Data is the root of all decision making
Rule # 1: Get high quality data.
Notice that I didn’t say use high quality data, but get high quality data. Many a product, brand and business owner are flying blind on past and current performance and even if they have data they’re outdated, inaccurate, thus making them irrelevant and useless. Getting high quality data involves first getting it from trusted sources. Paid research companies such as Euromonitor have been raking it in over the decades because of the lack of trusted sources. Today we have the internet as a source of getting free public data on the macro level which makes Euromonitor, who charges exorbitant fees, less attractive.