Do you need to work with data, but can't figure out where to start?

Seek scarcity in your business

If you need a place to start here is an idea.

Seek scarcity in your business

You look for things that your business maybe doesn’t do or maybe does but doesn’t know about and start with the question, “how is that impacting my business?”

The method I use?

Categorising the known and the unknown.

We often focus on the 'known knowns', what we know that we know.

This is our comfort zone, the information we're certain about.

It's secure, but it's restricting.

Then there are 'known unknowns'.

These are areas we know we don't know about.

Areas we want to explore, but haven't yet. This is where the learning begins.

But what about 'unknown knowns'? It's what we know but are unaware of - something we may have yet to identify as useful.

Untapped knowledge that can positively surprise us or drop us in it.

Lastly, 'unknown unknowns' - the scary, murky waters.

Here lies the risks we aren't even aware of. Unforeseen obstacles and unprecedented opportunities.

Expanding awareness across these areas can significantly reduce risk.

So let’s take a very simple common “unknown known” to a business.

We know that the business is visible on search engines.

But we don’t know how much traffic the search engines drive and whether it is worth investing time there.

By looking at your analytics tools, you could find out how many “organic searches” have been made.

Organic just means traffic you didn’t actually pay for on the search engines. You now have a number and a % of visitors that come to your companies website monthly versus all the traffic. Is the percentage high or low? If it’s high, I’d try to find out why (the subject of an entirely different post). If it’s low it’s an opportunity to improve.

This is a very simple example of how knowing one thing leads to more questions.

That’s when you start to become curious. Action point. Find a known unknown in your business. See if you can find the data for it to become more known.

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