You probably just conducted your first market research, hats off to you! You are now that much closer to understanding your audience and adjusting your goods and services to their likings. One of the toughest parts of market research is now complete, but now what?…
Now you have to analyze your data and figure out what you just discovered from performing your research. There are a few technical words you might want to get familiarized with, but two very important ones are data points and data insights to achieve an actionable plan! When it comes to the difference of data points and data insights, it is important to note that they both need each other to help you generate a plan that you can move forward with in your business.
Data points are essentially your measurements from an experiment or research. They give you information that is readable and can be converted into useful information to help provide answers.
Data insight is the information you gather from analyzing the data points in your research or experiment. It is essentially your summarization so that you can make effective decisions from.
You use data points and data insights in some type of way in your everyday life, it’s how we process decision making.
For business it is something you need to get comfortable measuring to achieve your goals and objectives.
I hope this was helpful for you, and if you missed last week’s blog make sure to check it out via the link below