What it means for companies to be “data-rich” but “insights-poor”
Steve Phillips and Ryan Barry
Zappi
- Part 1 What it means for companies to be “data-rich” but “insights-poor”
- Part 2What to do when your company data isn’t easily accessible
Show Notes
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00:00Differentiating between data rich and insights poor.Understanding the importance of moving beyond data to actionable insights for strategic decision-making.
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03:45Challenges in translating data into actionable insights.Discussing the common obstacles companies face when trying to turn vast amounts of data into strategic insights.
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07:20Connecting consumer behavior with marketing strategies.Exploring how understanding consumer motivations and behaviors can lead to more effective marketing campaigns and product development.
Quotes
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"We're really here to make sure that consumer centricity isn't just something that CEOs say in their shareholder letter at the end of the year, but it's something that is genuinely available, democratized throughout the organization." - Steve Phillips
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"Companies and people know they have a lot of data, but they don't have the data that they need at the right time and the right place to make a decision." - Steve Phillips
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"Companies and CEOs [...] always talk about being customer-centric. But if you look at a CMO tech stack, it probably does not include Consumer Insight data." - Steve Phillips
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"At the moment, if you talk to a lot of organizations, they're spending 80% of their time collecting data and 20% of their time to analyze it and find insight from it. We have to use technology to change that around. " - Steve Phillips
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"For the last 10 plus years, most companies are on some journey for digital transformation." - Ryan Barry
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“The marketing research industry is littered with great thinking, great perspective and great techniques, but it's by nature a managed service industry. And so each of these learnings that brands are collecting is living and dying in someone's head or in some PowerPoint.”- Ryan Barry
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“We just did a survey with the AMA of 700 marketers, and 70% of them are saying the consumer data that they buy isn't being harnessed.” - Ryan Barry
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If you don't feed fresh consumer perspective, you're going to start getting the same answers over and over again. And I think that puts brands at a massive competitive disadvantage if they're not harnessing their own data asset and diversifying it to include the voice of the customer. - Ryan Barry
- Part 1 What it means for companies to be “data-rich” but “insights-poor”
- Part 2What to do when your company data isn’t easily accessible
Up Next:
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Part 1What it means for companies to be “data-rich” but “insights-poor”
Steve Phillips and Ryan Barry from Zappi delve into the challenges faced by companies that are data-rich but insights-poor. They explore the importance of understanding consumer behavior and internal organizational journeys to extract meaningful insights. Discover how bridging the gap between data and insights can help companies like PepsiCo, McDonald’s, and Heineken® enhance their advertising and product strategies. Join Steve and Ryan as they share their expertise in leveraging consumer insights to drive business success.
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Part 2What to do when your company data isn’t easily accessible
Cofounder and CEO / President of Zappi, Steve Phillips and Ryan Barry, discuss strategies for dealing with inaccessible company data. They delve into the importance of leveraging consumer insights to enhance advertising and product ideas, emphasizing the need for faster and more affordable solutions in the creation process. Zappi, a company working with global enterprises like PepsiCo and McDonald’s, focuses on integrating consumer insights at every stage of product development.
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