Analytics Over Intuition – The Numbers Don’t Lie
In this era of Massive Data, everyone is becoming an admirer of the data-driven life and data underlies in everything we undertake…. Our business decisions, arguments, choices, etc.… But there was a time when entrepreneurs even at greater businesses had no data to favor their decisions; they had no computers, devices or applications that we have the luxury of having nowadays to access/store/transfer information in decision making. Still, they made smart decisions through observation, common sense, experience and most importantly Instinct a.k.a. Intuition.
But how clear-sighted it is, really, to let your gut drive your decisions? And more importantly, is there anything like instinctive? The fact is, there is and there isn't.
Gut feeling, or intuition, is developed over a period of time and is largely shaped by your past experiences, data, knowledge and professional encounters. It is not something you just think & develop.
In the decision-making process, relying on intuition only makes sense when you have a boundless experience to back your hunches. Simply "feeling" that something is right or should be done is highly subjective and can drown you.
Facts & Figures are the backbones of most of our decisions, personal and business alike. But with its extreme usability comes a catch: what do you do if you strongly feel something should not be done, even if the data insists that it should?
Whether you rely on intuition, data, or a Duet combination, it’s very crucial to recognize that only your customer knows what they really want.
Edge Your Intuition To Better Comprehend Your Data
According to studies & research, "71% of respondents said they go after their “intuition”, “gut feeling” or the “sixth sense” to take decisions or bring out any conclusion.
“Intuition is defined as the ability of our brains to pull out conclusions through unconscious information, without any vital proof or analytical thinking.”
Having a marketing department who simply relies on data insights to make decisions has limited value because of the problem of people not knowing what they truly want which is a common occurrence? As Henry Ford once claimed, “If I had asked people what they wanted, they would have conveyed faster horses.”
Thus, CMOs must recruit people who understand psychology proficiently that they can choose when to trust data and when not too. The ability to do this precisely is the core of building a harmonious relationship with other departments in the company.
This seemingly easy question is what drives the need to understand the relationship between intuition and data in the decision-making process. Without making things complicated, the solution to this dilemma is using data and intuition in concert to arrive at the best possible decisions. Let's see why this approach works best.
Intuition Is Chief & Crucial But Needs Validation
It should be acknowledged that there are people who do best by relying on their intuition and inner wisdom. Many Leaders have been known to place great emphasis on their gut feelings, and incorporate it in most, if not all, of their decisions.
But having said that, it is equally important to realize that these gut feelings are not baseless. They are always backed by previous experiences or information, which acknowledges that intuitive decisions have worked in the past.
It's not advisable to go out on a limb and braving the consequences just because you blindly trust your hunch. Instead, you should combine your inner wisdom with the knowledge of systematic and scientific data to make profitable decisions.
Rationality Is Not Always Experimental
So, can we state that there is something called “Pure Intuition”? Nope. In a nutshell, there is no “Data vs Intuition” scenario, rather it’s Significant Data plus Intuition. Data actually support decisions based on intuition and Intuition drives from the data. So, if you want your organization to make better decisions, your decisions will need to be based on both explicit information (data) and implicit information (intuition).
In these scenarios, intuition is your savior and can help you make effective and quick decisions.
The mixture of intuition and rational analysis produces well-rounded decisions by approaching an issue from different angles. It minimizes the chances of making mistakes and has increasingly become a favorite approach to decision-making among the leaders of today.
Now, What’s Next?
When To Rely On Intuition Instead Of Analysis While Making The Decision?
As data is now more abundant and important than ever, a marketing team will never be complete without people who have an intense understanding of human psychology. As you build your squad, look to create a group that has a mix between data scientists, and Don Drapers. One without the other will keep playing constant reach, but the perfect mix of both will be the best recipe for massive progress.
Let’s have a look into some possible questions in “Big Data vs Intuition” situation! We’ve seen both are complementary, but how do we combine big data and intuition in a situation, especially when they give contradictory output? Let me drop the question in this way: How do you acknowledge to the instances where the data view is a 100% contradiction of your gut feeling and passion? You would love to chase your intuition because that’s what has been deeply-rooted into your DNA over the years, but you are not backed up by some clean statistics.
What will you do next? Firstly, would you take risks and tend to note your own destiny? Second, how will you manage conflicting intuitions in a company/situation, when there is no Big data to certify which one is correct/wrong? The decision is yours, but if you need someone to assist you and not overpower you or your brand, then contact us and explain us your goal. We will design a great campaign for you which will yield excellent ROI.