Marketing Information Lost in Translation: How to Save yourself & Rise above the Competition

A recent report I came across this week shows that 76% of marketers do not use behavioral information in either segmentation analysis or targeting. They have the data, they’re just not taking advantage of it to better identify and then satisfy their consumers. This shocked me, so I went looking for more information to clarify the situation. 

The study was conducted in late 2013 by Razorfish and Adobe amongst marketing and technology executives in the US, Canada, Germany, France and the UK. According to Pete Stein, CEO of Razorfish, the two main reasons for this lack of usage are firstly that today’s marketers are driving consumer segmentation with outdated technology, processes and tools, and secondly that there is an exponential growth in the availability of behavioral data.

In another study called “From Stretched to Strengthened” IBM reports that 71% of CMOs feel unprepared to h andle today’s “data explosion”. A third study, Domo‘s “2013 Data-driven marketing survey” found that two-thirds of marketers feel unable to h andle the volume of marketing data that’s available for analysis without feeling overwhelmed, and  concluded that there were five reasons why this is the case:

  • 69% don’t have the time to analyse it
  • 66% can’t see it integrated
  • 44% don’t have the time to collect it
  • 40% don’t have access across devices
  • 40% can’t see it in real time

These statistics suggest some interesting, no vital, changes that business intelligence / planning / market research / insight (BI) departments should make to address these needs of marketers. Once made, they would increase their perceived value and recognition, as well as that of the marketing department as well. Now that can’t be bad can it?

Here are my thoughts on each of them:

No time to analyse the data

I personally believe that if the support function (BI) was doing its job properly, marketing wouldn’t have to analyse the data. In fact I don’t think it is, nor should it be, their responsibility. Of course, this does mean that BI should be attributed with the appropriate levels of resources in both time and personnel to run the analyses and generate actionable insights.

Studies conducted every couple of years by the market research arm of the Corporate Executive Board (MREB), consistently show that world-class businesses have BI departments that have progressed from methodological experts to insight consultants, and then to knowledge synthesizers. Therefore unless you allow your team to develop in this direction, the onus for analysis will remain a challenge.

Can’t see the data integrated

Even before Big Data became a buzz word, companies have struggled to break down the internal silos of information ownership. The ever-increasing flow of data into organisations has just made the matter worse, so that it can no longer be ignored. Information integration may dem and a significant investment in both time and money, but the rewards are huge.

For example, from my own experience with clients, I have witnessed a grocery retailer increase sales by 15% whilst decreasing its promotional & discount allowances by 13%. Continue Reading

The shocking truth about managing data: it’s simple!

There is so much talk about information and Big Data these days, every organisation is feeling swamped by the belief that they should be doing more with their data.

From gathering more, to analysing more, and developing more insights about their customers, they are also afraid that their competition is doing more. If this is your situation, then this post will provide the answers you need.

Organisations have always collected information about their customers; it’s nothing new. Whether this is through conducting market research studies, or simply from obtaining details when customers buy something, there is already a lot you can do today to manage your data. However, there is an even bigger opportunity to get a better underst anding of your customers and their needs and desires, when you integrate all the information sources you already have at your disposal. This is why there is so much news about Big Data these days. For all of you that have been shocked into inaction by all this talk, here are some simple ideas that you can use to start your own journey to managing your data, whether Big or Small:

 

#1. Make your information more visible

You are certainly already collecting a lot of data, both internal and external, but it is probably only the former that is shared today; sales, distribution, targets, budgets, plans and forecasts are the most common examples of this. How are all these numbers shared across your organisation? Why not develop a simple dashboard showing the most important numbers?

Using comparisons to competitors, indices and trends are generally the most useful way to provide a quick overview of business, into which viewers can then dig deeper, depending upon their area of interest. You don’t need to show it all on the dashboard, and you shouldn’t try, just keep the summary to the KPI’s that are most relevant for everyone to know.

For more on how to choose your KPI’s see here.

 

#2 Make your information more available

You already have many sources of information, but who has access to it? If you are like most companies, it is the department that collects the data that analyses and uses it, and other departments rarely know of its existence, let alone get to see it. Why not develop a library in which you can store all the information and insights that are gathered and developed, and then give everyone access to it?

This library can be as simple as a folder in a shared file, an Excel folder, an Access database, or a more sophisticated system that can manage budgets, projects and suppliers, as well as the storage of the processes and reports. Some organisations are afraid of doing this for fear of information getting into the h ands of their competitors, but access rights today are easy to manage so that you can significantly reduce such a risk.

You can find more information on knowledge sharing here.

 

#3. Make your information more actionable

Much of the information that companies gather is backward looking, coming from sales and distribution that have already happened or your customers’ consumption and usage habits of last week, last month or last year. Continue Reading

I hope you enjoy reading this blog post.

If you want me to catalyse your growth and profitability, just book a call.

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