487924030Too Much Information. Too Little Analysis.

As a marketing veteran, I believe there really is not too much information for making decisions. The key however is how to handle and process the avalanche of available data, and then draw actionable conclusions.  I grew up in an era in the 70s and 80s using directional and anecdotal information to make decisions. This was obviously hardly ideal, but it forced analytical thought using one’s intuition, a good skill.  Today clearly we are in an era where we have information up the ying yang, a literal tsunami of data. That’s good, right? Because as they say at Faber College, “Knowledge is good”.

Knowledge is indeed good, but we also all know that “Fat, Drunk and Stupid is no way to live your life” (R.I.P. Flounder). However, it’s critical to evaluate the tsunami of data available in today’s world and translate that data into action. That’s the holy grail of analysis.

And that’s where the real talent lies. Alas there is not widespread wisdom that takes data and converts it into action. In an era of big data, the key is to “make big data small” and make actionable decisions.

So, in an era of plentiful information, here are basic questions one should ask as you approach analysis:

1. What is the nature of the business and how does the consumer seek information about my product or service?

2. Is the brand a considered purchase or an impulse one?

3. What are the “triggers” for action and how can I insert the idea of my product/service at the moment of choice?

4. How do I measure success, and what metrics are related to this measurement?

5. Are there leading indicators of success which are predictors of success, and if so, how best can I influence those indicators?

6. What the specific actions to be taken as a result of the information I have?

7. Is the data I am looking at “nice to know” or “need to know”

Always strive for reaching the THEREFORE. By that I mean, the data says such and such and, therefore, we should take this action. And then measure whether the action was a wise one.

As we all know, analysis has no finish line.

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