Insight-driven marketing is more valuable than data-driven marketing.
Having large data sets, or Big Data, is like having tons of ore. It's heavy, hard to move around, expensive to manage, and not very valuable. It takes teams of people to find, mine, and manage it. However, buried deep inside the data is precious gold; we as marketers need to determine how to show off the bling.
The Value of Data
Data is most valuable once it is released, shared, consumed, and ultimately applied. It then becomes insight. At this moment, that data is like gold to CEOs. It has far greater meaning and can hold its value even in its rawest state.
What is most interesting is that all research today states that being data-driven provides more productivity and effectiveness than not doing it at all. I'll grant that considering inertia as the alternative choice is probably not the ideal stage for agile marketers. However, there are two points that are fairly spooky when pouring over the research:
- The number of marketers who are still very far away from adopting even the most basic steps of being data-driven
- Being an advanced data-marketer is only the first phase of maturity
I believe that there are three phases of maturity:
- Phase 1: Data-driven marketing
- Phase 2: Insight-driven marketing
- Phase 3: Innovation-driven marketing
Let's take each point one by one.