Data is not just for number crunchers anymore. In the digital marketplace, it is essential for driving connected insights into consumers’ intent, choices, decisions and actions.
Marketing organizations that want to remain relevant to the business need to focus on growing their own analytics skills. Becoming more data driven requires a cultural shift within marketing—from breaking down organizational silos to building new skills.
A lot can happen when the marketing organization becomes the hub of analytics and the entire company reaps the rewards of the transformation.
Savvy marketing organizations understand that they need to transform themselves by embracing a different culture, in which:
Analytics plays a key role.
Marketing decisions are based on data, not intuition alone.
Teams collaborate seamlessly across skills—from brand to digital and data.
Organizational silos are smashed.
Programs are immediately responsive to consumer needs.
Accenture Interactive research of more than 400 senior marketing executives from around the world shows that greater than 70 percent recognize the need for a major digital transformation of the marketing organization to give their company a competitive edge. As digital budgets increase, the heaviest investment is expected to be in customer experience and data analytics capabilities
There are four key areas in which marketing organizations should develop analytics capabilities.
Continuously test, measure and develop new marketing ideas. Pilot marketing campaigns quickly in limited channels to test the ground before launching them on a bigger scale.
Build analytics and measurement into all aspects of marketing. Identify a mix of investment opportunities to increase the effectiveness of marketing efforts across all channels.
Employ analytics to gain a deep understanding of the business. Learn why a product or a campaign is performing in a particular way.
Adopt a holistic approach to marketing analytics to capture all key performance drivers. This could include designing a flexible pricing and promotions strategy.
The transformation to a data-driven marketing organization is a marathon, not a sprint. Along the way, marketers will need two foundation elements:
An agile approach to analytics
A culture of collaboration across creative and technical teams
Organizations will also have to look at existing talent to ensure that they have the right analytics know how. It is not just about hiring professionals who are adept at trend analysis or data visualization…they’ll need skilled analysts who can interpret big data sets to tell a compelling story that the business can act on—and ultimately, benefit from.
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