How Brands Can Transform Data Into Insights and Gain a Competitive Edge?
Team Branex
If someone claims that they cannot master a certain subject or advance in their skill, they are simply foot-dragging. With overwhelming data around us, it is simply inefficient to say that we don’t have time to analyze that data and convert it into something meaningful. To gain a competitive edge, the brand must see beyond the box and learn how to take data and convert it into insights.
Abraham Wald is a prime example of how to utilize data and convert it into insights.
When we are on the topic of thinking outside the box, it will be a disgrace to humanity if I don’t mention ‘Abraham Wald’. Born in Austria-Hungary (now known as Romania), Wald was a mathematical prodigy. In primary school, he was correcting his teachers and in secondary school, he was rectifying mistakes in his textbooks.
In World War II there were severe damage & wartime problems. The situation required someone to minimize the bomber's losses. Instead of working on the areas where the aircraft was hit, Wald suggested an alternate theory. Wald proposed the Navy reinforce the areas where the returning aircraft were unscathed since those were the areas that, if hit, would cause the plane to be lost.
Abraham Wald had no idea about the war, but he was good at math, so he used the power of data to present a solution to the problem.
The brands of today can learn a lot from Abraham Wald. There is a reason some brands are sustaining a competitive edge over other brands.
Let’s look at some of the tactics that can help brands create a competitive edge over their competitors.
The results were scattered. The young planners watched TV for half of the duration as compared to the total population. This led to confusion that often people assume that what they are thinking is right.
To rely on intuition is dangerous – it may influence us but not the customers. Instead, every plan needs to be analyzed with data. Wald gave us the insight that data is meaningful only with analysis.
Email is the evergreen medium to collect data from clients and deliver them customized products. The key is to get good insights in the simplest of ways.
Don’t Hinge Upon Intuition
Wald was the ultimate genius of his time. But still, he didn’t rely solely on his intuition. Instead, he collected data, analyzed it, and gave his hypothesis. A research done by Newsworks investigated a problem. They surveyed 30 young media planners and asked them to finish the IPA Touchpoints diary for a week. This was done so the results could be compared with the broader population.
The results were scattered. The young planners watched TV for half of the duration as compared to the total population. This led to confusion that often people assume that what they are thinking is right.
To rely on intuition is dangerous – it may influence us but not the customers. Instead, every plan needs to be analyzed with data. Wald gave us the insight that data is meaningful only with analysis.
Collect Data with Simple Tools
When Wald collected the data he used a pen, paper, and numerate assistant. Which was basic even for the 1940s. Data Collection is important for marketing, and most of the agencies these days fall into the trap of complex methodologies to collect data. The machine learning, AI, econometrics, and so on. It feels like we have replaced the hard work thinking with high-cost measurement of value. But insights don’t require high budgets. In fact, there are free survey tools that can help, collect, and manage the data of users without even spending a dime.
Email is the evergreen medium to collect data from clients and deliver them customized products. The key is to get good insights in the simplest of ways.
Chatbots are helping customers find information fast. They can educate a customer regarding a product or a service, assist the customer while making the purchase, and, for the cherry on top, Chatbots are 
For instance, a customer might ask, ‘Do you ship overseas?’, or ‘Do you offer a complete refund?’ These are ordinary questions which can help customers make the final decision to buy the product.
If you talk to successful Entrepreneurs they will tell you that success comes from their blood, sweat, and tears. And maybe some good luck. There is no formal education for Entrepreneurship that can guarantee success. But surely if you show some early signs of being an Entrepreneur, you just need to polish those skills.
Here are 10 signs which will mark you as a genuine Entrepreneur and you must work a little to highlight those skills and understand yourself better.
For Entrepreneurs, every opportunity is a risk. They see it as a challenge to work out on Plan B when failure is guaranteed.
They might not have a safety net at the place, but when things go south, real Entrepreneurs learn how to handle a situation without any map.
Confidence isn’t learned. It’s by birth. If you’re born with it, you can be a good Entrepreneur. As an Entrepreneur, if you have confidence in your ability and skill, go launch your business. The 
People with an Entrepreneurial mindset focus on solutions rather than problems. If they face any problem, they try to devise a solution for it. Some of the Entrepreneurs ask themselves the difficult question. How can this problem be solved? They collaborate with website design & development agencies and mobile app development agencies to create a solution to the problem.
The brand was selling shoes. The first salesperson responded. ‘There is no point in going in that village, no one wears shoes there.’ And the second salesperson responded, ‘No one is wearing shoes in the village. There is unlimited opportunity for us.’
Entrepreneurs just don’t see life as positive, they see opportunity everywhere. This is what turns. This is what moves strong business owners to create a business around it.
Talk to people about their problems in your community. Pick a target market and solve that problem.
If you write well, you can start writing content for people. Just like ProBlogger did while he was doing a full-time job. Darren Rowse not only started a company, he made a six-digit income out of it.
There are billions of ideas out there. But the best ones are those whom you can pick and make something out of it.
You can keep a diary with you all the time. Note down ideas. No matter how insane your idea might seem, just start with it and improve on the ideas later.
Be a “
For instance, if you are providing e-commerce solutions, what you can do is complete the website days before the given date. In this way, your services will outclass your competitors. You will build a reputation for being a seamless, fast-paced agency. Time is the most important commodity and if you can save the time of your audience, you have won.
Every service that you provide should be aimed towards something that the market needs or wants. And how will you benefit from it? A value will not only lead to sales, but it will help you get the word out and promote your business.
Just because you feel that you’ve hired people to do online marketing, you can ignore your offline audience. Print advertising, public speaking, and business cards are effortless ways to get to clients and inform them about your business.
The end goal is to reach people who are interested in your business. But not everyone will be in the same place, so you must put some extra effort into rallying people around you.
Another thing you can do is to give away something when the customers buy from you. If you attach a small value-added gift with every purchase, this will greatly please the customers.
This means that you need to gain the trust of your customers. Ask them what they want via email. Survey them and learn how they feel about your brand.
While these six tips take time to do and show results, they are invaluable in building a quality brand and loyal customers.
What is the loading speed of your website?
Can you reduce it to provide a seamless user experience?
Use 
Although it’s just a hiring post, look at the level of creativity they’ve used. People will not just send their CVs because this post is sharable. It will be shared because it’s fun to read.
Another brand that I follow vigorously to get my daily dose of inspiration is Taco Bell. Check out the following post.
A simple post. Yet worth sharing with your friends & family. If you want customers to share your posts, you need to sit down with your team and come up with some creative ideas. Or if you’re unsure where to start, talk to us. Our social media marketing tips will guide you and help you stand out from the crowd.
How does the above review make you feel?
Surely, if customers read such reviews for your product, they’ll either try the product or refer it to their friends. After every successful order, ask the customer to share their reviews on Facebook & Google.
Check how Buffer shared this story from a user. Notice how personal it makes the customer feel. Buffer introduced #BufferStories to give users this opportunity to share stories which can engage more users.
If you don’t succeed the first time, there are so many other ways in which you have room to succeed.
It’s all about the mindset. Instead of treating every failure as a setback, change your internal dialogue and treat it as a character-building day.
Of course, you’re allowed to be sad for a night. But not more than that. Take the failure and fuel yourself for success. Instead of treating it as a failure, call it a preparation for your success.
https://www.youtube.com/watch?v=bujIb_sQZvQ
