In this era of big data, marketers have imagined that they would be collecting valuable information about customers and using that information to roll out personalized messaging to drive sales. Marketers also expected they’d be able to make more accurate decisions in a timely manner and save money in the process. Instead, Teredata Applications analysts say that marketers are encountering a ‘data hairball’ and that they need to implement a data analytics solution and hire quantitative analysts before they can enjoy the benefits of their big data collection efforts.
Marketing has long been thought of as a creative process and when output is measured, qualitative principles typically apply. In the digital universe, C‑level managers know they can measure marketing results and ROI. But, before they achieve success, some organizational changes are in order. More than half of large organizations are collecting demographic data, digital marketing interaction statistics, and customer satisfaction and engagement information. But, far fewer are using this data to guide their marketing process.
Part of the problem stems from getting access to this information. If the marketing department must work with an external vendor or the internal IT department to obtain the data, a solid process must be put in place. Most of the marketers in the Teredata survey understand this issue and those who haven’t yet established or purchased a data analytics system, which by its nature instills a process, plan to do so in the near future.
In addition, fewer than half of smaller firms are satisfied with the current analytical skill sets of current staffers in their marketing department. Only 21% of smaller firms have a marketing data scientist on board. In the next 2 years, another 30% plan to hire these types of staffers. With their quantitative skills, data scientists can analyze and report on trends as information is processed by the collections systems. Even better, these scientists can design reports that will provide the insights that senior managers need in order to optimize their marketing plans.
Do you have a data scientist on your staff? If not, are you planning to hire one soon?