Data without insight is meaningless, insight without action is wasted effort – Quiel
By Abimbola Mohammed
Mathew Quiel, Senior Director of Product Management, Transunion, has said that data is the backbone of any good marketing strategy as data without insight, he noted, is meaningless and insight without action is a wasted effort.
He made this assertion at the just concluded webinar organized by Brave New World, with the theme: “How to Unleash Your Audience with Next Level Data”.
His words: “Data, of course, is the backbone of any good marketing strategy. Data can help us to know which product to sell, how to price and which channel is most effective, while insight helps us to understand how consumers think, behave and feel. But data without insight is meaningless and insight without action is wasted effort.
“Marketers that embrace data across the entire customer journey are ripping immeasurable benefits. There are many benefits of using data insight whether achieved through internal processes or artificial intelligence. Using data insight allows you to segment and target your audience.”
Queil added that, sometimes despite data and digital investment, many marketers still fall short of providing delightful customer experience. Irrelevant product recommendations, missed targeted ads and emails, he noted, can all lead to desertification in turn.
Mentioning the challenges marketers face with the issue of big data, he said: “Marketers know that insight is the key to better insight and better consumer experiences, but that is not possible when it is stuck in silo systems or when there is more data than our existing system can handle.
“We face many challenges in this big data world that we live in, including data access, putting data products in the hands of people who need them and when they need them and in a way that they need them. Poor data quality stemming from human hair, data drift, data decay are all affecting the quality of data as they journey from system across platforms. Lack of expertise, regulatory challenges and data volume is also a problem. Globally, more than 2.5million Quatanium bites i.e. 18 zeros of data are created everyday. With the influx of data it can be difficult to manage the quality.”
“Also, data application and combination, structured and unstructured data make it difficult to use such data sets. Blending this set may become time consuming and difficult resulting in data scientists spending more time organizing data than analyzing it,” he added.
Speaking of the solution to owning data, Quiel said marketers need to take a wide level approach to data collection.
“Data collection starts with first party data. I have always been a firm believer of starting with what you know, then to what you don’t. Access to first party data is critical for marketers to target and engage consumers from platforms, channels and devices. Robot first party data is a gold mine for retention and improving customer experience, but unless every prospect has the same characteristics as your existing customers, then it does little to accusations.
“That’s why marketers need to enrich the filled gaps. Enriching using third party data allows marketers to see consumers beyond the limit of direct transition. Household income, consumption, social media interactions, geographic context, online and offline shopping activity can be utilized to find prospective customers, identify most channels that are effective and get their attention,” he said.
He continued: “Marketers that fail to capitalize on third party data risk becoming dependent on a scale of wall gardens. For marketers, every second till today counts in increasing connectivity to the world, establishing a real time data and insight strategy is the least to keep them fresh. It is important to expand your data collections, explore opportunities for zero party data which is data collected directly from consumers.”
He advised that by using second party data, you can increase the scale of your first party data as the second party also answers too many situations to address new markets and new opportunities.
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