HOW TO DEVELOP DATA INTERPRETATION OPPORTUNITIES?

After understanding the difference between metrics and dimensions, we are ready to achieve a more comprehensive data interpretation; always focused on guiding decision-making strategically and with a solid foundation in results.

In the article “Data Interpretation: The Path to Real Decisions,” we identified key concepts that allow us to understand the first part of the great journey of data interpretation. Now, in this article, we will delve into the step-by-step process that we must know and refine every day.

 

Data Interpretation: What is all this about?

As a precise definition, interpretation refers to the process of analyzing and giving logical order to the information collected from various data sources, especially digital ones. In this process, patterns, trends, and behaviors are identified, which will later be related to the brand’s strategy and objectives.

The purpose of this aspect is to make informed decisions that improve the performance of advertising campaigns and adjust the developing creativity.

Alright, we understood what this new path is and why it exists, but… What steps should be followed?

The first thing is to talk about reading raw data, and here we will have three moments related entirely to quantitative understanding: familiarization, quality checking, and identification.

 

Quantitative Understanding of Data

Familiarization

With the first term, we will be getting accustomed in a simple way to our databases (which have not yet been cleaned and classified), reviewing the origin, structure, and format.

 

Quality Checking

Then, we will enter the quality checking phase, here we will be reviewing, in a meticulous way, if any element is missing in this database, if it is necessary to request the information again, or if everything is correct.

It is worth mentioning that here we will clean our data and thus be able to organize and classify it according to the concepts we saw in the first part of this article.

 

Identification

Finally, in identification, we will be taking a first look at the results, not writing yet, but we will be locating those numerical results that can tell a story and allow me to identify a useful opportunity for my objective.

Once we have done this sweep of numerical information, we will continue with the next point (and probably the most important): Data Interpretation.

 

Data Interpretation

It is essential to emphasize that data analysis can always be done from different areas of knowledge, and this is fundamental to understand that each person can have a unique understanding of the results, which, contrary to popular belief, can help us enrich ideas, recommendations, and opportunities. So yes, everyone can analyze results!

 

Clarity and Consistency of Data

Returning to our path, we will follow a line divided into three main sections, mostly focused on writing. The first is clarity and consistency in data, this is fundamental to convey information clearly and effectively, avoiding technicalities that add complexity to the reading of information.

In an analysis exercise, I usually use five questions that can help me write at first; I use the Five W’s technique are what, when, where, why, who, how; with these questions, we can obtain primary information that we will then be delving into.

To exemplify this point, I use the questions as follows:

 

Substantiation of Statements

The second section on this journey is the substantiation of statements, in order to support our ideas, hypotheses, and diagnosis with numerical results, allowing us to eliminate imaginaries and assumptions that can be fatal for decision-making.

It is very important not to fall into vague analyses that could be read easily, but the invitation is to go a little further, understand the origin of those results and how they can relate to each other (see the previous example).

 

Development of Opportunities

Last but not least, we will focus the analysis on developing concrete next steps that must be executed. It is important that any recommendation given can be measured in the short, medium, and long term, as well as keeping track of this recommendation to understand if the suggested path is necessary or if it is important to take another direction.

At this point, we have advanced more than halfway in our interpretation process; now, the development of opportunities remains. In this last stretch, we will delve into three scenarios that will allow us to identify the gateway to innovation.

How to develop opportunities from the analysis?

1. Stay informed and updated

Let’s start by talking about one of the elements that, personally, I consider the most valuable when identifying an opportunity: staying informed and updated. This will allow us to relate events to our results. It is important to constantly review different Digital Marketing information portals, where you can learn about various updates that can affect or benefit our results.

2. Knowledge of the audience

The next point is understanding my client and audience, and it may sound easy, but ignorance can lead us to make decisions based on an imaginary idea not grounded in results. Therefore, in-depth knowledge of our audience is a vital step to fully recognize the path of innovation.

3. Open and creative mindset

To close this long process, there is nothing left but to talk about maintaining an open and creative mindset. With the latter term, we are not only talking about making a turn in campaign or ad concepts but also about seeking a creative vision when analyzing results that allows us to see an unexplored path.

At the end of this article, we are clear that data will continue to be the most valuable currency in Digital Marketing and that, together with interpretation, it becomes the guiding light for brands seeking to know their audience more and more. The purpose is to impact the market with innovative and creative solutions.

Data interpretation not only allows us to understand the past but also to anticipate the future, make informed decisions, and forge a path to success. It is the language of opportunities, and those who master it are prepared to lead and thrive in a world driven by information.