Make any decision without having information, that is chance, since we are leaving whatever happens to chance or “feeling”.
Being honest, on many occasions we bet on what we feel, our experience, the moment, etc. Because in the end it is more comfortable, it is less work, it is less challenge and the Process is more agile, as it does not have to carry out all an investigation or compilation to reach a decision.
Mexican culture and Latin culture in general, bets a lot on “feeling”, to carry out actions of all kinds, especially to make important decisions, and I am not saying that it is a mistake to trust experience or our own capacity, but betting only on that to make decisions if it can be a problem.
From data to information
Data is all that we can collect, of different types and from different sources. They can be dates, figures, events, facts, etc. For a piece of data to become information requires processing, since a piece of information by itself is of no use if it is not processed or used for something in particular. Now, a data becomes information when it is given a purpose and that is where the data obtain their value, by being directly related to the objective for which they were obtained.
The sales figures of a company are useful data, but when used to determine trends, at that moment they become actionable information that can be used to make decisions.
Website traffic statistics are very useful, but until they are given context is when they can be used for something.
When we have data that we can turn into information, that can be a substantial change in the way we make decisions.
Information experience
In the end, making a decision with only information can give us a partial approach to things, because experience also helps and a lot to give meaning, context and weight to the information.
Experience allows us to know what is important since we must pay more attention, beyond seeing a data or a figure. In other words, experience is what will allow us to know what to do with the information we have.
Information sources
For marketing work there are several sources of information that we can use for decision making.
We can divide them as follows:
Performance
It is the information that allows us to know how the marketing actions are being executed, from evaluating the response in an ad, to the conversion that has been achieved.
Having reliable information on the performance of a campaign is vital to be able to make timely adjustments and avoid waste or loss of money.
Demographic
This is all the information that allows us to know and understand the consumer. Either to know how it is and how it behaves or to map the purchase process.
Each industry needs to measure its consumer differently, as each case is a tailored suit.
Environment
This is the information that allows knowing the environment of a brand, from the industry and the market, to the competition.
The information on the environment also considers the economic / financial part that revolves around the brand, considering from the price of the product and service to the macro indicators of the country’s economy.
Having this information will allow us to adjust our value offer to respond to consumer needs, while being competitive at the same time.
Knowledge that is not shared completely loses its value
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