According to Techopedia, actionable insight is a term in data analytics and big data for information that can be acted upon or information that gives enough insight into the future that the actions that should be taken become clear for decision makers. It is often the result of extensive data analytics and other data processing; in short it is analytics result that provides enough data for managers and organizations to make an informed decision.
As marketers in today’s content-powered, digitally driven world, we sometimes face so many stats, figures, and essential metrics that we risk analysis paralysis. It’s important to not just have the metrics, but to put them into motion.
Why do you need an insight into analytics?
True insights come from an informed analysis of the data and are tied back to business objectives to prove ROI. And the best insights, of course, come from setting goals before you start collecting the data. Tools are great in telling you what; you need to take the next step by using the what to get your why. As you prepare to embark on a specific content campaign, think about your data not just as what you could discover along the way, but in terms of what you need to know before you even take a single step.
Beyond Likes and shares
Likes, shares, followers, impressions are great metrics for showing customer engagement with content and can be optimized for in real time, but they don’t really prove much. Instead, look at metrics that attribute revenue to a marketing source – for example, number of adds to cart, demo requests, web inquiries. This information includes anything you can view in your CRM and confidently know the contact came through marketing activity.
But don’t discount the likes as well. They can be great at-a-glance ways to update on engagement. The best approach to marketing data is to match your leading metrics to ROI metrics to get the best of both worlds.
All data and information are just numbers—data in the raw form, information in the processed and aggregated form. Don’t confuse reporting for analysis. You can produce as many reports as you want, and those reports could feature pretty diagrams and fantastic dashboards that get the CMO excited, but that doesn’t give any insight. It gives information. It’s through interpreting this information that we get true insight.
The whole point to actionable insights is that you can move ahead with the next steps based on what they tell you. These insights help you to drive business outcomes, informing your marketing strategy and matching what you’re doing to the business’s overall performance. This is how you get more budget and more impact.
Without the action, it’s just another buzzword. Garnering insightful and actionable information from your reporting stack is one of the biggest components to achieving marketing success.
Using measurement to test and learn about your performance is the best way to improve your strategy and your outcomes—but you need to make sure what you’re measuring is worthwhile and useful. Marketing data can prove that social drives revenue if you approach it in the right way. Start with why. Why do you need to know this? Why is it important to your strategy? What impact will a change in this data have on your business?
Actionable insights do so much more than just offer some impressive looking charts. They manage to tell a story with data, put your performance in context by comparing it with competitors, and contain action items that help you work towards meeting business objectives. Data should be an asset to your business, not a burden. Make sure you don’t just collect it but analyze it and then put the insights into action. Let your insights guide you to create the right content and invest your social budget wisely.