Interpreting Use of Data in Marketing

In Part 2 of the 2-part Business901 Podcast with Dr. Eric Reidenbach of the Six Sigma Marketing Institute,  we discussed the use of data and analytics. We are swamped with incoming data. I believe that the best way to interpret, define and use this sea of information is through the use of Six Sigma tools. I asked that question of Dr. Reidenbach and this is an excerpt of one of his answers: Voice of Market

I think that there is a ton of data, and that’s why you need some overriding metric, if you will, or overriding paradigm such as a value paradigm which governs and directs you as to how you convert data into information.

The big breakthrough that Gale has made for marketers is the discovery of the power of value. And the company who can harness and identify, create, and deliver value is going to be the market share winner. Now this opened a lot of eyes. Not all of them, unfortunately, but some. So now a lot of the data that is collected, and a lot of the information that is generated from that data, is in the nature of value, and the tradeoff between quality and price.

What are the CTQs that comprise quality? What is their relative importance? How do we use that information? There’s always, always that one final glitch in the whole process and that is after we’ve generated this information, how do we use it?

Dr. Eric Reidenbach is the Director of the Six Sigma Marketing Institute. The Institute is one of the leading organizations and authorities of Six Sigma marketing, a fact-based, disciplined approach to growing market share in targeted product/markets by providing superior value. Dr. Reidenbach has developed a number of unique approaches for measuring and managing value, the best leading indicator of market share growth.

Podcast 1 of 2: The Nature of Value Podcast with Dr. Eric Reidenbach

Dr. Reidenbach is the author of over 20 books on marketing and market research. His most recent books include:

Amazon Links:
Listening to the Voice of the Market: How to Increase Market Share and Satisfy Current Customers
Six Sigma Marketing: From Cutting Costs to Growing Market Share

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