How to Create New Opportunities From the Data You Have

Data is a sign-post to new spaces of innovation

COVID-19 accelerated a shift in the marketplace.

While Ecommerce and “direct-to-consumer” are not new ideas, the pandemic years have encouraged consumers to blend digital and real- world shopping in highly sophisticated ways. Traditional linear customer jour- neys have morphed into complex path- ways that move seamlessly between the real world and the digital space. Alongside these changes are greater demands for personalization, ease of use, and ultimately a better customer experience. Sometimes how a company should meet these demands is obvious, but often, it is unclear to both consumer and product manager.

Companies that are slow to meet these new expectations are in very real danger of being left behind. This shift is especially disruptive in health and wellness, where, historically, there has been limited interaction between manufacturers and consumers or patients. Thankfully, this shift to digital means more data about how patients and consumers behave is out there. The trouble is figuring out what to do with it.

We believe that organizations that are most able to capitalize on disruptive conditions employ data science and behavioral principles to learn from their user base. They then apply these learnings to generate ideas around new offerings, promotions, or products. These ideas are then designed into a testable form and validated in the market.

This cycle is the core of contemporary, data-driven innovation.