Intelligent Insights: Killer Insights vs Simple Finding…Not all insights are equal
- 28 - 09 - 2018
- By Elisa Choy
Intelligent Insights: Insights must be actionable and not all insights are equal.
Identifying a killer insight is the goal of working with data. A killer insight is an a-ha moment that can create considerable value to your business. It’s the shortcut to re-focussing your resources onto a better path to achieving growth, and beyond.
How do we really understand whether our analysis of data produces a truly actionable and intelligent insight is versus a simple finding? How do we go about identifying them and knowing the difference?
In this blog, we share what killer insights look like and the process we go through for uncovering them.
What is a Killer Insight?
A killer insight reveals a deep discovery about the customer that can be leveraged to position a brand or new product in a differentiating and meaningful way. Here's a real example from a formidable brand, Nike. Nike's successful 'Find Your Greatness' campaign resulted in driving $506m in revenue growth. Most importantly, it got people moving, increasing Nike+ membership by 55%. The campaign was during the London 2012 Olympics and its aim was to encourage everyone to excel like an athlete, regardless of their ability. Coming up with these campaigns are never random. Powerful insights are the drivers behind this. Nike found that it's not just the championship athlete that strives to push their own limits - it's the everyday 'average joe' athletes that make up a large portion of Nike's target audience. The campaign's objective was to encourage them to "achieve their own defining moment of greatness."
How to access killer insights from your data?
While Nike's inspiring message had mass appeal, it was actually developed by data-driven nerds in the background. Killer insights like these are rooted in a complex sea of data. The power of an intelligent insight goes beyond what consumers say they do and beyond their current behaviours and buying choices. Connecting different data points to uncover patterns in behaviour is the core of how we use data and analytics. Consumers are humans who are irrational and emotional. However, leaving a group of data nerds (ie. data divers in an ocean of data), to their own devices does not guarantee intelligent insights. The best outcome is achieved from a combination of 4 key components:
- Good quality Data (the Ingredients)
- Experienced Strategic and Commercial Value Detector (the Head Chef)
- Efficient Technical Tools (the Kitchen)
- A team of Data Technicians (the Kitchen Crew)
Now the 'so what' - how can you access killer insights from your data?
Thankfully, at Strategic Data Central, we bring an experienced team to work with your data to create killer insights. Our model as a business partner enables you to access our expertise in practical, easy and affordable rates. We work fast, we keep things simple, and bring clarity. Aside from numbers, we love working with words and analogies (have you noticed?). Check out our "Recipe for A Killer Insight Chocolate Souffle" for more information on how to translate data into insights.