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BizReport : Advertising archives : May 11, 2015

Top tips for a better data strategy

Data is crucial for brands, be they online or brick and mortar. But did you know there is a difference between data, intelligence and insight? One expert breaks down what brands need to know to build a better data strategy.

by Kristina Knight

Kristina: What is the different between data, intelligence and insights?

Ray Renteria, Vice President of Products, Avention: Data is the foundation. Without it, you don't have intelligence and you don't have insights. Data is all of the information about the market that you plan to deliver into. It's the availability of firmographic and demographic information, along with countless other points about the behavior of individuals and companies. Intelligence happens when those data points are combined in order to give you a more complete picture. It's what allows you to treat the lead that's combing through the content on your website like a real person, since you have a full perspective on who the person is, what company he works for and what type of milestones that company might be experiencing. Finally, insights represent the highest level of how data is organized. Insights clue you in to trends that let you make higher-level decisions about your marketing and product strategies. It's about looking at the patterns behind collective market behavior and adjusting your activities accordingly.

Kristina: Why do these differences matter to brands?

Ray: These distinctions matter because they impact a company's ability to optimize budget and target prospects effectively. If you don't have high-quality data to begin with, you'll never get the insights that you need to gain a competitive edge. Investing in complete, vetted data sets gives brands stronger intelligence, which in turn enables them to glean actionable and precise insights about their market and products. It's similar to building a house. If your foundation is laid but does not fully set, the house won't have integrity. If your data has holes and inaccuracies, the intelligence and insights that follow have little value.

Kristina: What are your top tips for brands to implement a solid insight-heavy strategy?

Ray: If you work in B2B marketing, don't be satisfied with knowing the base level of information about a lead who navigates through your website and marketing collateral. You need to also know all of the information about the company for which that person works. If you don't know the name and behavior of that company, you don't have the data you need to give you a complete picture of the lead or identify trends about your hot prospects. After all, you may market to individuals, but you sell to businesses. Don't limit your opportunities by starting with a shaky foundation. Ensure that you begin with high-quality, complete data sets so you can ultimately deliver the right content and messages to your contacts and leads.

Image via Shutterstock

Tags: advertising data, Avention, brand data, data, data analysis, data tips

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