Data can help you sell more stuff, but are you using your data correctly? VT helps manage your data expectations.
There is a lot of hype about data within the ad industry right now, big data, data tools, data is behind great creative and so forth.
I absolutely agree with this much-earned hype by the way, but I wonder just how many marketing teams are analysing data which is useless? I also wonder how many marketing teams are sitting on data goldmines?
Let’s look at the basic need of data, why do we have thousands of analysts looking at consumer insight? Data needed to sell more stuff. And if read correctly it can enhance customer journeys beyond the point of no return. But if data or the core database itself isn’t aligned to the business objectives and is too complex for the company to distill then it is useless. Take eBay for example, Mike de Halpert, Head of EU CRM and Loyalty analytics recently spoke at DataIQ NOW! on the issues he has faced with data, and states “When I joined eBay, I was excited about the amount of data and talked to the marketing director about doing customer segmentations. I expected him to get excited and see it as a quantum leap. Instead, his reaction was that, if we created just five segments per attribute, we’d have 224,1400,625 customer types – the business can’t handle that”. To help businesses understand the level of data they can handle De Halpert talked of five rules to simplify:
Value simplicity – don’t let things run away from you.
Align data goals with company goals.
Draw a roadmap to success that shows how the business will progressively adopt analytics.
Standardise everything – this helps complete more monthly tests.
Use visualisation tools to ensure insights are comprehensible.
Along with these rules it’s known that data and analytics should sit within the marketing team – allowing it to be run by people who understand the business objectives and ultimately have sales front of mind.
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