In today’s data-driven marketing world, we cannot underestimate the importance of getting the relevant insights in making business decisions. Success stories, like Netflix and Amazon, are two of the examples of leveraging on the best use of data. However, it’s not all good news for most businesses.
In her Ted Talk, Tricia Wang reveals that over 73% of data projects done are not profitable. Moreover, decision-makers have been left overwhelmed with tactical and operational data. More and more marketers are realizing that context and understanding are more valuable than just having the data itself. In this article, I will show you how marketers can overcome data overload by adopting an understated, yet powerful, form of measuring strategy.
The era of creative-led marketing ideas is over
Marketing has evolved past the ‘Mad Men era’ kind of advertising. This is where creative-led ideas promised benefits and attributes which were out of reach to most at the time. Using the mass marketing mentality, people were treated more as consumers, not humans. Thus the culture was that marketers had to ‘sell’ a brand. But this is not the ‘consumer’ of this era.
The traditional way of marketing has let people down. With scams running rampage, especially in this internet age, this had put pressure on them to be ‘right’. As a result, they can only trust brands that are doing things the right way (according to them). People use intuition to make these kinds of decisions more than they think. They are seeking brands that share the same belief with them. This goes beyond the benefits of the products or services they offer. Going deeper into what makes them who they are. Giving more value to the human experience to strategy than ever before.
Human experience at the forefront
Not focused on touchpoints (or the action was taken), human experience reveals why customers took action. Giving access to invaluable current and emerging human dynamics. This is how people relate to stories that come up in their minds when they encounter a brand, product, or service. What they remember afterward.
The behavior of the humans a brand seeks to appeal is influenced by how they think about what the brand stands for. Unconsciously, they come up with expectations of how the brand should behave. This makes it easy for them to find out if things are being done the ‘right way’. For brands, a growth platform. Measuring strategy on this basis will help marketers focus on the most important thing – the human customer.
A new way to quantify the strategy which overcomes data overload
Behind all the data collected in marketing, today should be the need to serve people. Psychology-based insights help marketers make sense of all data points. Pin-pointing on what they need to focus on. With that, they possess a strategic view of how customers respond to the brand. At Magathium, we measure strategy using their perception and viewing the brand as a character to help marketers to:
Understanding the brand
This is the basis of understanding the brand from the perceptive of the human customer. Providing the context for all tactical and operational data.
The process of becoming the brand the stakeholders expect. Developing a clear path to align these expectations to strategy
Being fluent in the expectations of the brand and building trust
Successful marketers seek to emphatically understand their people on a human level. Because people trust other people. Instead of marketers having to ‘sell’, consumers just ‘buy’ the brand.