What is the difference between using data and using data effectively? Having insight or discernment is the key. Think about the old adage: knowledge is knowing that a tomato is a fruit, wisdom is knowing that it doesn’t belong in a fruit salad. Therefore, if data = knowledge, then insight helps you to know where to put it effectively.
For years, marketing strategies and programs were laid out the same way. Now due partly to social media and digital marketing capabilities, people want a personal experience. That experience based marketing is only possible if you can use the right data in the right way.
Many companies start off by trying to get as many customers a possible. Then after a certain point, they level off because they don’t know who their customers are or how to reach them.
Once you have figured out your audience, it can be hard to know what’s the next step.
Data marketing company V12 suggests making a chart with long term vs short term investments on one axis and customer quantity verses quality on the other. Then fill in the chart with all of your possible marketing strategies, programs, and solutions. Thinking about possible strategies this way makes it easier to formulate a plan that yields the biggest bang for your buck.
In what ways do you that insight helps a marketing strategy?