Do you have the courage to listen to your market?
March 14, 2016
The era of Big Data is squarely upon us, and it holds the potential to be the most transformative force in business since calculators replaced slide-rules. However, the potential that comes with access to droves of data will only be realized by individuals with courage. I have encountered only a handful of companies, teams and individuals with courage in my career. Here’s why courage is rare:
Courage is challenging the established models and ways of thinking. Courage is fighting for metrics that matter to the success of the enterprise. Courage is listening to the evidence careening back from the market at the speed of customers’ buying decisions. Courage is action with forethought.
It was not courage that led smartphone manufacturers to ignore the early success of the iPhone, or the marketing team of a global retailer to ignore the hijacking of their brand during Black Friday- it was hubris. Hubris coupled with a strong dose of fear.
Executives can be bogged down by hubris-or fear of change, especially when their internal research demonstrates how much current customers love their brands and products. If everything you have says you’re great, stay the course. Don’t waver from the status quo because anything different is terrifying.
Advancements in the way we collect and interpret data allow for a broader view of the market than ever before, but many companies today are confusing quantity with quality, leaving trillions of dollars of untapped value on the field of play.
The plain truth is Big Data without Big Action is a Big Waste.
Companies have the unprecedented ability not just to shout about their brand, but to listen to the heartbeat of opportunity thumping strongly within every consumer in the markets they are striving so hard to win. Big Data allows companies to listen to what makes user’s hearts strum with excitement, palpitate with fear, and drum their owners into a decision to buy from you over the competition.
Right now, most of marketing technology is being used to by companies to turn Big Data into Big Noise. This results in loud brands that force their message into to the conversation of the commons. Re-marketing campaigns follow users with ads months after they’ve already made a purchase. Attribution engines strive to be the last ad clicked before ‘buy,’ but increasingly force customers to say ‘bye’ to those brands out of sheer annoyance.
Do you have the courage to listen and learn? Are you seeking the evidence needed to move the market? Are you ready to drive dialogue instead of participate in parallel monologues with your competitors?
If that’s you, we need to talk. We craft tools for heroes like you. Need evidence to evolve your enterprise? Check. Metrics to move your market? Check. Tools to sharpen the talons of your team? Check. Support that sustains your success? Double check.
Or you can ask us your questions here
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