Evidence-based decisions are considered ‘better’ decisions because there is concrete data to support the rationale for that decision. To develop sound evidence, you need to do the following.
- Determine the question you need addressed – for example, who are the target customers for a marketing campaign?
- Identify the data you need – what are the characteristics of the target customers? Do you want to look at those who spend a certain amount on a select portfolio of products? That would translate into spend by customer on certain product types.
- Identify the time series you need – do you want to do the study over a 6-month, 1-year or multi-year period?
- Determine the data source – where would you extract the most complete and reliable data for your analysis?
- Perform the analysis – this includes extracting the data, making necessary adjustments, and performing the analysis.
When all is done, your analysis will offer information that you can use to tailor your campaign for better outcomes.