The missing link between brands and big data
Everyone has access to data these days – brands and people. Facebook analytics, LinkedIn analytics, Google analytics. Brands collect data on their customers – reporting on their journey to becoming a customer, how they made the purchase and even the actions they took after making the purchase. But how does this come into play as you build your brand strategy?
While all this data certainly helps to provide people with answers to key questions like:
Who is buying my product?
How are they buying my product?
When will they buy my product again?
How much will they pay?
Big data fails in one key area: The importance of asking WHY?
WHY are they buying your product?
WHY are they buying in this way?
WHY will they (or won’t they) purchase again?
Why will they pay that much (or not)?
Without asking WHY you only have 50% of the answer.
The logical side. The trackable side. The numbers side. Let’s admit it – the easy side.
But what about the other 50%?
The human side? The emotional side? The psychological side? Truthfully, the more difficult information to collect and interpret.
Emotion Versus Logic
Consumers make decisions emotionally, not logically.
Yet the majority of businesses fail to connect with their customers in an emotional way. Instead they opt for the “easy” route – focusing only on the logical side of the equation (features and benefits).
How To Success Long-Term
While you will likely see short wins from the logic strategy, it will never land you the long-term, compounding success you desire. Why? The very foundation of the brand is weak because you’re constantly guessing – guessing on how to speak to your customer, guessing on their emotional motivators, guessing what your competitors are doing so you can stay ahead.
Avoid Missed Opportunities
When you only use data to build your brand strategy, you miss out on huge opportunities: for growth, for deeper customer engagement, for customer loyalty.
By asking WHY you will realize explosive growth by fulfilling unmet consumer needs, discovering new audiences, standing apart from the competition and disrupting your category.
Need help asking WHY?
Give us a ring – we’d be happy to help you identify the right questions to ask and who to ask them of as you continue to build your brand strategy.