How to Obtain Insights from Data
This is the beginning of a long journey. Recently, I stated clearly that running digital marketing campaigns must begin with insights from data. It’s a bold statement, and it would make a nice vision for a picture post card on digital marketing. Ah yes, the rays of sun beaming down from on high … wonderful vision.
How can you establish this Zen-like state with your campaigns and data? We will reveal strategies for marketing teams that wish to avoid the trap of data paralysis. By doing so, you can start on your journey to a place where insights from data will direct a clear approach to all digital marketing campaigns.
A survey by The Economist Group helps to define data paralysis and sheds some light on its consequences: “In our survey of 607 senior business leaders, a majority of 63% indeed report that they’re “struggling” with greater amounts of data, but an even larger share – 85% – say the problem is less the volume, but more their organizations’ inability to analyze and act on the data in real time.”
Your own computer experiences will help you understand data paralysis. How much frustration have you suffered at the hands of your own computer? Your first reaction is … “stupid computer.” Think about this statement. Computers are a tool. The tool will only do what you tell it to do. If you tell it to do the wrong thing, it will obediently do the wrong thing.
The same is true when you mine data to reveal insights into your customers’ needs and desires. If you prepare a data query that has no relevance to the task at hand, meaningless information is returned that will cloud and obscure any insights you might have gained. You will fall into an endless loop of continual processing that will not illuminate useful insights. “Stupid data.”
Data will self-perpetuate if you effectively build capacity from the start. All marketing efforts begin with the common step of setting data-driven goals for success. You must get into the habit of monetizing the data you have already collected.
The process begins with a marketing planning stage. Future posts will help us sort this out. I’ll provide concrete case studies, reveal relevant tools, and describe internal business processes that must be in place if you have any hope of meeting your goals and objectives.
The theory of SMART (specific, measurable, attainable, relevant, and timely) data will soon become irreplaceable in your day-to-day life and tasks. By applying this type of critical thinking to your data analysis, you will create the foundation of a closed-loop data evaluation/reevaluation process. You will develop skills that will help you reach your goals. You will easily reveal evidence to prove ROI. Best of all you will be laying the foundation for the best way to gain insights into your data and enable yourself to avoid paralysis.