Why High-Quality Data Offers a Solution To Marketing Myopia

A lack of balance between long and short-term visions can lead brands to marketing myopia, ultimately keeping them from reaching their business objectives. For many organizations, this problem arises when there is too much inward focus, thus brands are too busy looking at themselves rather than paying more attention to customer needs, marketing trends, and other external factors.

So, how do brands ensure that they’re not stuck in marketing myopia? 

How to Use Data to Reduce Marketing Myopia 

The first step is to balance consumer-centric thinking with business results. This will allow you to lean into digital transformation and focus on the bigger picture. This starts with understanding how to examine the relevancy and quality of your data to then improve the consumer journey. An optimized consumer journey will always lead to improved ROI.

As you establish goals from year to year (and especially those tied to revenue or growth), it’s often a beneficial exercise to view each one through the eyes of your consumer. Take something like average cart value, with the goal of increasing the dollars spent. Although you could easily recommend more expensive products to consumers to increase revenue, the move will likely take a toll on the consumer experience and damage brand loyalty. Instead, try bumping up the value of those recommendations by no more than 10% or 15%, making a slow, but deliberate progression toward your goal of increasing cart value while preserving the digital consumer experience.

Characteristics of High-Quality Data 

The gold standard of personalization is that no two customers have the same recommendations, because their preferences will always be different. To do this, you need to understand what data to collect and how to leverage it. Here’s what to look for in your data:

• Accuracy
• Precision
• Reliability
• Timeliness
• Relevance

How to Step Away From Marketing Myopia 

Here are some key strategies to help you target customers better, improve ROI and leverage high-quality data:

1. Take stock of data and tools that your brand already has available. 
2. Take a big-picture approach to data-driven marketing.
3. Align marketing goals with a customer-first approach.

Check out my full article, Overcome Marketing Myopia by Using High-Quality Data, in Spinsucks, where I go more in-depth on the subject.

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