For a marketer, data analysis is just not collecting data from different sources and then collating them into insight.
The real challenge lies in how can you make stories out of that data.
Taking an example of a campaign launched by Whirlpool.
Whirlpool found data showing that more than 4,000 students drop out of school every day and out of these 4000, there has been an increase in the unemployment rate by 40%.
Not only this but 70% of them end up with government assistance and have a chance of 8 times as compared to other children to end up in jail.
This data also showed that one of the most common reasons for students dropping out of school is that their families were unable to afford washers and dryers and they were embarrassed to come to school in unwashed, dirty clothes.
Deriving from the unwashed articles of clothing we get an entire journey of a student who's likely to commit crimes to survive and ultimately end in the depth of despair.
Whirlpool took this data and launched a program to install washers and dryers in schools so that students had a place to do laundry.
Result?
In the first year, the program saw 2,300 loads of laundry washed.
This led to more than 90% increase in school attendance and an 89% increase in class participation of the students who used the appliances present inside the school
Knowing your audience is one of the most important aspects of marketing, and data helps to achieve that. Who are you talking to exactly will determine what aspects of the story you want to concentrate on
We all know that data is now considered as the new oil but what stands out is how you use that data to differentiate yourself from the competitor and hold a completely different perception in the mind of your consumers for them to choose your product