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The Lasso Blog

Building a Data Driven Organization

In order make data a priority in your business, you need to create a culture that encourages the use of data and places importance on it across the organization. Despite spending millions of dollars on marketing, a relatively small percentage of home builders are successfully using analytics to get value out of their data. How many builders really “know” their numbers? (Do you?)

It’s important to remember that building a data culture is more than the technology used in a business. It’s about changing the mindset, attitudes, and habits of people within an organization. They must see data as a critical component of their overall business and need to embed it into the identity of the organization.

Your team needs to see value in the information that is available to them and they need to understand what it means. It’s one thing to have access to the information on the screen and it’s another to understand what the information means for their job. How are they comparing against goals or prior timeframe? Based on that information, do they need to change what they are doing to improve those results?

Making data part of your culture involves these four elements:

1) Trust

Trusting the data is at the root of the data culture. Leaders need to be armed with good data to make confident decisions. You need to provide access and transparency of data to your team to create a single source of truth. Are we giving people the information on our team that we should?

2) Commitment

You need to treat your data as a strategic asset.

There is a lot of money and effort spent on generating leads, so all departments need to understand the cost of that lead and why they need to make sure that information is being put in the CRM. If it’s not in the CRM, it didn’t happen.

Don’t just pay lip service to the importance of data and analysis. You need to commit to realizing the value of it and how it helps you make better decisions. Make everyone accountable for understanding the importance of the data.

3) Sharing

Data isn’t limited to a single team. It is not just for marketing or sales or executives, it is all encompassing. You need to share access to the data across the organization, be transparent in your results, and share reports where you can.

4) Mindset

Data-driven practices become habits. Data flows from sales to marketing to the CEO and then back down. This should be part of your company culture.

Look at what your data is providing and how your salespeople interact with their CRM technology. Take the information gleaned from your systems to make you and your team better. When you become better at understanding your data, you become more effective and make better decisions based on this information.

Learn more when you watch Dave Betcher, VP of Lasso Consulting, in the on-demand presentation “Building a Data Driven Organization.”

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