How can CMOs shift from data paralysis to business changing insights?
CMOs remain overwhelmed by the ever increasing volume of data sat across their business and are struggling to extract meaningful value from these data sets.
Forbes’ recent article outlined once more that, despite understanding that data driven decisions can add value to marketing operations, CMOs still see themselves falling short when it comes to making effective use of their various data sets.
However it’s not all doom and gloom for CMOs just yet, as the article highlights, there are some clear ways in which CMOs can begin to overcome this feeling of data paralysis.
We’ve added our thoughts on four of these below….but for those of you with less time on your hands there’s a handy infographic at the end of this post.
Set your goal
Knowing what business challenge you are trying to overcome will dictate any data driven project. A new customer who has trialed your product once and your most loyal advocate will probably have two distinctly different profiles, therefore a project to increase acquisition will differ from that increasing life time value. Setting a clear goal upfront is key to extracting value from your data.
Understand what shifts the needle
It might sound obvious, but to deliver business changing results from your data sets, you first need to understand which data points change your business for better or for worse. Which group of customers will drive 50% of your sales next week? What was the last product they purchased? When do they make high value purchases? These are the types of insights that the modern marketer should be looking to generate from predictive modelling and data exploration across their internal data sets.
Make your insights actionable
Insight is meaningless, unless it can be actioned. Identifying which channels to communicate to your users in is one challenge. Being able to action insights on these user, in real time, is another, bigger challenge. The marketing teams that are set to gain competitive advantage, will be those leveraging the API economy across different marketing technologies for real time insight activation.
Unleash the power of technology through people
However, these insights don’t simply generate and action themselves. A team of data scientists, analysts and engineers, possessing a unique combination of technical, analytical and strategic skill sets, are needed for data to really change the way in which a marketing team operates. We believe these are the key components to the marketing team of the future, given their capability to provide actionable answers to key business challenges faced by CMOs.