Hi!
A quick one today.
I saw this post on LinkedIn from friend of the newsletter, Drew McManus.
I figured I would share my thoughts with you as well.
I’m curious what you have to say.
This is one area where Drew McManus and I have different opinions.
He overheard, “In God we trust…everyone else should bring data.”
And, I feel it is killing your #strategy.
This mindset helps explain why so many data led leaders wake up one day, irrelevant.
Let me give you three reasons.
1. Data is great for answering questions about things that have already happened.
The bet you are making is that the future will look just like the past.
2. Data worship creates copycat strategies.
Look around as so many businesses attempt copy Netflix and Amazon.
3. Data can’t measure what doesn’t exist.
This is why hanging your hat on “Steve Jobs didn’t do #marketing research” is so stupid.
As Mark Ritson teaches in MiniMBA this is the “Steve Jobs fallacy.”
Blockbuster had perfect data on the rentals of DVDs.
Look what good that did them.
The best strategies use data, but they are driven by judgment.
This is something the “bring data” crowd almost always miss.
Tag someone that you think needs to hear this in the comments.
And, join me for my “profit leak” webinar on June 10th at 12 PM Eastern…the link is in the comments.
Since this is the newsletter, share this with someone that needs to hear this…
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