At Dstillery, we understand that terms like data and insight can quickly become synonymous. We put together this blog post to help you understand each term.
What is an insight?
We like to use the term insight as a way to highlight key data points for clients to focus on as we begin to process campaign data and optimize campaign performance. This deeper understanding helps clients make better decisions.
There are two predominant types of insights:
- Actionable data insights refer to insights that are specific and relevant enough that they lead to actions which can increase efficiency, revenue, and profits. These are gathered as campaigns evolve in real time and are utilized by our client services team to provide immediate campaign optimizations.
- Intelligence insights refer to having awareness about every aspect of your business from real-time data designed to develop long term actions. Intelligence insights are often used for campaign planning and conquesting campaigns. These insights are viewed as long term insights and allow for stronger campaign performance.
What is an example of an Insight?
Insights can vary greatly between industries. The ability to derive actionable data insights is dependent on a variety of factors. Some of these might include the quantity of data available to you, the parameters of a given dataset, and the specific problem that you are trying to solve. What’s important is establishing which metrics provide valuable information for your particular industry, and leveraging that information to give you an edge in the market.
Data Insights might include:
- 41% of fast fashion shoppers are also interested in discount travel
- Over the last 6 months, car insurance researchers have increasingly looked at luxury cars rather than compact sedans
- 83% of electric vehicle shoppers are also interested in golf courses
Actionable data insights share many distinguishing characteristics. Generally speaking, insights are basic observations that may not provide a direction or course of action. Actionable insights include an action you will take due to the insight you gained. This provides a blueprint for creating greater value for consumers, as well as increased efficiency for your business. Below is a list of attributes to consider when deciding whether or not your derived insight is actionable.
What makes a data insight actionable?
Intelligence insights are developed as campaigns evolve over time and can be used to form campaign baselines. These are utilized by clients as a way to interpret actionable insights into a larger context for your business. Over time, many accumulated actionable insights can unlock new aspects of your business and its audiences; allowing you to regularly optimize your campaigns with greater insight throughout the year and spend your marketing dollars more efficiently, with less waste and fragmentation.
The same things that make actionable insights relevant are the same that make intelligence insights relevant but on a grander, longer-term, and encompassing brand umbrella scale.
Bringing it all home
Dstillery’s insights are exactly that – a magnifying glass into the finer details of your business or marketing campaign that may have otherwise gone unnoticed or overlooked. We can see into every corner of the internet that you’re interested in or identify new opportunities and conquests for your brand.
Contact us today to understand how to continually optimize your campaigns and expand your reach across the ever-evolving digital landscape.