5W Turning data into action:the power of consumer insight
What is data? • Data is one of a company’s greatest, yet still often underutilized assets. • The ability of a company to conduct the data, learn, and translate that learning into action will enhance the ultimate competitive advantage.
It is a strategy when a company takes a decisionupon data, but it is a tactic when a company takes adecision upon instinct and assumption. Which one are your company?
Who should collect data? Large corporate to generate the growth and to enhance the sustainable competitive advantageSmall business to hunchthe trend and to indycatethe opportunities to enterthe market
Where to find data? • Online-based: websites, emails, social media database, online survey, , point-of-sales social media behavior, shopping preferences • Offline-based: point-of-sales monitor purchase behavior, loyalty program, offline surveySource: Loyalty360, 2011
When to turn data into action? It’s when to decide... Sales & marketing trends Differentiation Loyalty program to boost up & strengthen the relationships with costumers New product/service Costumers experienceSource: Loyalty360, 2011