As brands and marketers try to keep up with a changing consumer and marketplace, they need “ALL the data” for smart decision making.
More people doing more online means even more data for market research and marketers. We’ve written and spoken a lot about all the different types of data out there and how to bring them together. This issue is becoming more and more pressing in today’s reality, and our Group Services Director, Horst Feldhaeuser, writes about it in his latest article for the American Marketing Association, “Fishing in the data streams for better marketing decisions.”
As brands and marketers try to keep up with a changing consumer and marketplace, they need “ALL the data” for smart decision making. Horst maintains that organizations must combine the granular customer-specific data with “the larger picture, like aggregate data from the marketplace as a whole, to gain a baseline understanding.” And it must be easily updated as new data comes in regularly. These tasks are only possible with the right technology.
In the article, Horst touches on three key things that marketers must look for when choosing technology to handle their data. First, they must examine exactly where the data is coming from and how large the datasets might be - some solutions might not be able to process it all. Then, the chosen technology must be able to “synthesize the data,” aligning data from multiple sources to create a bigger and clearer picture. Next, and possibly most important, the technology must make it easy to examine, report, and share the data with stakeholders.
Our market research platform, Harmoni, was purpose-built for handling all kinds of data. It gets data out of silos and handles even complex data and analysis, harmonizing every “stream” into one usable data set by aligning data labels without a heavy manual load. Plus, it automatically learns and implements alignment rules for future projects. Democratizing data is also easy with Harmoni, as users can get a comprehensive look at all the harmonized data and share customized insights with the right stakeholders across their organization.
Horst concludes his American Marketing Association article with: “in an ecosystem that is moving at record speeds, with a consumer who is becoming ever more complex, having holes in the data is not an option. Identify your data streams, bring them together, and use the right technology to understand what your customer needs today.”