Data Points vs Data Insight
What can you do with all the data you’ve collected? On its own, each piece might seem worthless or simply a fun fact, but when you analyze how they all connect great insight is created.
Let’s put this into perspective. Let’s say we sold 33 bottles of shampoo last month. We know 20 of the bottles sold were experienced by the purchaser during their time at the shampoo bar. We know five were sold to individuals that found our salon through the brand’s salon locator feature. The last 8 were a combination of repurchase and employee sales.
Each piece of information is a data point.
- We sold 33 bottles of shampoo
- 20 bottles were experienced on the purchase day visit.
- Five bottles were sold through brand loyalty
- Eight were return buyers & employee sales
After reviewing all of the data points, we are now aware using the shampoo at the back bar is our best technique for selling products. This new data analysis has promoted us to reach out to our vendors asking them to sponsor months of the back bar. This will allow us to introduce our regulars to everything we have on the shelves.