5 Steps to Making Data Insights More Actionable
I had the opportunity to attend the CMAInsights Conference last year. The conference theme was built around “how true insights express the best of data and marketing”. The following is a summary of key conference takeaways for marketers on how to leverage data and analytics in the development of successful marketing campaigns.
An insightful case study was shared at the conference by Jose Ribau, Senior Vice-President & Chief Data Officer, CIBC on the topic of “Amplifying Vision with Insights.” This case study answered the following questions for marketers:
- What was behind the CIBC brand re-launch that marketers can leverage?
- How to weave research insights into compelling messaging to engage your target audiences?
Our presenter introduced the case with a definition of insight – “the capacity to gain an accurate and deep intuitive understanding of a person or thing” and explained that ultimately we are trying to stay relevant to our customers throughout their lifecycle. Moreover, how do we acquire new customers and retain existing ones? To accomplish this, the insights from our data have to be actionable.
Jose shared five (5) key recommendations on ‘how to deliver actionable insights’:
- Identify the ‘right’ questions. This can take weeks to ask the right questions. Get as close to your target group as possible and always leverage market research.
- Be clear on what you are trying to solve
- Be open to testing a new hypothesis – often the customer brings us on a different path.
- We ask: what strategic decisions are we trying to make? How will the customer benefit?
- Anticipate the next question
- Provide meaning to your customers
- Make your message simple and compelling. Tell the story in 3 words on a page.
- Instead of reviewing data, discuss what are we going to do with this information?
- Accept the conclusions from the data and move forward rather than discussing the data itself. Data is part of the journey, not the destination.
- Storytelling – form a narrative based on these insights for your customers, and be relevant.
- Translate and recommend
- Organize and align your stakeholders – come to a common view on how to move forward. Once the common information/data is shared – they are ready for common action.
- Track outcomes.
- Test to learn and learn to test.
- Create a feedback loop for results
- Understand the impact
- Ask ‘how can we learn from this’?
In summary, don’t focus on the data – lean forward into strategy setting and outcomes. And don’t forget to include your team!
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