Technology pushes companies toward data-driven decisions. Marketing departments, agencies, and consultants are trying to digest this disruptive change. Unfortunately, there is no magical formula that suits well for every company.
Today companies collect lots of data about their customer. They analyze clicks, visits, purchases, location data, social media shares, personal information, and more to understand customer behavior. Decades ago, collecting data was not easy. The problem these days is processing data into accurate information and getting valuable insights from it. We call this approach the DKIW pyramid.
In university, there was a marketing story about marketing research.
A marketer visited Africa for research about the market opportunities for shoes. He wrote in his report that "Nobody is wearing shoes here. There is no demand. We can not sell any shoes to these people"
A rival company sent another marketer for research. The report was different. "Nobody is wearing shoes here. We can sell millions of shoes here"
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