Most companies have a deep pool of marketing data — so deep, in fact, that managing that data is often overwhelming. The insight you can get from your marketing data is limited by time, level of technology and the expertise of the people analyzing it. Getting a handle on these factors can help you dive deep into the data you have and make it work for you.
I’ve pulled together articles that look at managing marketing data and finding maximum insight.
Want Big Data to Help Your Marketing Team? Hire a Data Scientist. Entrepreneur: “It’s clear that the need for data scientists is skyrocketing and that investing in this talent is a wise move. While your first thought when looking at data science hires may not be your marketing department, it should be. In marketing, effectively using data to understand customers and predict buying behavior can make the difference between a winning customer experience and a failing one that lives forever on social channels.”
Why Marketers Need To Drive A Data-Centric Culture. Forbes: “‘The marketing profession from 20 years ago, which was about big ideas, pretty pictures and fluff, is pretty much dead,’ says Ron Stoupa, CMO of Sports Authority. ‘About a third of CMOs use data and the balance aren’t as data-focused. In those organizations with marketers who have strong data competency, the firm’s leaders are less likely to be the finance department and more likely to be shared across the operations, IT and marketing leaders. This is because these functions have more consumer data and are able to use it to transform business practices. Data competency is the source of power for CMOs sitting in the C-suite.’”
Marketers: Is Big Data Worth It? Business2Community: “Data siloes continue to be one of the biggest challenges that enterprises face when it comes to customer data. Data may be stored in various departments. Or different systems handle different sets of data, such as billing, shipping, and customer service records. These disparate systems of data prevent a unified customer view that can impede optimal marketing, sales and operational performance.”
5 Reasons Marketers Fail With Data. MarketingLand: “Successful marketers today are not only doing all of the strategic planning and leg work before diving into implementations, but they’re also employing data governance strategies, automated and consistent auditing solutions, and change control to ensure that their data is as correct as it possibly can be. The second side of the data quality coin is perhaps harder to deal with. We’ve all heard the saying, ‘You can get data to tell you anything you want if you just torture the numbers enough,’ and I’m sure we’ve all seen examples of data being nearly waterboarded. But this brings out a very real component of an enterprise’s data strategy and the politics that are always at play. How many times have we all seen some incredible analysis, presented wonderfully, leading to a very clear — but perhaps unpopular — conclusion? And how many times has a single incorrect point been pulled out of that vast array of beautifully crafted data just to submarine the entire report?”
Why Marketers are Betting Big on Predictive Analytics. Citeworld: “Tapping into the analytics trend that’s being felt throughout the business world as a whole, predictive marketing applies algorithms and machine learning to big data to help marketers direct their efforts in the most profitable directions. Predictive analytics tools can help marketers gauge ahead of time what a particular customer will buy, for example, as well as when and how much. Equipped with that information, companies can tailor their campaigns accordingly.”