Get All Access for $5/mo

Why Data Trumps All When Plotting Your Growth Strategy Entrepreneurs exalt listening to their gut but first study the data.

By John Rampton Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Blogs, books, business leaders and countless other resources offer information about building and growing a successful business, but in today's world, data should drive decision-making. I spent this week at Qualtrics' annual Insight Summit in Salt Lake City, Utah, where more than 1,300 brands gathered to collect and share information about using fast and actionable data to build, grow and scale business.

Thursday's agenda kept the previous day's momentum going, featuring headlining speakers Barbara Corcoran, Daniel Pink, Kim Scott and Paul DePodesta.

Related: Celebrating the Freedom to Make Data-Driven Decisions

Barbara Corcoran, one of ABC's Shark Tank investors, told attendees that "every good business needs expanders and containers -- those who are visionary, and those who are data and detail-oriented." She believes that fun drives creativity, keeping innovation at the forefront of business. Encouraging attendees to "capitalize on their strengths", Corcoran displayed her visible ability to market and sell products, emphasizing that finding a balance between data-driven decisions and creating reality based on perception will lead to growth.

Paul DePodesta, the mind behind Moneyball, shared his experience applying data to the world of sports. For him, good processes are born from real-time and developing data. Without a good process, business and organizations cannot execute productive change. DePodesta advised brands to stop seeing what they want to see and build new processes from relevant and telling data.

Related: The Data-Driven Company That Accomplished Very Little

Kim Scott, former Apple and Google Executive team coach, bluntly directed the crowd to "give a damn" about employees and people. Creating a culture where it's easier to speak your mind, rather than staying quiet and suppressing ideas and information, leads to better business, both for employees and customers.

Dan Pink closed Qualtrics' mainstage session urging everyone to adopt a sales mentality. With 41 percent of people's time spent convincing persuading others to purchase, follow or believe in your brand, businesses would do well to realize that in some form or another, we're all in sales.

If I learned anything from Thursday's Insight Summit sessions, it's that data drives growth, but insights from data build effective processes and increase innovation.

Related: For the Clearest Market Insight, Analyze Both Leading and Lagging Indicators

John Rampton

Entrepreneur Leadership Network® VIP

Entrepreneur and Connector

John Rampton is an entrepreneur, investor and startup enthusiast. He is the founder of the calendar productivity tool Calendar.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Marketing

5 SEO Hacks to Help You Rank Fast

Discover the best SEO hacks you can use to rank fast and avoid waiting for months to see results.

Starting a Business

Inside the Exclusive Private Club Devoted to Food, Wine and the Arts

Barrett Wissman breaks down the passions and partnerships behind his latest venture Domus Artium Reserve.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.

Collaboration

Watch Out for These 5 Consequences of Too Much Collaboration

Beware of the collaboration trap! Too much collaboration causes overload, and well-intentioned efforts to have broad collaboration can backfire.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.