April 10, 2015 by meliorgroup
Technology has enabled us to track vast amounts of data where we collect an overwhelming volume of response analytics, customer, and market data. Big data can tell us every move a customer or prospect makes. How do you use the data to make meaningful conclusions that can influence strategy and tactics?
On April 1st, we joined members of the American Marketing Association and the Marketing Research Association on the 45th Floor of the Comcast Center to grapple with this question.
After a short meet and greet, the group settled into a beautifully appointed conference room over looking the Philadelphia skyline. Event panelists included Kathleen Brunner, (President & CEO, Acumen Analytics), Jim Multari, (Executive Director, Market Planning & Research, Comcast), Aaron Maass (Founder & Owner, Maass Media) and was moderated by Lisa Dezzutti, (President & CEO, Market Connections, Inc.).
The panelists agreed that analytics should not be departmentalized and that traditional market research can lend significant insight and meaning to analytics. Jim Multari suggests that finding ways to collaborate across areas and combine resources can produce unexpected and valuable insights. For example, when you get people together across finance, acquisition, sales, user data, and they get to talking about research and analytics – new ways of thinking about the business can emerge.
Emily Nydick, Market Research Associate of The Melior Group, felt that each member of the panel provided great insight about how to move beyond “analysis paralysis.” By presenting complex research findings to clients in ways that breakdown information and highlight key points, the information becomes easy to understand and grasp for informed decision-making.
With a continually increasing data overload, it becomes ever more important to find the sweet spot at the intersection of analytics and traditional market research. Aaron Maass confirms it is hard to get good data – and the difference really comes from being able to ask good questions.
One of Melior’s hallmarks is presenting the research learnings in an easy-to-read format; we make sense of the data for our clients; and present information in reports that are easy to follow and are usually ready for distribution by our clients internally. We create user-friendly documents…and all are custom-created for the needs of each client.
While keeping business objectives top of mind, a proactive effort to marry market research with analytics in a way that distills down the information needed to tell the story – will produce the best results.