You have probably heard the saying: “information is cheap”. What fewer of us recall is that a full quote goes on to state that, “when information is cheap, attention becomes expensive.” Any marketing professional will understand this concept intuitively. In the modern world of FOMO and information overload, our branding efforts are much more about grabbing and holding the attention of our intended targets than they are about conveying information. Yet this is only one aspect of information within the marketing world.
Perhaps more importantly, consumer information including demographics, email addresses, and spending habits are more accessible than ever. Whether or not we would like to admit it, personal information is readily available for any interested marketing company. The question then becomes, how can marketers and branding departments use this information to its best effect?
Why is Information is Cheap in 2020 and Beyond?
We live in a world of big data. It is estimated that we will utilize approximately 50 zettabytes by the end of 2020 and 175 zettabytes in 2025. To understand the enormity of this number, that is approximately 1 trillion gigabytes or 1 billion terabytes. Yikes. Needless to say, the amount of raw data currently available to marketers is in no short supply. Yet there is a necessary distinction between raw data and useful information. Of those obscene amounts of raw data, how much of it is genuinely useful for branding departments?
Another way of looking at this paradigm is that data is now cheap, but usable information remains as expensive as ever. In fact, the sheer volume of data can cloud the information that will be truly beneficial to any highly targeted marketing campaign. This is precisely why simply viewing data is no longer a viable solution. Instead, we must seek to parse out the information that matters most and turn that information into useful analyses.
Marketing Relies on Data Analysis over Raw Data
Anyone with internet access can find out swaths of information about consumers, competition, and everything in between. This has functioned as an opportunity for small businesses to catch up with large corporations when it comes to research. Yet large companies with bigger research budgets continue to outperform the competition. Why?
The answer comes down to a simple fact: detailed data analysis uses raw data to inform brand decisions. The highest level marketing strategies dig far deeper than cursory data dumps. It is important to pinpoint their target demographic, seek to understand their needs, and deliver highly focused brand materials that meet their expectations. Let’s explore an example of how data analysis can benefit large brands.
Traditional demographics might include age, zip code, gender, etc. Modern data analyses can also use information such as drive time and historical purchase habits to pinpoint each individual customer’s likelihood of being interested in a product or service. The example of using real drive time in lieu of geographic distance is just one way that more advanced analytics can lead to more efficient marketing campaigns. 5 miles in Los Angeles is a different universe compared to 5 miles in suburban Wisconsin. Comparing drive time gives a more realistic view of a viable customer radius.
How to Leverage Information into Brand Action
We have already discussed how data analytics can turn raw data into usable information. The question then becomes: how can this usable information be turned into brand action? The answer to this question is heavily dependent on your individual brand, your goals, and the needs of your customers. With this in mind, here are a few high level concepts to keep in mind when evolving a brand strategy:
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- Use the customer feedback loop. With that being said, adapting to market research (usable data analysis) is essential. The key is to utilize the customer feedback loop to bring your brand closer to customer needs and expectations without losing your brand identity and personality.
- Turn weaknesses into opportunities. Almost all deep dive data analytics will uncover chinks in your brand’s armor. Rather than chalking this up as a failure, instead try viewing these weaknesses as an opportunity to strengthen your brand overall.
Clock Tower Insight Provides Focused Data Analytics
At Clock Tower Insight, we turn data into business solutions. By maximizing brand positioning, CX management, moments of influence, and more, we help build our clients brands in the short and long term. Clock Tower Insight believes that happy customers equal a happy business. We work closely with clients to tailor their brand from top to bottom in order to maximize positive image, exposure, and sales.
To learn more about how we may be able to help your business grow, read about our 15 plus years of focused experience working with brands such as Starbucks, Kraft, McDonald’s, and much more.