Building a brand story that identifies well with your audience is the most critical and the most important step for any company and product owner. As technology rapidly changes society, more data becomes available which may not always be better. Having data in complete isolation is not effective. To properly collect and use the data that contribute to actionable insights is the goal. Once the data is verified and understood, the next steps would be to flush out, then tighten, up the brand story. The brand story would be developed then by tapping the knowledge of the people on the ground. Those who can identify the trends and then the brand story becomes aligned with the user experience. Looking for disparities and outliers is part of the process. Many organizations realize the value of the data. Most find it difficult to dedicate the time and resources to collect and structure it in a useful way for strategy. Achieving these results, many have turned to Centaur Strategies as the trusted advisor to take the data, make it useful and tie it back to the brand story. The brand story generates a user experience, in part and a product that has a depth of relevance and a connection with the user. Two main trends to watch for:
The rapid rise of predictive analytics in marketing. Predictive analytics now offer insights on target markets, customers and businesses accurate forecasts shaping better business outcomes, strong bonds with brands and users and overall longer-term stability.
The rise of cognitive machine applications, (also known as machine learning applications and artificial intelligence). To augment decisions, identify patterns and decrease human error, fast, ML and AI is here to stay. The key challenge for most is to shape strategy and decision-making. Once the concepts behind the data usage is better understood, we predict there will be a democratization of data within companies.