Create superior platforms that serve as a significant point of differentiation.
That one sentence has proven to be the basis of the Marketsmith data intelligence driven business model. It led me to take the risk of formulating data into modules that could interact and highlight opportunities and efficiencies – it allowed me to ensure that scale did not come at the hands of humans doing work they did not need to do.
Below are the five ways in which data intelligence and functionality have propelled my company to exceed the performance and services of other industry leaders:
- Data-based media buying wins every time over the humans. When humans place media, their accuracy rate consistently falls below 30%. Why is that? Because there are too many weights, data points and interactions for a human brain to process at one time. So, they default to relationships. Relationships are where humans let emotions take over and deals are made good, bad, or indifferent. Deals between humans versus science – science will always win. Point blank.
- Humans spend more time organizing data than reading it. Humans by nature are either right-or left brained. Therefore, the marketing strategist is going to make a great comeback. The great marketing strategist you can have on your team is a person who is comfortable with the right and left side of the brain. One who craves visuals of data intelligence because it cuts down precious time on sifting through and organizing data. We need humans reading data, not spending time organizing it. Data organized by humans should be a thing of the past.
- Dirty data creates dirty outcomes. The idea that even a blind squirrel can find a nut is never true in dirty data. Dirty data is dirty data and creates dirty, messy, and blemished outcomes which businesses lose big money that they can never recover. Don’t let humans clean your data.
- Humans are expensive and slow until they are empowered. It is not disruptive to replace humans crunching data with data processes like data lakes, data warehouses, and data hubs. It is smart. Humans cannot compete with machine learning, data cleansing processes and artificial intelligence. The data comes too fast and too furious, and from too many places. Data is critical to the process, and humans are critical to the story telling: the command of the data truth, and to run like a cheetah once they have the information they need.
- Winning is placing effective technologies and visualizers in place of where humans once roamed. The fundamental changes in my business came from the following points out of the MarketsmithIQ platform:
- One human is now in place where seven once were
- Margins doubled
- Outcomes increased to over a 90% accuracy rate
- Humans became more valuable and more empowered – scale happened and stayed
- Marketing outcomes for clients and work projects started to accelerate positively, and risk was avoided
I visualized a better business model, where I trusted that my team was delivering outstanding work products and that it was fully informed and using data, science and human knowledge, and that cutting down on reaction time with fewer errors, less time to find winners, and clarity on where the winners were would lead to success.
I draw conclusions faster, with less people around the table, and with greater consensus. With the MarketsmithIQ platform driving attribution, content discovery, media channels, and what SKU’s are working where and when, I know that I am the most informed strategist in the room. I am confident, I am informed, I am agile, and I am winning for my clients and ultimately for my business.
This is how I confidently scaled my agency, I can compete globally, and I can see the future with precision.