Due to the nature of the current business world, both startups and large corporations are using technology tools to collect, analyze and present business data. Business data is said to have no use when presented in its raw form. There is a great need to sift through the data to get the most straightforward version that you can use to run your business.
The use of data in business operations has greatly revolutionized since the year 2020 when the coronavirus pandemic emerged. Once you are done collecting the data, you need to extract the essential values from it. Remember that extracting the most meaningful aspects from data is the ultimate goal of data analysis.
The decision-making process is one of the most challenging parts that businesses tend to experience in the long run. Note that every decision made within a business is likely to impact a long-term effect on the well-being of the business. You need to be extremely keen on the kind of decisions you make to enhance the success of your business.
In addition, it is not only a matter of collecting data and generating insights out of it; you also need to present the results to your clients. Most clients do not possess the technical skills to help them grasp the content when presented using technical jargon. This means that you need to simplify the version of your business data into a format that everyone can easily interpret.
To make it easier for your clients to understand your present data, you need to focus on data storytelling. This is a professional and straightforward way of presenting data and communicating insights to your target audience without using technical jargon in the industry. Telling a data story is an easy way to get your job done and the point delivered at home.
Elements of Data Storytelling
Data storytelling is the whole process of collecting, analyzing, and communicating data results to clients. Even though this sounds pretty simple, it incorporates a series of elements before the data is converted to the simplest version. Let’s have a look at some of these elements!
Data is the major component of data storytelling. You need to have accurate data that is up to date. The good thing with data is that it can easily be pulled out from the marketing department of any given business. You need to be keen on collecting data since you might make a mistake that will affect the final results generated from the data.
After collecting data, ensure that it is thoroughly cleaned to remove fluff and things that do not add up. You can then use things such as statistics and algorithms to extract vital elements from the data in your hands and make use of it in your business operations.
Visualization, also known as data visualization, represents data insights graphically. You can opt to use charts, graphs, and other types of visualizations depending on the nature of the data you have. Note that visualization is a crucial element when it comes to discovering and communicating the final results in form of different data analysis types.
The primary goal of visualization is to uncover hidden information in different datasets and help you understand more about your business. However, this is only possible once you present the information in an easily digestible manner that can be easily understood.
At this point, you have simplified data insights that you need to present to the clients in a narrative format. The narrative is the essential aspect that should be full of important insights that help business operators and marketers to do their work conveniently.
You need to focus on highlighting the KPIs and change various features to align your business with the data at hand. The combination of these three aspects has a significant impact on data storytelling, thus giving you a competitive opportunity in business.
Why Data Storytelling is Important
It is no secret that there are multiple ways you can implement data insights. However, data storytelling is the most outstanding way to use since it allows you to explore and blend the data-driven economy. Let’s look at some of the reasons that make data storytelling important!
Enhances Client Communication and Engagement
Even though most companies use different means to evaluate business growth prediction, maintaining an engaged means of communication is not simple. Despite this being difficult, it needs to be done for the well-being of your business.
Building an engaging customer platform is a crucial aspect that has a significant impact on the business’s success. Besides, communication is not only about compiling different concepts together; it ensures that the intended objective has been attained. You need to implement data storytelling to engage your clients and comprehend the information.
Aids in the Competitor Analysis Process
The business industry is highly competitive, and you can easily lose potential customers by making a slight mistake. This means that you always need to remain updated regarding the ongoing changes across the industry. Besides, you need to evaluate what your competitors are doing to secure more customers in their target market.
You can do this by analyzing competitive data insights from your marketing campaigns. Use data storytelling to tell a story regarding your business and how you can help your customers change their lives. Remember that your products and services should aim to solve a specific problem across the target market.
Elevates Visual Appealing
An average human being always has a constantly shrinking attention to detail. You need to make your data presentation unique to attract your customers’ attention. This is made possible by using visuals that make data more appealing, such as heat maps, graphs, and many more.
Clients are more likely to interact closely with visuals than the complex format of numbers. Besides, focus on visualizing the success story behind your business brand.
Scientific researchers have proved that approximately 76% of the searches on Google are in the form of telling a story that is informative in nature with lots of insights. This analysis can help you understand the power of data storytelling in transforming your business brand from one level to the next.