According to Sandy, making meaning of it all requires a series of good data reviewing habits, among them finding and depending on trusted sources. "Good decision making depends on having the right information,” he says. “And on making sure you understand the terms and metrics, among other things, so you can feel and be well-informed.”
We asked Sandy to distill his approach so that anyone can stay on top of the news about an ever-changing economy and industry. Here are his five easy-to-follow tips.
How to sort through industry data
1. Be realistic about the time you have
How much of your day, week or month can you really devote to reading and absorbing information? Whatever the answer, discipline yourself to commit to it, even if only once a month. Like a scheduled workout, it will keep your insights and outlooks “in shape” and current.
2. Focus on the topics that are most important and relevant to you and your organization
Don’t set up 50 Google alerts for a bunch of different topics. You’ll just overwhelm your inbox. Curate your own list and consider the level of granularity you want. Then use that list to filter for what you do and don’t sign up for or seek.
3. Vet your sources carefully
Good data is only as good as the source. You have to have the confidence that the information is reliable. So be aware of sponsored studies (which aren’t inherently bad, but you should remain conscious of the bias that may be involved). And keep in mind that by the time mainstream media gets hold of information, it’s long past its prime.
And what about using AI to pull this data? Sandy is still wary at this stage of how AI can warp or falsify information in response to search prompts.
“There’s tons of incomplete information or stuff that’s written to have a particular angle or attract a certain number of eyeballs, and what I’m interested in is facts and fact-based insights that are produced by trusted sources,” Sandy says. “Attempting or using AI to do some portion of that probably puts you one more step removed from those sources, so I don’t depend on AI for that work.”
4. Understand and be able to explain the metrics you’re looking at
All the info in the world won’t make a difference if you can’t fully understand and apply it to your business. Take the time to learn how to interpret metrics and act accordingly.
“There’s lots of different housing data, for example,” Sandy says. “What the Census Bureau publishes does not necessarily qualitatively align with what other associations or consultants might publish. There’s lots of right ways of doing it but you have to understand what you’re looking at and don’t compare apples and oranges.”
5. No single source will provide everything you need
Build a trusted short list. Well-established trade publications are good, as is federal government data. And triangulate to make sure you cover potential blind spots.
The final word
Understanding audience wants and needs is one part of being well-informed—and even better, having a pulse on the attitudes, behaviors and needs of your customers’ customers. “If you know where they stand with respect to your product or solution, that’s impressive,” Sandy said.
If it seems like a lot to stay on top of, it’s because it is. Need help? Reach out to Interrupt for more guidance on the process or for help from our insights team.
