Data, information, insight… What’s the difference? For those of us that work in research and analytics, this seems like a silly question. We’re up to our knees daily in all three. But an outsider may wonder just what is the difference between these three important terms? And more importantly, why does it matter?
To understand how data, information, and insight play into the research process and how they can make a difference in your business, let’s start with a few quick and dirty definitions:
“Data-driven marketing” may be the hot buzzword of the moment – but in reality, insight is the gold good researchers (and smart companies) are looking for. Brands today have access to endless streams of data. But a pile of numbers doesn’t necessarily tell you anything valuable about your business. Insight does.
Turning research data into insights is the key to more strategic and well-informed business decisions. Great insight puts you ahead of competitors and prompts small but important changes that can revolutionize your business.
If great insights are the key to understanding your audience, creating better products, and discovering new markets – how do we recognize them? What makes an insight impactful, actionable, valuable?
Global Web Index says an impactful insight is Human, Universal, True to Brand, and Targeted. What does this mean? Here you can see the anatomy of insight broken down:
In other words, a great insight tells a story. It is interesting and unique to your brand. It presents new ideas for your company and for your customers.
Research is the road to great insight – but it doesn’t stand alone. These few steps can get you started on the path to putting information to work for your business: