Recently a client shared a competitive intelligence study conducted for his brand with me. Reading it was like drinking from a fire hose. There were many facts (spewed over 100 densely populated PowerPoint slides), which I like (not the slides but, instead, the unvarnished facts). However, there was so much data (i.e., so many facts) that it was overwhelming.
Data is the findings, nothing but the facts. Information is different from data. Information is what the facts are telling us. In other words, information gets at what the data means or should mean to us. Whenever we prepare a table to display data, we should provide a key talking point to explain what the data means—information.
Knowledge is as different from information as information is from data. While they are all linked, knowledge addresses what we do with the information. Knowledge represents the actions we propose to take from the information we have from the data we generated and reviewed.
Think of it as a funnel. The data goes into the top of the funnel. We sift through to gather information from the most relevant and noteworthy data. Again, we make choices regarding the information generated and select those few that we convert into knowledge.
Not all data is important, and, if so, the different data points are not equally important. However, we need to determine what it means or could mean to help us prioritize information. One of the most effective ways is to filter data based on the key issues facing my brand and business. If I haven’t identified the key issues driving and blocking purchasing or prescribing, repeat purchase or prescribing, persistency and compliance, awareness and conversion, etc., everything and, therefore, nothing is equally important—or not!
Once we translate information into knowledge, we need to act on it to gain a competitive advantage and overcome barriers to drive brand growth and development. We do not make brand building progress until we turn data into information and then into knowledge and act on it.
So, build and act on knowledge.
Build and act on knowledge to grow your brand and self. Read my most recent book AVOIDING CRITICAL MARKETING ERRORS: How to Go from Dumb to Smart Marketing. It distills the knowledge gained from my nearly 50-year career in marketing, serving leading companies, and building leadership brands worldwide. Use the knowledge you glean from the book to build your brand. Learn more here: http://bdn-intl.com/avoiding-critical-marketing-errors
Stay SAFE and be well.
Peace and best wishes,