Marketers are continuing to overinvest in marketing software that “does it all” – stores data, executes digital marketing, and delivers Bada-BING dashboards. These dashboards provide a lot of Information about the customer base, what customers have done, and what the algorithm predicts they’ll do next, but they’re missing the Insight based on human intuition.
Per the dictionary, Insight is the capacity to gain an accurate and deep intuitive understanding of a person or thing. That intuition only comes from people interpreting what the data means in a human way. Here is a simple example during COVID: A dashboard may show that customer spending is up 3x over 2020, and predict that next year, customer spending will continue to grow at the same pace. Any marketer who is looking insightfully at the data will take the pandemic into account and adjust revenue expectations accordingly.
In theory, a strategic marketer or analyst should be able to glean Insight by looking at dashboards and the needs of the business. However, with the proliferation of data and point solutions, marketers spend most of their time manipulating data and sifting through reports or spreadsheets to try and create a full picture of how marketing is performing. Even if they begin to focus this picture, there is little to no time for strategic discussion, as the information generated is stale and it’s time to move onto the next marketing fire drill.
Our Portfolio Value Statement (PVS) addresses this problem by presenting a comprehensive view into how the combination of all your marketing efforts is impacting your customer portfolio in one dashboard. Our easy-to-read PVS Framework presents data simply, so we can have intelligent discussions about how to engage, create and retain Best Customers.
The PVS Framework includes strategic views, such as Last 12-Month Revenue and Next 12-Month Conversion, as well as tactical data like marketability and contact history. Having this Information in one easy-to-use dashboard enables marketers to see the entire picture and determine the best way to allocate marketing dollars.
Our PVS product is a tool marketers use to glean insights for creating marketing strategy. As an example, PVS Dashboard can show that Loyal Active customers have increased 10% over last year and have spent 30% more. This is the Information that the PVS will give you. Marketing has done a good job at growing Best Customers over last year. An analyst or strategist consumes that Information and recognizes that these customers are very valuable to the brand and should be treated as such. That’s Insight. The marketer then makes a recommendation of investing more in these Most Valuable customers, such as a nice thank you card or special VIP event for these precious customers. That is how Actionable Insight is gleaned from the PVS that marketers can use to grow their business.
Using the Portfolio Value Statement, our analysts can enable your marketing team to create incremental value using the data as you have it currently – there is no need to create a new data warehouse. We can deliver actionable insights to you in six weeks!
At the end of the day, no brand wants to hand their customer relationships over to a model, a dashboard, or a score. Marketers need to know how to interpret a dashboard and take action – do you do something differently, test something, try a new method? What marketing messaging and treatment has resonated with you? This level of strategic thought can’t be handed over to an algorithm. After all, consumers have emotional connections with a brand, not binary ones.