Analytics fuel the strategies and areas of your business where you can succeed. Especially when it comes to marketing, data helps companies develop a holistic understanding of their target demographic. At times, collecting and applying data will present its own set of challenges and misinformation. Below we debunk 3 common myths associated with data analytics.

Myth: Data is guaranteed to predict future behavior.

Fact: Data isn't guaranteed to predict anything. What it can do is help determine the probability that something might happen based on past findings. These findings should be viewed as a recommendation instead of a crystal ball that tells you what will happen. Despite the validity of your data, when you’re dealing with any sort of analytical findings, it is crucial that you proceed with caution. While data can direct your business towards the right areas, you should never put 100% of your trust into it and make a misinformed decision.

Myth: You need a massive amount of data to get accurate results.

Fact: It is always better to value quality over quantity. While using a massive database is always helpful, it is important to collect useful information that will help you achieve your goals. You should aim to discover important information that directs you to new areas where you can successfully invest your time and capital. Having a keen sense of what useful data looks like and understanding how it can benefit your business is key. As a rule of thumb, quality data sets will always serve you better than an abundance of scattered information that won’t be of any use to your business.

Myth: Data analytics only work for online companies.

Fact: Tech companies are the most well known and successful users of data analytics, but that doesn’t mean it won’t work for other businesses. The truth is, data is useful for every type of business and can help dictate the best areas to allocate money for strategic ad spend and new customer acquisition. Ultimately, data will introduce you to the type of customer you should target. While tech companies have been successful with data analytics, every type of business has the potential to benefit from them. As e-commerce continues to grow and become the new normal, data analytics will continue to play a key component in the success of your business.

Watermelon Analytics is a New York based agency that specializes in helping small businesses grow. We believe through collaboration and communication our clients can effectively boost their marketing performance, drive new leads, and retain customers. Our team understands and celebrates that every client is different and we strive to continually uncover unique marketing solutions tailored specifically to your business. We value taking the necessary amount of time and patience to develop a holistic understanding of your business’s marketing needs so we can create a winning strategy that drives measurable results. If you’re interested in growing your business, please get in touch with us to learn more.