There is so much talk about information and Big Data these days, every organisation is feeling swamped by the belief that they should be doing more with their data.
From gathering more, to analysing more, and developing more insights about their customers, they are also afraid that their competition is doing more. If this is your situation, then this post will provide the answers you need.
Organisations have always collected information about their customers; it’s nothing new. Whether this is through conducting market research studies, or simply from obtaining details when customers buy something, there is already a lot you can do today to manage your data. However, there is an even bigger opportunity to get a better underst anding of your customers and their needs and desires, when you integrate all the information sources you already have at your disposal. This is why there is so much news about Big Data these days. For all of you that have been shocked into inaction by all this talk, here are some simple ideas that you can use to start your own journey to managing your data, whether Big or Small:
#1. Make your information more visible
You are certainly already collecting a lot of data, both internal and external, but it is probably only the former that is shared today; sales, distribution, targets, budgets, plans and forecasts are the most common examples of this. How are all these numbers shared across your organisation? Why not develop a simple dashboard showing the most important numbers?
Using comparisons to competitors, indices and trends are generally the most useful way to provide a quick overview of business, into which viewers can then dig deeper, depending upon their area of interest. You don’t need to show it all on the dashboard, and you shouldn’t try, just keep the summary to the KPI’s that are most relevant for everyone to know.
For more on how to choose your KPI’s see here.
#2 Make your information more available
You already have many sources of information, but who has access to it? If you are like most companies, it is the department that collects the data that analyses and uses it, and other departments rarely know of its existence, let alone get to see it. Why not develop a library in which you can store all the information and insights that are gathered and developed, and then give everyone access to it?
This library can be as simple as a folder in a shared file, an Excel folder, an Access database, or a more sophisticated system that can manage budgets, projects and suppliers, as well as the storage of the processes and reports. Some organisations are afraid of doing this for fear of information getting into the h ands of their competitors, but access rights today are easy to manage so that you can significantly reduce such a risk.
You can find more information on knowledge sharing here.
#3. Make your information more actionable
Much of the information that companies gather is backward looking, coming from sales and distribution that have already happened or your customers’ consumption and usage habits of last week, last month or last year. Whenever you gather any sort of information, it is a good idea to review the description of your target audience for each br and, in order to ensure it is as complete and as deep as possible. This should not be a once a year exercise, at the time of plan writing, but a continuous process to stay in close contact with your customers’ desires and changing opinions and behavior.
You will almost certainly find that in today’s fast paced world, they have changed quite significantly in some areas. However, even if the current descriptions have not changed substantially, the review of your information should enable you to enrich it further for an even better underst anding. Additionally, in order to build insight and foresight the information you gather needs to be complemented by forward looking metrics such as trends and future scenarios. By looking at how your customers are adapting today, and hypothesizing on their future changes, your organisation will be better prepared for future opportunities and challenges, providing a real competitive advantage.
To learn more about developing your Vision & strategy check here.
#4. Make your information more readable
If you have gotten beyond the amount of data that is humanly possible to analyse, you need to consider building a database that can be analysed and modelled with the help of complex analytics. This is when information starts to become BigData and can result in a step-change in the insights an organisation can gain from it.
The sophisticated algorithms that can now be developed can make your information “speak” more clearly about your customer and become usable for many different purposes. You can try hypothesizing about your customers future behaviours, the likely success of your promotions or innovations by region or country, and then get near real-time answers to your questions about them. In some cases, you can even simulate market response to new ideas before they are even launched, in order to identify the best roll-out plan, or even to decide whether or not to launch in the first place.
If you yourself are at this tipping point, as descibed in Malcolm Gladwell’s book of the same name, and need support in developing your integrated marketing database, please contact us so we can share with you some of the successes our clients – your competitors? – have already had.
These are just a few ideas on how to make more and better use of the information you are already gathering. What made the biggest change for your own organisation in the use of the information and knowledge it gathers? Have you reached the tipping point to BigData yet? If you are proud of what you’ve done, why not share it with everyone here?
For more information on developing processes for the integration of information, the development of insights and the internal sharing of knowledge, please check out our website: https://www.c3centricity.com/home/underst and/
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