In the race to drive commercial growth, more and more businesses are turning to big data analytics to navigate their way through a competitive landscape, gain insight and prospects to unlock profit. Forecasters tell us that data will generate incremental global revenues of £110 billion by 2019 across multiple sectors, with utilities, resource industries, healthcare and banking seeing the fastest growth (1).
Yet despite the rewarding opportunities, large financial and resource investments - companies often fail to get their return on investment. As one client, the managing director of £1.3 billion FMCG organisation recently said ‘I have a lot of data, but little insight’ - a common trap that leaves little room to maneuver. So to successfully harness the power of data, we have identified seven key growth drivers for staying ahead of the curve:
The Big Data GPS Checklist - 7 Key Growth Drivers:
1. Identify your Destination: Set the business direction, discover growth opportunities and the size of the prize through data and insight to determine your strategic path … but before you set off:
2. Create a Roadmap: Use data to fuel your objectives, strategy, and KPIs. Warning: Without an aligned plan grounded in fact, your business may go off course or remain at a standstill. Gone are the days of simply launching a brand without an end-to-end insight-based strategy to successfully forge ahead.
3. Maximise your Resource: Partner with your insight team at the start of the planning process to sidestep any potential roadblocks, so that they can advise the business with an informed course of action in a timely manner. Avoid turning the function into a ‘reporting’ or ‘research’ role which can be outsourced to data houses, but instead leverage it as a key pillar to your strategic foundation by deploying talent to seize lucrative opportunities vs. just problem-solving. In other words, stop firefighting and realise the possibilities.
4. Build Capability: Cascade, promote and measure long-term insight competency throughout the organisation. Upskill the wider commercial functions for greater self-sufficiency and seamless integration. Release the core function of repetitive tactical requests, and empower it to focus on strategic intelligence. This will develop insight excellence in different areas of expertise for greater competitor advantage.
5. Connect the Dots beyond A to B: Let’s face it, data can be overwhelming and can exhaust a business of its energy and resources. So even after a 300-page document there is often no call to action. The key is to balance the birds’ eye view, with the data deep dive, and internal/external expertise for a reality check. Otherwise you run the risk of heading into multiple directions or a tailspin. The richest insight is within your reach.
6. Prepare for External Conditions: Understanding the insight ‘outside in’ is fundamental to bringing your brand to life. If you are not aware of what is happening in the industry climate, then one cannot change course if required. Collaborate with your data providers to compare and contrast outputs from different sources. This will provide the most accurate view of your brand/sector in an ever-changing external environment. Then distill the data to capture the insight in a comprehensive yet simple story – an invaluable skill.
7. Track the Journey - ‘Are we there yet?’: Whether you are at the beginning or continually evolving your data/insight journey, it is critical to pinpoint exactly where you are vs. where you would like to be. An insight strategy, capability, business performance and KPIs, can all help monitor the progress, but it is not an overnight process. Take a step back and ask yourself at what stage is your business is at on the Big Data journey:
The Challenge: To convert Big Data into actionable insight.
The Strategy: Re-deployed agency partners, processes & capability. Distilled complex data into insight ‘selling stories’. Launched insight innovation techniques, tools & training. Measured the ROI via key metrics vs. business objectives.
The Impact: 35% budget savings, 25% supplier reduction, 89% insight application. Incremental growth: +12% market share, +18% repeat purchase, +15% conversion.
It takes time, investment and commitment to effectively master the data & insight GPS, but the rewards are greater.
We collaborate with strategic leadership teams to design customer-centric story selling that: Get brands listed, Convert Browsers into Buyers, and Unlock Commercial Growth.
Trusted by some of the world’s most well-known & start-up brands and Omni-channel retailers such as: Coca-Cola, Bacardi, Starbucks, Britvic/PepsiCo, Kolibri, Tesco, Sainsbury’s, Waitrose, Morrisons, Ocado and other Fortune 500 companies in the UK & International markets.
Get in touch to see how we can Get your Brands Listed and Convert Browsers into Buyers… Let’s Talk On: +44 (0) 1727 860841 Or You can email us at: firstname.lastname@example.org