Factors Driving the Acceleration of Data Driven Organization
As marketers continue to increase spend in digital (eMarketer: $80Bn in the US’17 alone) the expectations and demands for immediate insight into marketing efficacy continues to exponentially increase. Digital channels exhume terabytes of data, as such one would think that a marketer’s expectations for real-time results seem reasonable; however what we have found is that while there is tremendous data availability there are also challenges for accessing and analyzing that data: Fragmentation, Lack of Integration and Data Silos. These challenges are propagated by lack of trust, lack of willingness to share data and pure clean competition. We have seen this first hand: Walled-gardens which disallow 3rd party data collection, obsessive data ownership and the fear of letting go, duplicity in systems to and a lack of connectivity.
The fragmentation challenges must be solved. Consumers expect brands to deliver personalization, relevance and timeliness. Brands will need to know much more about their consumers, their behaviors, needs, desires, etc. All of this points to the need to own, manage and process available data. Brands that pivot to become data driven organizations and embrace data management, data analytics and data driven decisions will win. There are 3 main themes that will shape how Marketers will view data.
Selecting, hiring and training a new breed of Marketing Engineers will introduce a new way of thinking and working
1. Data is always on
2. All data is marketing data
3. The rise of the marketing engineer
1. Data is always on. A plethora of data sources are coming online every day. Data is global, 24/7, coming to you at the speed of light, structured and unstructured, active and passive, cross channel and cross device. It can tell marketers more about their consumers then they care to know, and their CMO’s are asking! According to recent survey the number one stated challenge by executives is: a lack of understanding their consumer’s needs, wants and desires.
2. All data is marketing data. It used to be that marketing had access to a static analytics database while the IT departments, operations, etc. would manage live transactions and activities. Marketing typically had access only to a subset of the database and therefore was blinded from seeing the full picture, forcing a continued workflow in a static environment disconnected from the live-world. For example, a retailer planning a media campaign may or may not know that certain DMAs have limited merchandise or that defective product may have caught wind in social media resulting in massive returns within a given market. Not having all the data for planning media and optimizing a campaign can exacerbate the issue while missing out on significant opportunities. Moving forward marketers will bypass the analytics database and will deploy/manage a Consumer-Centric Omni Channel database with the ability to make that data actionable.
3. The Rise of the Marketing Engineer. This is truly a new profile of an individual who is not only able to understand the role of data and technology but has the ability to quickly and seamlessly leverage data and technology in the broader context of marketing. Many of these individuals already exist within organizations, though they have limited previews but now must be empowered. The Marketing Engineer will have a specific belief system: they will believe in process, start with a forecast or simulation, require precision in everything they do, produce calculated decisions, they will be open and ready for new systems and automation. Selecting, hiring and training a new breed of Marketing Engineers will introduce a new way of thinking and working, changing the paradigm of how organizations operate today.
We have had multiple recent deployments, where we have migrated clients to maximizing their use of data, expand the use of business data for marketing and have deployed Marketing Engineer mindsets to help shape organizations to maximize their use of data and technology to make better, faster and smarter decisions.