Data-based decisions: The antidote to shiny object syndrome
It's easy to get caught up in the excitement of a new social media network (hello Tik Tok!) or a nifty email marketing tool for your business. New tools and networks often have a lot of hype around them and seem to make incredible promises about the growth, success, and ease they’ll bring to your business.
Shiny object syndrome describes this tendency -- the inclination we often have to chase the newest thing, rather than stay focused on what we’re doing.
And at the heart of shiny object syndrome is distraction, which can manifest in your business in many ways:
Projects continually get started but never completed
You have notebooks filled with ideas but never actually execute them
You make a tiny amount of progress in a ton of different directions and goals, rather than significant progress in one direction or on one goal
Sound familiar?
Graphic by Jan Sullivan
How do you decide when to add a tool into the mix?
It can seem fun and exciting to start something new, but in most cases signing up for the next piece of software is not going to make the same amount of impact in your business as simply sticking to what is tried and true, using the tools you already have and know how to use.
This doesn’t mean being stuck and stagnant in your ways so much so that you aren’t open to new opportunities or ways to improve your business, but it does mean being intentional and strategic when you do decide to invest in something new.
Just like you need to have a plan for your marketing, you need to know why you're using any tool or software you jump into.
Why?
When you start using a new tool you invest a lot into it:
You invest time learning how to use it (and some tools don't lead to a direct return on the investment).
You invest your money (money you can't put towards something else once it's gone).
You invest mental energy (tools always have a learning curve associated with them, and that energy could be used more productively! Plus, since you only have a limited amount each day, it’s important to consider if there are higher priorities that you could be focusing on).
It’s simply unsustainable to make these investments time and time again unless the impact the tool will make for your business is proven and significant.
So, before you jump into the latest tool, service provider, or any other business or marketing purchase, look at the data.
What goals or KPIs are most important in your business? What has your recent progress in these areas been?
How would this tool help you achieve your goals?
Is there another way you could get similar results with less expense?
Does this tool or software fit into your business?
Did someone tell you that you have to sign up and use it? Does that person have intimate knowledge and decision-making power in your business?
What are the pros and cons of the new software?
Do you have the time, energy, and money to invest in something new right now?
While it may serve you occasionally to trust your instincts, most business decisions should be backed by metrics and figures related to your goals as a company. So, whenever you can, aim to make decisions based on specific data and results.
“The importance of data in decision lies in consistency and continual growth. It enables companies to create new business opportunities, generate more revenue, predict future trends, optimize current operational efforts, and produce actionable insights...The digital world is in a constant state of flux, and to move with the ever-changing landscape around you, you must leverage data to make more informed and powerful data driven business decisions.” - Sandra Durcevic in Business Intelligence
If you’re unsure, adopt a “wait and see” mentality. Give yourself a timeline and set relevant goals. If, after that time period, you’re not hitting your goals and others are still advocating for this new tool or software, it may be time to try it out.
More often than not, though, by the time you’re ready to review your progress, you’ll have forgotten about the tool or it will have become obsolete.
We all want the rush of that new thing that's going to solve a problem - or many of them. Just be very sure when you jump in that you're not buying a fantasy rather than a fact.
Create a plan that reflects your long-term vision, and review your data regularly to ensure the decisions you’re making will truly serve you and your company.