Concepts like big data analytics and social media just seem like a good thing for business; more information about how customers behave and what they feel should make for better relationships and more targeted products… right?
In reality, the swarm of data can leave businesses struggling to understand their own offering. Even before they address the inevitable skills needs, companies are faced with a more fundamental question – “What do we want to say to our customers?”
For the second of our Six Word Wisdom series we’ve asked for practical business advice in six words from Professor John Fahy, an expert in marketing and strategy and widely published author whose insights draw on behavioural economics, evolutionary psychology and neuroscience.
The pace of availability of data is unlikely to slow in the near future. However, for businesses that focus on what they are truly offering, the new information channels and their pipeline of data will be a resource…rather than a distraction.
In conversation with Eva Maguire, IMI
John Fahy currently teaches about marketing resources and capabilities and how these factors impact on organisational performance on IMI’s Diploma in Marketing Strategy with Digital Marketing, Diploma in Strategy and Innovation and MSc in Management Practice. He is Professor of Marketing at the University of Limerick in Ireland and Adjunct Professor of Marketing at the University of Adelaide, Australia.
Read the full IMI Six Word Wisdom series.