{"id":492,"date":"2019-10-18T07:33:58","date_gmt":"2019-10-18T07:33:58","guid":{"rendered":"https:\/\/www.qualif.dragnsurvey.com\/blog\/en\/?p=492"},"modified":"2020-11-23T14:18:16","modified_gmt":"2020-11-23T14:18:16","slug":"make-better-decisions-with-better-data","status":"publish","type":"post","link":"https:\/\/www.qualif.dragnsurvey.com\/blog\/en\/make-better-decisions-with-better-data\/","title":{"rendered":"
Make Better Decisions<\/span> With Better Data<\/div>"},"content":{"rendered":"\n

Intuition\nis a wonderful thing. People are always told to trust their guts, but there is\na lot of evidence to say that by trusting our guts we are making bad decisions.\nSocial constructionism portrays our memory as being\nvery soft. We tend to be more positive about our decisions. So, we tend to be\nbetter at remembering when our decision making\nwas right and much less about the times when we\nwere wrong.<\/p>\n\n\n\n

When, as a businessperson, you\u2019re looking at risking a lot of money, or even your business, on a decision, it is important that you make an informed decision. Professional psychologists state<\/a> that when you are making important decisions, it is best to have all the facts in front of you.<\/p>\n\n\n\n

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>> Create your Online Survey<\/strong> with Drag\u2019n Survey<\/strong>, click here<\/a><\/strong><\/em><\/p>\n\n\n\n

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Inaccurate Data<\/u><\/h2>\n\n\n\n

One\nof the biggest problems you might have with trusting your gut is that you\u2019re\nseeing a scenario, event or prospect from one side. This biased view of the decision-making process is what causes numerous\nproblems. You might like a new business venture, but does anyone else?<\/p>\n\n\n\n

For\ninstance, you might have found a new way to effortlessly send information\nacross the world, but do businesses want to buy into that? For other businesses,\nit might mean large costs to retrain staff, buy equipment and pay for your\nservices. If they already have a system that does the same job, even if it is slightly worse, they\u2019re unlikely to buy\ninto yours, unless you can make a very convincing argument.<\/p>\n\n\n\n

You\nmight also think you have a great idea to add a new service customers will\nlike, but do your front-line staff think the same? They speak to customers all\nthe time and so are probably closer to knowing the weak\npoints of customers.<\/p>\n\n\n\n

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Failing Businesses<\/u><\/h2>\n\n\n\n

And\nthat is where many new businesses fail. They have an idea, but they don\u2019t know\nif there is a market for this, in a particular\narea. Another classic example is the opening of a cafe. Everyone loves coffee\nand cakes and it might seem lucrative. However, your gut might not be counting\nthe other 10 cafes already in the neighborhood.<\/p>\n\n\n\n

Nearly 20% of businesses<\/a> fail within one year because they run out of funds. That partially means that the market for their product\/service just wasn\u2019t available.<\/p>\n\n\n\n

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Getting More Accurate Data<\/u><\/h2>\n\n\n\n

Therefore,\nyou need to find more data than what is available,\nthrough your gut. There are many sources of information you can use. So, let\u2019s look at some of the best places to find\ndata.<\/p>\n\n\n\n

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1. Research Papers<\/h3>\n\n\n\n

One\nof the key places to find data is through research papers. These can be bought\nonline and will detail studies that have shown what communities and experts\nthink about your market. It might showcase gaps in markets, technology or even\nin consumer thinking that you might not have thought about.<\/p>\n\n\n\n

The\ntrick here is to use research papers that are fairly recent. Even one that is a\nyear, or two old could be too old if others have moved in.<\/p>\n\n\n\n

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2. Local News Reports<\/h3>\n\n\n\n

Local\nnews reports can be a great source of data. However, you have to be careful not\nto get caught up in political news, where a newspaper, website or TV channel\nhas embellished the news for a particular political party. In addition, you\nshould always make sure data is backed up from other sources before relying on\nnews.<\/p>\n\n\n\n

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3. Surveys<\/h3>\n\n\n\n

By\nfar one of the best sources of information for your decisions should be from surveys. That is because\nyou can ask the questions\nyou want, get the information you need, and these\nare more relevant for your purposes.<\/p>\n\n\n\n

Surveys\ncan be conducted internally (with employees, suppliers, etc.) or externally\n(potential customers). Questions\nshould be brief, only five to ten per survey, in order to find out as much as possible.\nThe longer your questionnaires are, the less respondents you will have and the poorer quality\nof data you will get. Thus, your decisions will not be as good.<\/p>\n\n\n\n

Surveys\ncan also be conducted online, to make things more\nconvenient with your audience. The more convenient yours are for the respondents, the better\nthe quality of data you will be able to collect.<\/p>\n\n\n\n

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Final Word: Listen To Your Gut, But Rely On Better Data<\/u><\/h2>\n\n\n\n

Many\nexperts claim that our guts are important to the decision-making process.\nHowever, they also agree that we shouldn\u2019t make decisions, which are purely based on our intuition. Decisions\nwith better data will lead to more positive outcomes that will only aid your\nbusiness in growing.<\/p>\n\n\n\n

There\nare many ways to collect better data for your business. These include using\npublished studies, news reports and surveys. Arguably, the best studies and news reports use surveys to present their\ninformation. Therefore, perhaps you should follow suit and create a survey of your own.<\/p>\n\n\n\n

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More about surveys:<\/strong>
How to Close Out A Survey \u2013 Don\u2019t Write This Question, click here<\/a>
The Problem With Ambiguous Survey Questions, click here<\/a>
14 Questions To Ask For Your Customer Satisfaction Survey, click here<\/a>
How Surveys Enhance 360 Degree Feedback, click here<\/a>
Find Out How You Can Address Your Employees\u2019 Concerns, click here<\/a><\/p>\n\n\n\n

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Intuition is a wonderful thing. People are always told to trust their guts, but there is a lot of evidence to say that by trusting our guts we are making bad decisions. Social constructionism portrays our memory as being very soft. We tend to be more positive about our decisions. So, we tend to be… <\/p>\n

Make Better Decisions<\/span> With Better Data<\/div>\n

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