There is no doubt that knowing exactly who will be most likely to buy your product or service is the golden question, but how do you find the answer? Being able to effectively sift through data is an excellent place to start.
I recently read an article by Hal Conick from the American Marketing Association that reported that by 2026, companies are expected to spend $92 billion on Big Data. With information so widely spread there in an increasing influx of data being collected about consumer preferences. Conick cited an article by Brian Hopkins that reports 74% of companies say they want to be data-driven while only 29% say they can make actionable decisions from their data.
The fact of the matter is that the information can simply be too overwhelming. Even while companies invest in better process, new software, and ways to automate their data sifting—it is still difficult to gain the right insights out of all the information. Conick suggests 6 tips that can help you tie the link between the data and the value. I want to focus on 3 of the tips in this review, but I encourage you to read the full article.
Determine what’s actionable.
The first step in getting the most out of your data is to figure out what is actionable for your business. Conick says that if you start down the never ending hole of data without having a clear vision of what you want to achieve with that data, you will waste valuable time and energy. If you start with the problem before searching for insights within your data, you will improve productivity—as the saying goes: “begin with the end in mind”.
Understand consumer and business needs.
This is a key strategy in my mind for any aspect of marketing success. When working to find insights in the data you collect, put yourself in the shoes of your consumers. Take the time to do a little leg work by talking to those who use your product or service. Figure out what they like or don’t like. Conduct focus groups or studies, and improve your product or offering.
Find a data balance.
Having a large quantity of data is not as good as having highly quality data. In order to find the best actionable insights, you need to spend the time upfront to understand what information is truly valuable for your company to collect.
At American Name Services we love data. Providing customized lists to expand your targeting is what we specialize in. We know the importance of having quality data for your business, but we also understand that it is important for you know your customers. As you go through these steps to find insights about your customers’ preferences, we can help you narrow your search with a more targeted list. We would love to hear from you! Leave a comment below about how you gain insights on you data.
Article Review by Michael Peterson, Social Media Marketer at American Name Services