A Date With Data: Why CMOs Should Study Data Insights?

Rishi Sharma Jul 01, 2022

In today's digital age, there is a risk that you may get lost in the avalanche of information and content.

Content is consumed for a variety of reasons. Engaging, researching a product, or gaining interest in what you do before making a true leap of faith could all be reasons why someone is not ready to commit.

Your audience can be reached wherever they spend most of their time thanks to digital media. That is when you need to have a clear image of what you are going to accomplish. Free and paid campaigns will be used to achieve the main goal.

So, in order to craft intelligent plans, we must expend additional time and energy learning about and studying analytics. When it comes to creating entertaining and thought-provoking content, I believe that every CMO should have a healthy dose of EI (Emotional Intelligence). Data Intelligence (DI) aids us in enhancing productivity and maximising return on investment.

Research, desktop studies, published reports, or even internal data can be used to generate data and insights. You can use NPS surveys, performance tracking and trends or benchmarking studies as a starting point for your deep-dive research. However, in order to use the data to one's advantage, one must first get it.

Research, in my opinion, may be broken down into:

· Exploratory, equity-led, or perception mapping research is the most common type of Emotional Intelligence support research.

· Market/consumer base size and "Consumer Aspiration" research are two of the most common uses of perceptions and equity studies by brands. Customer view of sarees as a fashion category would be similar to my time with the fashion and lifestyle business Liva. Brand equity research could be more appropriate for Samsung since the company's stated goal was to become a "Loved Brand."

The following is an academic synopsis of how I see research and data-driven insights:

· Perception Mapping

In order to provide a solution to a consumer's problem, brands must first understand how that category is currently perceived.

· Brand Health or Brand Equity Study

Assess the brand's position in relation to the competitors on various brand health indicators.

· Analyse market trends to spot new ones

As a result of these data points, brands can stay abreast of current events and stay competitive. For the purpose of comparing the brand's offerings to those offered by its competitors.

Data intelligence, on the other hand, must be built by analysing a wide range of data points in a clever way. Regardless of whether it is from within the company or not, this data could be relevant. Ad performance matrix, conversion rates by geography, and other data sources like cross-category industry data, macro/micro impacts, etc. are all examples of internal and external data that may be used to better understand your marketing strategy. Various data visualisation tools are used to do this.

The whole customer journey is mapped, and every event and stage are documented to research consumer behaviour in an ecommerce or digital-first category. The data is then used to improve the client experience in the long run.

Ultimately, a wise marketer uses both emotional and data intelligence to their advantage in order to create leads and reach a wider audience than is feasible through traditional marketing tactics. This is a level playing field for all brands, and they are all competing for your attention. There is a large audience for everyone and plenty of room to grow if you play your cards well and interact with viewers at every step.