Data isn’t knowledge. Data is power.
Posted Dec. 10, 2010 by Casey Flanagan
Filed under: Ideas, Marketing, Planning / Research
The news that data is power isn’t really news. But the application of data is getting more creative and more important in as real-of-time as it gets measured.
Three articles caught my eye recently and were quickly put in my growing file titled “Reminders of just how accessible and interesting data can be.” Their profundity varies, but each, I believe provides a look ahead for marketers:
When do people break up? According to the new book The Visual Miscellaneum, the break-up is much more likely to happen two weeks before Christmas than closer to the date. And it’s based on compelling data from quite possibly the best source for this information – Facebook. In the world of “at the right time” communications, I would imagine dating services, bars with Ladies’ Nights and ice cream manufacturers would be interested in the data.
When are iPhone users most happy? According to a study published in Science magazine by Matthew Killingsworth and Daniel Gilbert, it’s when they are focused. The authors used an iPhone app to explore moment-to-moment happiness and found that 46.9% of people’s time is spent thinking about something other than what they are doing. That matters for advertisers and web developers. And provides a roadmap for those designing brand experiences (think: engaging).
Where is the economy heading? The Billions Prices Project is “an academic initiative that collects prices from hundreds of online retailers around the world on a daily basis to conduct economic research.” By monitoring prices of 300 online retailers in more than 70 countries, the folks at MIT are building models to forecast future trends. Somebody get the White House on the phone.
And this is just going to get more interesting. As more TV fans check-in to their favorite shows, advertisers will be able to get a better feel for the context of content. Which shows have the most tech-savvy, engaged fans? And which shows are being time-shifted by their tech-savvy, engaged fans?
Clearly, translating data to insight and insight to implication is essential to success, thus the title of this post. But it’s worth noting that in two of these three examples, the A-Ha moments came from existing infrastructures. The knowledge was created by talented, dedicated people. But their power was not self-made. At least not totally. It came from the accessible and / or existing data.
What insights would you need to make better, more confident decisions? Does it exist already? Could you build an infrastructure to better capture it?
Take a fresh look at these questions. Set yourself up to be powerful.
