In my experiences, one of the most common causes of friction within an organization is the debate over the value of data/analytics within the marketing function. This false dichotomy of experience or data as the basis for decision-making can present challenges for developing an effective marketing strategy.
Both experience and data have their place. Experience is invaluable in filling in the gaps where data may not (yet) have the answer. The truth is, there is still much about marketing we don’t know, and, as mentioned in my post on survivorship bias, what worked for someone else might not work for you anyways. No one knows your business as well as you do, and the key to successful marketing is to use your experience to create a hypothesis and then test it with data and revise as necessary. Constantly testing and retesting will ensure that you give yourself the best chance possible for success.
Consider the following 2 examples of small businesses I have worked with, both of whom were looking to launch e-commerce sites.
Company A: Relied entirely on gut feelings to make all strategic decisions. Leadership did not buy into value of data, which made proving value of e-commerce initiatives difficult. Ultimately, company ended e-commerce efforts and returned to status quo.
Company B: Knowledge of industry was used to formulate ideas for revamping struggling e-commerce business. These hypotheses were constantly tested, revised and retested. Ultimately, this systematic approach with full buy-in from leadership tripled their online sales within 1 year.
From these examples it’s easy to see that an integrative approach is best, especially for small businesses, where the resources and capital aren’t there to allow for large mistakes in strategy as seen with Company A.
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