Is data your friend or foe?
We’ve highlighted five things to watch out for, next time you and your team are reviewing brand and marketing performance data.
Data presents a huge opportunity for business but for many organisations being data-driven is more of a leadership aspiration than a reality. Despite the gap between ambition and capability, there is a growing expectation that data will inform decision-making – which can present a number of problems for brand and marketing teams. Here are 5 things to watch out for.
1. Wonky foundations
If your access to data and insights is limited be very mindful of the implications – don’t let your decisions be overly skewed by what you do know at the expense of what you don’t know but should.
If you don’t have access to the data you need, work out how you can supplement it. If it’s a budget issue and you can’t steal from Peter to pay Paul, find alternative sources of intel that will build a more complete picture. You don’t want your brand to be built around the needs of only half of your customer base!
2. ‘What’s measured gets managed’
So said management guru Peter Drucker, and with it comes a warning – be very conscious of what you measure, as it will inevitably influence what you actually do.
Challenge yourself. Why are you tracking what you’re tracking? Is the data fundamental to business growth? Or are you collecting data that’s easy and/or cheap to track, or potentially of historical value?
Are you buying off-the-shelf customer insight, where the metrics aren’t totally aligned to your brand strategy? Are you tracking cost per click rather than cost per lead because it’s simpler?
Take time to really scrutinize the impact your measurement metrics are having on your brand, marketing and overall effectiveness, and be prepared to make the case to invest in new measurements if need be.
3. Incremental-thinking
An over reliance on data can stop businesses and teams taking bold leaps. If you track changes in reputational management or NPS for example, then you’re inevitably going to celebrate incremental improvements.
Make sure that this isn’t at the expense of a culture that recognises and rewards bold thinking and innovation.
4. Rear-view
If you don’t have access to real time data, you’ll be analysing historical performance. There are lots of merits in fine-tuning and learning from the past but looking backwards probably won’t identify potential opportunities moving forward.
When reviewing brand and marketing performance always build in time to consider longer-term possibilities e.g. future customer behaviour.
5. Paralysis
‘What does the data say?’ Sound familiar?
Data analytics won’t provide all the answers – it never will. Strategy, experience and intuition will always have a role to play. Don’t let the expectation for data to drive decisions, lead to indecision and paralysis.
But do work with whoever is leading the digital change in your organisation, to make sure the needs of brand will be catered for moving forward.
Strategy
Sharpen your proposition using intelligence, insight and intuition.
Research & insights
Positioning, purpose & values
Architecture & naming
Messaging
Stakeholder engagement
Engagement
Empower and inspire by making the brand meaningful to those that matter most.
Strategic planning
Workshops
Launch events
Staff communications
Training/coaching
Direction
Keep strategy front and centre so your brand is always relevant and distinctive.
Brand reviews
Agency workshops
Pitch management
Implementation planning
Strategic consultancy