A good place to start is to widen the pool of data that you’re drawing from.
This isn’t about increasing the quantity of information for the sake of it. It’s about improving the quality of insight by tapping into additional sources from outside the business.
Gaining a deeper, localised understanding of the industry you are a part of – and applying that knowledge to your own strategic thinking – can help you make more informed decisions by strengthening your own judgements (and those of your employees) with hard facts.
For example, a marketing department could run more effective campaigns if it had access to deeper insights into the most profitable customer groups in their region. Similarly, a local store manager could make more intuitive choices on product selection and promotions if they had prior knowledge of what people are most likely to spend money on.
And at a broader strategic level, deciding where to locate a new venture could be easier if you already know where the hotspots are for your sector.
One way of accessing this kind of information is through SmartBusiness Insights from Barclays. When you buy premium insights, you’ll get breakdowns on demographics and spending trends for your region and industry. You can use this information to see how your business compares against the industry, helping you set more accurate benchmarks – and plan how to exceed them.