advise our clients to set performance improvement goals that are benchmarked against their current performance. Some easy to measure data is product ROI, turns, and salesperson performance. Once you pull the data together for a given period, you’ve got to do something with it for it to have an impact and create value!
For example, you might observe that Mary sells add-on products (e.g., socks or inserts w/ a pair of shoes) 64% of the time and Susan achieves a 36% add-on sales rate. It’s obvious that Mary knows or does something that Susan doesn’t do with her customers. In that scenario, you’d want to learn about Mary’s add-on strategy, encourage Susan to talk with Mary or observer her approach, and set performance improvement goals both individuals (pro tip: set aggressive goals around improving measures that are already good to make them great!).
Data can be everything if you practice turning it into information that leads to performance insights and major breakthroughs!
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