Why Insights Matter

 

Research giant Forrester recently revealed the extent to which marketers under-value analytics.  Better put: marketers don’t understand analytics.  In a study conducted by the national research firm, a drastic disparity exists between what consumer behavior is telling us and how agencies are actually responding.  Many firms (not ours) ignore customer insights, instead opting for whatever strategy seems most appealing to the often non-representative cross section of the marketing think-tank coming up with the idea.  The result?  Campaigns that capture only a small proportion of potential consumers.

 

As Forrester points out, many firms choose not to implement analytics because they’re simply not used to them—and like any new plan of action (think: what was your New Years’ resolution?), it can be daunting to start.  However, Forrester notes that the benefits of digging your hands in to insights are three-fold:

 

1.They allow you to analyze your ideal customer.  Few attitudes derail a branding effort more than thinking a product appeals to everyone with a wallet.  Analytics allow research teams to diagnose the exact market segment that is interested in a given product, which then allows the marketing team to tailor campaigns to those specific audiences.

 

2. They accelerate sales.  Marketing doesn’t end at the point of purchase.  Rather, that’s just the beginning. Insights allow agencies to expand upon complementary offers (read: upselling) with information that attracts buyer attention.  The result is a comprehensive campaign that creates more loyal consumers.

 

3. They allow for predictive metrics.  Every company hits a wall at some point.  Research is certainly a way to find a door, but if it’s not done until that standstill is reached, its effect will not be as great.  By utilizing predictive metrics early on, companies can analyze where their customers are, where more are needed, and where certain trends are taking them.  This means that once that plateau is reached, companies can overcome it in a significantly shorter time span.

 

The Axiom Insights Takeaway

 

A lot of agencies preach about insights, but few actually do it well.  What separates Axiom?  We have a dedicated research department with mathematicians, economists and engineers.  All of our campaigns start with them.  Great ideas are wonderful, but without grounded research into what exactly is needed, they are destined for obscurity.