It was of course great to meet current and potential new clients and also gain inspiration from the great presentations.
What we found most interesting is the data and insight challenge that most businesses sit with. So many companies have great existing insight in their business, but often these sit in silos and clients are simply not able to connect the dots to maximise the benefits that is at their fingertips.
We exchanged with other companies that were exhibiting at the conference. Many small and medium sized businesses sit with the feeling that large Global organisations have this challenge solved, but in fact even some of the bigger companies who have well established BI, data and insights teams that are globally connected are still not combining all their data assets into 1 single diagnostic tool to gain a 360 view of what is happening in the Global market place. There might be opportunities for us to partner with other agencies that our clients use – or for other agencies to use the Redslim Sprint platform to give them access to data assets they have, in an integrated output.
If we are talking about the holy grail of diagnostics, then most Businesses want to understand the key growth drivers for their products and brands – as per The Marketing Mix Model below – and the implicit relationship that each has with the other (e.g. is price more important than promotion or is distribution key)
However each of the 7 P’s is complex in itself – for example ‘Product’ has many facets that could be drivers of growth / decline – from product quality & perception to brand image & relevance.
So, what if you could feed all of your data assets into 1 place – creating a SMART HUB for data management and visualisation? Imagine a tool that would enable you to ask simple questions – ‘if I move the price of my brand up to x – what will happen to my sales but also what will this do to my brand image’? The answer might be simple if the relationship between price and sales is linear – then increasing the price of my product would normally result in lower sales – however what if the brand image was high (and increasing the price makes my product more exclusive / special) – this could off-set the negative impact and create a positive sales uplift. This is the power of having the full context in one toolkit.
At Redslim our aim is to make it easier for our clients to access ALL the data assets that they already have – feeding these into simple to use dashboard reporting tools that enable the entire business to come to quicker business decisions. The data assets that we are currently putting into Sprint for our clients is only the tip of the iceberg in terms of the data that they have in their business – and we want to make things even easier for them. We are starting to include other data assets including consumer & loyalty data for some clients – but we know that we can do more together.
Contact us if you would like to share the business Insight challenge and discover how businesses can benefit from faster informed decision making and truly investing in turning data in business insight via one simple diagnostic engine.
I'm busy working on my blog posts. Watch this space!