Data data everywhere, but not an insight to drink
With a firehose of less-than-reliable data coming at us post-2020, what’s a strategist to do?
IT’S THE START OF THE NEW YEAR. Not just any year. It’s the year after 2020. And man, is the tension electric for me. So electric, that all it takes is one state-of-the-industry report, an opinion piece from a data-hawking expert, or an all-important list of ‘8 Things’ we need to do in 2021 to send this guy over the edge.
Good news, though. I’ve been saved from said ‘edge’ by my good friend, brilliant strategist, and partner in podcast crime – fellow ‘Marketeer’ Lindsay Waugh. Like any good partner, Lindsay has saved me more than once, often without even knowing it. Like this time, when she shared an article from Strategy Magazine, strongly recommending it as the topic for our next Two Marketeers Podcast (stay tuned for it). Not only is it the topic for our podcast, but it also sparked this post.
THE HEADLINE FROM STRATEGY MAG READS:
Our 2021 Forecast: Forecasts About 2021 Won’t Help You
Authors John and Carrie Bradley make a ballsy, yet poignant statement that the likelihood of any 2021 marketing forecasts being helpful or even accurate at this stage is probably very low. For me, the article tapped into and validated some recent thoughts and concerns i’ve been having lately, as a marketing/brand strategy entrepreneur during a pandemic:
- Feelings brought on by the aforementioned firehose of forecasts.
- Concerns that ultimately ladder up to an inevitable question: if I cannot rely on the data and insights I’m getting from the ‘pros’, data and insights that I depend on to provide my most essential and valuable service…
How am I supposed to do my job?
Before diving in on my response, I should provide some context. When I launched Wiseguy Inc. in 2020, I chose to pivot my offering from Creative to Strategy. You see, I discovered late in my career that fact finding is my jam vs. coming up with ‘big’ ideas. It turns out what I love to do most when it comes to marketing is explore and uncover answers and possible solutions via facts, theories, and experience. Ask me to join a creative ideation session with randomly selected participants in hopes of coming up with ‘the big idea’, and I will politely suggest that you spend your money with someone else and wish you luck.
As a practising strategist, it is my job to learn as much as I can about my clients, their business, their industry and the marketplace within which they should play. This is the foundation to any sound brand strategy, and all things marketing that flow from it. The beauty in this basic approach and proven practice is that today, more than ever, it applies to companies of any size – especially small businesses. And that is precisely the reason that Wiseguy Inc. exists.
After roughly a year of operating Wiseguy Inc. as a sideline business, one might ask:
Q: Any regrets about your decision so far?
A: Not a one.
Q: Any learnings?
A: Yup – pretty much on a daily basis.
Q: Are you happy?
A: In all honesty – I’ve never been happier.
Q: So what’s next for Wiseguy?
A: Gulp… Now back to my story.
So, what IS a strategist to do?
My answer: You need three things.
- Confidence:
You know better than to let the unknown get to you. If you’re recognized by others as a strategic thinker, it’s because you’ve proven it at least once. In fact, you probably have a process in place – formal or informal – that you provide to your clients. Process: This is exactly what people like us were born to do.
2. A shovel:
In the absence of data or information, we know what to do. Just dig deeper, with the goal of getting to the root cause, right? That digging muscle is already strong, just keep working it.
3. Process
In following my own process, I took my initial 24-hour pause (it’s my rule!) to think about the question and contemplate several perspectives and scenarios. Something I’ve lifted from all my years in UX Design.
From there, do what comes naturally to a strategic thinker. Here’s what my process looks like:
- Gather whatever information you can
- No matter where it comes from, collect what sticks, and start finding the threads that unite your various findings. Don’t trust what you’re seeing? Keep searching, no excuses. Trust your judgement here, it’s what makes you good at this.
- Analyse what you find
- You know the drill: Question, challenge, and validate what you’ve collected as applicable. But also let yourself be guided by some of the judgements you formed so far. Again, it’s where your value lies – and why they pay you the big bucks.
- Synthesize a solution or recommendation
- This is what we live for. The final stage of the creative process, this is where a truly brilliant and informed idea comes to light. Eureka! Bamm!! Booyah.
Yeah, I got this. And I’m pretty sure you do too, my fellow strategic thinkers.
Now get to it.
SP Wiseguy out!
Note: HUGE thanks to Strategy Magazine and The Bradley group for being bold at a time when few others are. Keep It coming.
Link to the Podcast: https://www.thetwomarketeers.ca/e/15-im-a-walking-dumpster-fire/