Shourav Sen talks about striking a balance in decision-making for marketers and Why Understanding the “Why” is Critical.Shourav Sen is a Worldwide Director of Strategic Insights and Analytics at Colgate-Palmolive.
In today’s digital age, data and analytics are essential in decision-making. With advancements in technology, we have access to more data than ever before. However, there is a growing concern that we are missing out on the “why” behind the data. While data provides insights into what is happening, according to Shourav, understanding why is critical for unlocking hidden opportunities and avoiding costly mistakes.
The ‘What’ Revolution: Understanding What is Happening
Data and analytics provide valuable insights into what is happening. The ‘What’ Revolution, focuses on understanding what is happening through data and analytics. This has resulted in the development of new tools such as dashboards, scorecards, and predictive analytics, which provide real-time insights into market trends.
Some key benefits of the What Revolution include:
Increased accuracy: With access to more data, the accuracy of insights has improved significantly.
Predictive analytics: Predictive analytics has become more prevalent, enabling organizations to make informed decisions based on future trends.
Democratization of data: With the availability of more accessible tools, even brand managers and assistant brand managers can access data and make informed decisions.
The Why Revolution: Understanding Why Things Happen
While data provides valuable insights, it only tells part of the story. The Why Revolution focuses on understanding why things happen. This requires digging deeper to uncover the root causes of market trends and consumer behavior.
Some key benefits of the Why Revolution include:
Deeper insights: Understanding why things happen provides deeper insights into consumer behavior and market trends.
Avoiding costly mistakes: Understanding the “why” behind market trends can help avoid costly mistakes in decision-making.
Uncovering hidden opportunities: Understanding the motivations behind consumer behavior can help uncover hidden opportunities for growth and innovation.
Real-World Examples of the Importance of Understanding Why
The COVID-19 pandemic provides an excellent example of why understanding the “why” is critical. When the pandemic first hit, credit card payments in some markets were going up, leading some to believe that the economy was not slowing down. However, a deeper analysis revealed that people were switching to credit cards to avoid contact with cash, leading to an increase in credit card payments. Without understanding the motivations behind the market trend, businesses may have made costly mistakes in decision-making.
Similarly, when analyzing the success of an ad campaign or product, it’s important to understand why it’s succeeding or failing. This requires a deeper understanding of consumer behavior, including their motivations and preferences. By understanding why an ad campaign or product is succeeding, businesses can make informed decisions to further drive success.
The Role of Qualitative Research in Understanding Why
Understanding why requires a deeper understanding of consumer behavior, which can be achieved through qualitative research. Qualitative research involves gathering information through open-ended questions, focus groups, and other methods that allow for a more in-depth analysis of consumer behavior.
Some key benefits of qualitative research include:
Deeper insights: Qualitative research provides a deeper understanding of consumer behavior and motivations.
Uncovering hidden opportunities: Qualitative research can uncover hidden opportunities for growth and innovation.
Avoiding costly mistakes: Qualitative research can help avoid costly mistakes by providing a more complete picture of consumer behavior.
In summary, according to Shourav Qualitative research can be used in conjunction with data and analytics to provide a more complete understanding of market trends and consumer behavior. By combining the two, businesses can make informed decisions that drive success and growth.
To listen to conversation between Jasravee Kaur Chandra & Shourav Sen on “Marketing Innovation – Putting People & Data at the Center of Growth Strategies”, please visit our Youtube Channel
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