This insights strategy is a plan of action for gathering and analyzing data to gain valuable customer insights. It should include the methods used, the frequency of gathering data, who will be responsible for collecting and interpreting it, how it will be reported and acted upon. An effective insights strategy can help businesses make informed decisions about marketing activities, product development and customer service initiatives.
Analyze & Action
“Analytics is the means to the end,” explains June Dershewitz, board member of the Digital Analytics Association, in a recent discussion with All Things Insights on data, analytics, insights and action. Dershewitz outlines data, data analytics, data insights and actionability. Then there is the impact of the changes made based on those actionable items. “The end should be insights. Actually, the end should be the actionability of insights,” she said.
Insights data and its associated strategy can be an ever-moving stream, or tidal wave, of information in a variety of formats. The insights executive must be the navigator of such data, and not only focus on the information at hand but also focus on such factors as data architecture, data privacy, security and data governance. The ethical use of data is also becoming of primary concern in this digital information age.
Deriving value from data, centered on strategic use of such insights, has never been more important, or complex. As Deloitte put it in a recent report, “Developing a Data Insights Strategy”: “More than ever, organizations need a better way to get value from their data. Multiple data sources have created an influx of information that needs strategic oversight— and with over 163 zettabytes of data expected to exist globally by 2025, this challenge will only get more complex.”
Of course, in this time of dynamic change, from the pandemic and beyond, the process of analysis and action is a constant and continual process in the insights ecosystem. How do we outpace the inevitability of this reality? When presented with the adage, “Disruption is always right around the corner,” Sunny Zhu recommends that instead of attempting or thinking about how to outpace, “focus on the right opportunities.” See more of All Things Insights’ discussion with Zhu, on “Insights on Outpacing Further Disruption.”
Action Items
So how best to craft an effective insights strategy? Whether you are a beginner or a seasoned expert, according to ChatGPT, here are some of the basic tenets for creating a strategy centered around insights.
- Gather and Analyze Data: The first step in crafting an effective insights strategy is to gather and analyze data from a variety of sources, such as surveys, customer feedback, market research reports, website analytics, social media insights and more. This will help you gain a better understanding of your customers’ needs and preferences.
- Identify Trends & Patterns: Once you have gathered the necessary data points, look for patterns or trends that can be used to inform your insights strategy. Consider how different demographic groups interact with your product or service differently so that you can customize strategies for each segment accordingly.
- Develop Strategies Based on Insights: After identifying key trends and patterns within the data collected, develop strategies based on those findings that are tailored to meet customer needs as well as business objectives. Make sure these strategies are measurable so that progress can be tracked over time.
- Monitor Performance & Iterate: Finally, monitor the performance of your insight-driven strategies regularly in order to make adjustments where needed in order to maximize effectiveness going forward.
An additional key takeaway could be an aspect of communication. One must be able to communicate the results of one’s findings. Present findings in an easy-to-understand format so stakeholders and top executives can quickly grasp key takeaways and make informed decisions based on them.
