March 22, 2021
In this blog I explore what it means to be numerically fluent and the critical importance of timely, salient market research. Before we begin, I first want to introduce the concept of numerical fluency. Numerical fluency is to data and market research what literacy and a love of language are to reading and writing. It is not merely gathering the data, but knowing when to gather the data, what the data means, and how it can be used to improve performance.
From a marketing perspective, numerical fluency involves a commitment to the routine gathering of timely, useful data. Central to this is the annual budgeting for data collection and analysis. This is often presented as a research cycle; a detailed plan of what studies and assessments are to be undertaken and when.
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Numerical fluency also means a commitment to best research practices. In other words, matching the questions to the audiences and reaching these audiences with the right methodologies. The goal is to provide confidence in the findings.
Finally, numerical fluency means a willingness to listen to the data and let it inform your marketing endeavors.
Researchers and marketers who are numerically fluent are much more than number crunchers. They don’t chase data, they chase insights and they use those insights to improve performance.
For the most part, the numerically fluent marketer uses research in four ways:
Almost every marketing miscue has, at its core, missing or inadequate research. Savvy marketers, those who are numerically fluent and committed to results, understand that the time and money spent on research will help assure their marketing success.
Skipping research is the ultimate definition of penny wise and pound foolish.
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