Even though marketers have always relied on data, we’ve recently experienced a huge increase in the amount of data we have available. That increase in information, combined with the continuing emergence of new tools and technologies, means marketers continue to face hurdles on the path to becoming data-driven.
Being data-driven requires a new mindset and an organizational commitment. The articles I’m sharing this week provide five ways CMOs can embrace data-driven marketing.
1. Overcome Data-Driven Hurdles
“Respondents were asked to pick up to five obstacles to deploying and deriving value from data-driven marketing and media initiatives in 2016. One-third of respondents said that the lack of internal experience—at the functional or operational level—was one of the obstacles they faced. Furthermore, lack of volume and quality of their first-party data resources was another hurdle.” – Read more at eMarketer.
2. Pick the Right Team Roles
“An average of 22 people in their marketing organization spend all or most of their time on analytics, and most leaders plan to hire even more in the next two years…Here is a menu (as opposed to a checklist) of roles and responsibilities to consider based on needs and gaps:
- Leadership: Executive sponsor
- Management: Director of analytics
- Specialists: Social media, Social listening Mobile app/games Segmentation, Digital media, Data visualization, Statistician/modelling, Tagging, Data architect
– Read more at Which-50
3. Segment Digital Relationships
“The distinction between friends and followers doesn’t actually mean anything outside of marketing. Break your digital relationships into five more meaningful groups: prospects, customers, influencers, partners, and competitors…This segmentation is an often-overlooked step and defines how you will interact with each consumer going forward.” – Read more at VentureBeat
4. Experiment with Data
“Testing and experimentation go hand-in-hand with data-driven marketing. Build on the value of your data by conducting controlled, manageable experiments to test your marketing hypotheses and evaluate tactical options. Collect basic data on what’s happening now, propose a testable way to drive improvement in that data set, test said item, rinse and repeat.” – Read more at Business 2 Community
5. Manage Skillsets to Operationalize Data
One of Allocadia’s CMO customers, Palo Alto Networks CMO Rene Bonvanie, has this advice: “It’s one thing to have lots of data, and analytics, but if you don’t operationalize that all you have is lots of data and lots of analytics.” The article points out: “On the one hand, you need data scientists who can build and test these models. You also need people that can do micro actions on these findings within minutes, such as augment a media buy or engage in segment marketing or microtargeting.” – Read more at CMO