Information Overload

I decided a little while ago (OK let’s call it a New Year Resolution) to read more – maybe polish off a book a week.  This week’s offering is “Marketing Genius” by Peter Fisk which seeks to take the marketing discussion to a new level and to challenge some marketing traditions and established ways of thinking.

I was struck today by his section addressing information overload.

• Data isn’t information
• Information isn’t knowledge
• Knowledge isn’t insight

We are surrounded by vast oceans of data and businesses are carrying out market research incessantly.  We hardly need more data, but winning businesses do need more and deeper insights.  The fact is that we obstinate humans rarely comply and fit neatly into marketers “segments” any more.  We behave in different ways in different circumstances and depending upon our mode.  How does traditional marketing theory cope with the owner of a brand new top of the range BMW 4×4 shopping in Aldi or LIDL and wanting the absolute best deal on weekly grocery shopping.  Or those of us who will scour the internet for the best deal on flights and accommodation for the summer holiday whilst remaining with a poor value utility supplier?

One of the morals of these types of stories is that there is probably little insight to be gained from averaging lots of market research data.  It is more demanding but look at the outliers and the aberrants  and learn from them.  Business decisions based upon the averages of large market research studies have a potential danger to “satisfy everyone whilst delighting nobody” – is that where you want your business to be?  I expect not.