Marketers using data to inform strategy is not a new concept. However, the process of mining this information and the amount and type of data available has led to a redefinition of data driven marketing in 2017.
Data siloed across applications, teams, and systems has led to a lack of documentation or proper documentation. Access to total enterprise data, including customer data, sales data, and research, has expanded the reach of Marketers. And this has made the process of combining data through “Insights” more complex and challenging.
To maximize the value of data, here are five assumptions marketing leaders should avoid:
Assumption 1: Data does not shape the future; I cannot react to data.
A 2016 Forrester study found that marketers are struggling to respond to customer interactions, as they focus on traditional performance measures like customer retention and customer engagement.
A similar study found that data technology is the bridge between customer experience and marketing goals. Outdated data management processes are often blamed – time-consuming management and reporting tasks leave little time for analysis.
Assumption 2: The “Marketers have to be really good at math to use AI” mentality
Last year, Demandbase and Wakefield Research found that 80% of B2B marketers believe AI will “revolutionize” marketing by 2020. However, only 26% of them are confident in their own understanding of AI applications. Additionally, more than half cite technology integration and employee training as barriers to adoption.
Assumption 3: Data saps creativity.
Effective marketing is a combination of data-driven thinking and creative thinking. Data in, data out is not the input and the final result of the output of the strategy. Marketing will always be a creative industry; but Marketers need to embrace data-driven creativity to gain an edge.
Assumption 4: The “Someone else on my team will handle the data” mentality.
If marketers want to maximize collaboration and, in turn, improve marketing performance, the key is to close the data literacy gap between brands and agencies. The more familiar marketers are with data, the faster and more timely their decisions will be. When marketers combine the right tools and processes, it creates greater opportunities for growth.
Assumption 5: The “I've been too focused on data management” mentality
Obtuse, a data management and reporting system, has the “edge” of denying marketers insights that can impact revenue, customer retention, and media spend. Marketers may consider the cost of maintaining outdated systems as data becomes more accessible.
Fortunately, disruption becomes more manageable when your goals are clear. For a faster flow from data to insights, marketers should look for a system that provides a real-time view of all data.
Original article: 5 data assumptions that marketers should avoid – Chief Marketing Technologist (chiefmartec.com)
Translator: Hoang Bach
