In a special talk at the Pitch CMO Summit held in Delhi on June 29, Utsav Malhotra, COO of Noise, delved into the topic ‘Leveraging data to make noise’. He began the session by talking about what data is and what it constitutes. In this respect, he went on to explain that the data issue is that “we keep disturbing ourselves with numbers being data and that’s not the reality.” Utsav Malhotra said, “Invariably what we believe is data, is nothing additional than anecdotal evidence; what we keep turning as gut feeling, wisdom is relatively honestly nothing but impressions. We keep user data to validate what we think our hypothesis should yield.”
In the context of how and why data is utilized to run a business efficiently, Malhotra announced, “This is what occurs with all data, that we prepare it to suit what we think works for us in businesses. Because often what we are wrestling with is the brain and the gut. There is a steady dilemma between intuition and reason. This is something that we all go across. And I’m not telling that one is right and thus there is the purest way of running a business. You want all of it. The most profitable entrepreneurs begin with maverick ideas and a wonderful gut. They are endowed with instincts- why they do well.”
Malhotra announced that the threat of making an incorrect decision while creating a business is relatively common, hence it is significant “to rely on data that can potentially decrease the harm of those decisions.”
“We had our brand store before we actual dreamt of getting on to marketplaces. Opposite to prominent notion that’s how you start realizing and relating with your consumers, you own consumer understandings and you create the brand based on those insights.” He emphasized the significance of using such knowledge to build a brand. While giving insights about creating Noise as a brand, he also spoke about how knowledge and data benefit brands to realize their customer better. From the very starting, they began respecting customer insights which enabled them to create and co-create their brand with their customers. In that way, they rose with remedies for every customer feedback. He further told that these data are much more than mere numbers and statistics.
Speaking about the downsides of data, Utsav Malhotra told, “Be open to downfall. Data can toss you off.” Sometimes data can miss its relevancy but there is no sense in chasing an understanding. Therefore, it is significant to realize how to swerve from that. “If your data understanding is opposite to what you’ve been doing, it’s implying that you might have a roadblock. Be equipped to peek at what it might entail.” He went on to share the accomplishment story of Noise and surmised the session by telling, “Data brought us here.”
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