In our age of complexity, it is easy to think about insights the final word upgrade from data—a destination that, once reached, alleviates a marketer from the burden of meaningless numbers, graphs, columns, and rows.
In some applications, that chance is incredibly real, but the truly data-driven marketer knows that insights are just one path to mining value from data. But marketers who truly want to use data as a competitive advantage have to be comfortable (or find someone who is) with all its vast, scary, messy complexity.
Digging for Data Gold
Because of the intimidation factor, many marketers succumb to 1 of two misconceptions: (1) data is just poorly branded insights; or (2) if insights may be achieved, then data is not any longer important. But even as a necklace is barely one among the numerous valuable objects you’ll make from gold, insights are but one output from data.
As a comprehensive tool, data isn’t only the catalyst for insights but also the input for predictive models, learning algorithms, and exquisite visualizations; a vehicle for personalized experiences; and an asset of quantifiable value.
That’s why conflating insights and data or discounting data within the face of insights is limiting the potential value data offers to market teams.
To maximize this value, then, marketers should concentrate on implementing the subsequent two strategies.
1. Establish a company data strategy
Recognize that data has commercial value, and consider how you’ll be able to better put data to figure. How can it inform better business decisions? In what ways can it enable simpler or efficient marketing? Is there an external marketplace for it that would translate into direct revenue?
Focus on harnessing and using data for as many outcomes as you’ll, to extend the value and achieve business and marketing goals. Fitbit’s entire product suite, for example, foundationally runs on data, and therefore the advances in its technology and offerings are the results of examining the info consumers have logged while trying to know what next things would best serve those consumers.
2. Make data planning a part of marketing planning
When is that the right time for insight? Sometimes. When is that the right time for data? Always.
Great insights are crucial to the look process—to inform strategy and encourage creativity. But there’s still such a lot of potential for data to be applied after the brief has been written.
A good data planner is trained to ask, “What data should be collected, stored, and accustomed to getting the foremost value from every marketing campaign, program, and touchpoint?” Making that question a part of the quality process is that the key to creating the buyer experience is brilliant because of the initial insight.
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