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.
Back in the days of yore, organizations would splurge a fortune in traditional advertising. Highly interactive ads with catchy slogans and rhyming jingles were the lifeblood of radio and television channels. While this was lucrative to some extent, it failed to leave a mark on a larger scale. Once a brand breathed its last, it would instantly be replaced by another. With the advent of social media advertising, the definition of marketing has taken a turn for the better.
Marketing is now more data-driven than approach-driven. Organizations capitalize on customer data by studying behavioral patterns. They identify which campaign ads were most successful and fine-tune them accordingly. All thanks to Big Data!
Today, IoT is ready to be optimized for use with social media, allowing user shares and automated posts to be generated regularly by a stream of connected devices as well. This is bound to pave the way for a host of burgeoning social monitoring tools with a propensity to capitalize on the prowess of billions of interconnected smart objects.
Gleaning access to personal information about each customer will enable business leaders and marketers to foster meaningful relationships with their clients. IoT devices will be able to analyze, share, and collect favorite sounds, colors, tastes, habits, and other elements to gain a better comprehension of who each person is and how to personalize their message for them.
By analyzing big data for IoT-related services, marketers will better understand where the market influx is on the rise. New campaigns are projected to emerge, which will surely produce more profitable impacts for companies so they can grow significantly.
After the session was completed, each small business owner was provided with a brand strategist, selling them on why brand marketing through radio is essential for their business. But, my partner and I realized that running ads on the radio is more of an “interruptive” business strategy than a convincing one. It may significantly result in tarnishing the brand’s image irrevocably.
Big data has opened doors to understanding which areas can be tapped by marketers using different data processing tools. One tool that stands above the competition is Yarn. It allows marketers to understand customer behaviors by studying different demographics. Marketers will become capable of analyzing and predicting the wants of their customers by scrutinizing previous purchase patterns. By following these patterns, marketing campaigns would become more personalized.
Nothing makes a customer more content than that when they are made to feel special.
According to an estimate, more than 44% of firms dealing with the consumer market, ensure that Big Data greatly benefits their firm while addressing the aspect of responsiveness. Big Data can enable marketers to fine-tune their marketing strategies and create more data-driven campaigns.
