It is Teddy's birthday month, and as his gift to you, he wants to share why data is important for your business :)
Data comes in many forms - and you can utilize it to discover insights that support your business. You may have heard there two data types; quantitative (measurable numerical insights) and qualitative (nuanced "open text" reasons/feedback). Utilizing both provides a deeper understanding of things like your market, competition, operational efficiency, performance, trends, customer behavior/motivations, and more.
Quantitative data helps us find trends and make forecasts. Think of numbers like age groups, attendance, customers per day, costs, sales, volume, or time stamps...just to name a few. Qualitative can be gathered by asking open ended questions in a survey or interview, and answers can reveal reasons behind your quantitative findings.
For instance, you may find all of your Saturday appointments for the last three weeks have arrived 10-15 minutes late - and when you ask customers "why" this is happening you discover there is a weekend street closure you were unaware of. In turn, you can give the next group of customers a heads up to an alternate route in your regular appointment reminders, thus preventing more late appointments.
Together, quantitative and qualitative data show a comprehensive view of what is happening and why. This helps your business make data driven decisions while not forgetting the people involved.
You may already have rich data sets without even knowing it! And getting quality qualitative data does not have to be time consuming. Reach out to us and we can help make sense of your numbers, design the right questions to ask to gain quality insights, and find the connection between the two.
