With an increasing focus on evidence based decision making in this digital age information, few pundits still question the need to inform business decisions, marketing strategy, product development and CRM with robust data insights.
The penny has well and truly dropped – leveraging research insights and getting a more intimate understanding of the market (even scaling down to a one to one relationship) is the only way to gain comparative advantage in an increasingly competitive market landscape. However, many find that completing discrete pieces of research work is not effectively driving the actionable insight, organisational change and growth their organisation seeks.
In this two part blog I would like to take a closer look at the importance of keeping our eyes on the prize and how we can best get there.
The penny has dropped but who is picking it up?
There is a fundamental disconnect evident between researchers and those implementing research insights – a big problem when we consider each role is rendered obsolete without the effective operation of the other. Many marketers and researchers alike fail to fully grasp the difference between data, insight and actionable intelligence – they are not interchangeable terms and they are all required to make effective use of marketing intelligence.
What’s infinitely more important than data itself – especially as it becomes increasingly accessible – is how effectively you actually use the information that is available to you.