Data is the new oil. But data must be analyzed, and you must-have insight to interpret for it to provide value. When I started marketing in the ’90s, it was more often than not that we decided on the gut feeling. But even then, some used computing power from large servers to analyze data. Today, we do the same in a mobile browser and get far more usable results in a fraction of the time. How well does your business utilize data?
A former colleague’s experience with data
A former colleague of mine, Merethe Slensvik Halvorsrød, worked in her time as a product manager in a company where the analysis was necessary. There they bought, among other things, AC Nielsen store data, GfK brand exchange analysis, Yankelovich customer satisfaction analysis and Millward Brown consumer survey, where most of these came in the mail at the time, on paper.
The focus on data is changing
When you change roles from, for example, being a marketer to a marketing manager, the focus becomes more and more on finances with a bottom line, calculations and costs. The basic curiosity about external data and analysis is gradually changing with a growing internal focus on results. Data and data analysis is used to find increased volume and profitability opportunities at the product and customer level.
Analysis and result are connected
My experience is that analysis and result are connected. To achieve long-term positive results, one must try to see all data, both internal and external. If you manage through analysis to define useful KPIs, find exciting connections and gain insights that the competitors may not have seen yet, the results will come.
These can help increase the top line and give you recipes on how to get more out of every invested market krone (ROMI, return on marketing investment) so that the costs are relatively lower about turnover.