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THIS WEEK’S MARKETING QUESTION

May 23, 2016

Most of my blog readers (7,000+ as of today) live in the small business world. That’s why I don’t cover much big ad agency news or trends. Although I have lived in that world, it is not where my readers live. Recently, Martin Sorrell and Maurice Lévy, big names and ad agency owners in the international ad world, shared their belief that data-collection and data-analysis firms are now more important than ad agencies. Why is this important to you?

Because big data is driving most marketing decisions for larger firms, if you want to compete and increase your share of the business pie even small businesses need to base more marketing decisions on knowledge – hard data that tells you what your customers want and where you can find them.

Many of you have some of this data via online analytics (like Google Analytics) but you do not know how to use it or supplement it with your own research efforts. I say this because that seems to be the fastest growing segment of my business, helping people interrupt data and providing additional data.

But the problem with data, as pointed out in a Wall St. Journal editorial by Jeff Goodby co-chairman of Goodby, Silverstein & Partners (another big agency), is that “for enough money, everybody has the same stuff. It’s not that it’s not valuable. It’s just that it’s the same. It’s what is done with the data that makes all the difference.”

Yes, companies that don’t use research are, indeed, dinosaurs, but what you do with your research is what really will generate more profit. Numerous times I’ve seen companies that have research not know how to convert knowledge into marketing creativity. That is the ultimate goal of research.

QUESTION FOR THE WEEK: What big marketing ideas are you developing from knowing your customers?

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