My last two blog posts have been about the evolution from the Information Economy to the Insight Economy. Unlike the past where marketers used data to improve their business and enhance their marketing, this new Insight Economy is being powered by a deep understanding of your customers and their impact and influence on your business. It requires an integration of attitudinal and behavioral data to provide a holistic view. And, it has the ability to generate insights to help transform your business.
Over the weekend, I discovered an eBook from Deloitte titled, “The Insight Economy. Big Data Matters – Except When It Doesn’t”. If you haven’t read it, I highly recommend that you download it and give it a bit of your time. The content in this, as described by its authors, is to help business leaders sift through the swirl of competing perspectives, when they contemplate their big data investments. It is good information, but, in my opinion, misses the opportunity to define the larger space available for true transformative insights.
To get to big, profound and powerful insights in today’s homogenized and commoditized environment, you need to integrate your customer beliefs (acquired through primary research) with transactional and behavioral data, and an analysis of your big data. This is because, in this new economy, you should have a deep understanding; 1) of your customers beliefs and behaviors, 2) into the areas where their beliefs align with their behaviors and where they don’t – and reasons why, 3) an idea of what it would take for your brand to resolve this dissonance. This is the big, powerful, penetrating insight that will allow you to; 4) create compelling product/service solutions (not just marketing campaigns) to improve the odds of delivering profitable growth.
As I mentioned in my last blog, Macy’s, just by adding reliable Wi-Fi in their stores can begin their evolution. Or, if McDonald’s simplified the caloric counts with color codes to show healthy choices simply – consider healthy, healthier and healthiest menu items. Or, if Comcast could follow T-Mobile’s lead by simplifying their pricing model and making their new customer promotions available to their existing customers.
It is not complicated to make a difference. Don’t get me wrong, you need all the data, but you need to infuse it with empathy, creativity and most importantly, humanity. Solve real problems in a real way and you might have a winner. I plan to continue writing about this changing economy and encourage your involvement and perspectives. Please connect and share.