“Data, data, so much data…but no insights.” Finding insights from all this data is like finding a needle in a huge haystack. In a study done by the Boston Consulting Group among senior executives of companies with revenues of $1.5B+, they found that marketers in these companies are clearly tired of all the information coming at them and definitely find themselves unable to cope with it.
A very dear client-friend, who was a long-tenured CMO for a top ten retail organization, retired last year. “I just got tired of running hard all the time to still find myself standing in the same spot” she said. She was exhausted by the constant pressure to get, process, understand and then act, in real-time on all the data coming in 24/7. “It was hard to respond strategically to any of it… I didn’t enjoy being tactically-minded in all my responses.”
The same study also indicated that only 35% of these executives believe that they are best-in-class in finding consumer insights. Less than 45% of them reported that their company’s consumer insight function provides a competitive advantage.
Some people have been surprised by these findings. I’m surprised they are surprised.
I see this in a significant number of client engagements. Companies struggle to unlock and understand the value of true insights. So, it is no surprise to hear this one complaint consistently from every marketer. “I am so tired of getting reams of data. All I need are actionable insights. Is that too much to ask?”
Their best partners are ones that not only provide them with insights but are ones that also help them define possible actions they can take. Actions that can help find new ways to build their business and add value to their brands.
Having so much information available to us without a strategic approach or methodology to understand it is a travesty. One that businesses today can’t ignore. Something needs to be done about it.
I’m building a company to do just this. To deliver the most powerful and actionable insights, ones that are founded on enduring human truths and ones that inspire big and compelling ideas to help our clients improve the value of their brands while driving profitable business growth.
I know this sounds like a bit of a pitch for Shapiro+Raj. And, I do apologize for subjecting you to it. However, it is with the best of intentions. To help companies turn the huge amounts of data that they have available into powerful business building and brand enhancing insights and ideas.