What it really takes to become a data driven marketing organization
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While “big data” may be the buzzword du jour, many marketing organizations have never really prioritized and operationalized the value of “regular data”. Organizational silos, disparate data sources, legacy planning processes, and constrained resources have all contributed to “the data-driven organization” being more of an aspirational state than a strategic imperative for making more informed marketing decisions. However, the tide is turning, and the competitive and operational advantages are clear. Being data-driven is as much a mindset as it is a set of processes, guidelines, systems, tools and analytics capabilities. Effective integrated marketing requires new approaches to cross-channel analytics and cross-functional collaboration in order to develop the ongoing actionable insights and business intelligence that can improve marketing performance — all while supporting, rather than stifling, creativity and innovation.
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What it really takes to become a data driven marketing organization
- 1. Where Does Social Fit in Your Media Mix?! Do you have a Foursquare strategy?! • Can you sell on Facebook or Twitter? Should you make use of all the platforms – established and emerging – and how do you use them anyway?" • Have you developed content for Vine?" • How can you use the strengths of social to work in concert with your other channels to maximize its impact? "What it Really Takes to Become A Data Driven Marketing Organization
- 2. What you will not hear over the next 40 minutes …!
- 3. Every year the world’s data increases by… Petabytes, exabytes, ze9abytes, yo9abytes …
- 4. So, let’s first define a data driven marketing organization …!
- 5. What does it mean to be data-driven?! The culture and capabilities that operationalize capturing, processing, and utilizing data to make timely decisions that improve products, customer experiences, operational efficiency and competiveness.!
- 6. Data driven marketers outperform their competition! Source: The State of Marke0ng 2013, IBM’s Global Survey of Marketers
- 7. Many leaders in their categories are data-driven!
- 8. How Target identified a pregnant teen before her father did…! ! ! Demographics! Shopping patterns! Habits insights! !
- 9. Data [insight] driven decision making drives better business performance and better customer experiences!
- 10. You’ve Heard It All Before
- 11. Many organizations cannot get past the common hurdles to becoming data driven! Disparate data sets! ! Data owned by different silos within the org! ! Lack of funding! ! Lack of time/resources! ! Legacy operating rhythm! ! !
- 12. ”Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” -‐ Abraham Lincoln
- 13. “Data driven” needs to become a core value -‐ part of the DNA of the organizaIon …
- 14. Embarking on your data driven journey! Transformation will not happen overnight! ! Top-down vs. bottom-up effectiveness! ! Requires cross-functional collaboration! ! Combination of people, process, tools! !
- 15. Your organization needs a cultural champion …! Prioritize the transformation! ! Recruit a cross-functional steering committee! ! Secure funding and executive support! ! Protect and steward the transformation! ! !
- 16. Or the underpants gnomes may end up driving your data strategy!
- 17. Or the underpants gnomes may end up driving your data strategy!
- 18. Curiosity is the most important characterisIc of a data driven markeIng organizaIon
- 19. Vital organizational and individual characteristics! Discipline Rigor ScruIny
- 20. Putting standards in place – bolster rather than stifle creativity and innovation! Process Governance
- 21. The right mindset will lead to asking the right questions …! Breakthrough insights are rare! ! Aim for frequent small incremental insights! ! Try and remain unbiased, let the data speak on its own! ! !
- 22. Developing data models! Ongoing hypotheses! ! Test models! ! Validate results! ! Rinse and repeat! ! !
- 23. Don’t trust all of your data …! Data often contains biases, inaccuracies, or errors! ! Always assume margins of error! ! Work within statistical significance! ! Have the experts validate your approach! ! ! !
- 24. Analytics is everyone’s business! Map to business objectives and values! ! Simple, data visualization! ! Focus on the right KPI’s! ! Impress and enable the C-suite! !
- 25. Driving business intelligence, beyond KPI’s and reports! Driven by business needs! ! The right people internally or externally! ! Systems/tools for BI! ! !
- 26. Types of insights – PPRII (Prescriptive, predictive, reactive, informative, interesting)!AcIonable High Low Ease of generaIon Easy Difficult Prescrip0ve Informa0ve Interes0ng Reac0ve Predic0ve
- 27. Data driven organizations do not rely solely on data! ! Data + experience + gut! ! Automate what makes sense! ! Question and validate everything!
- 28. The right data infrastructure is a given! Centralized, open, flexible data warehouse! ! Robust and scalable! ! Data capture, management! ! ! ! ! !
- 29. 360 customer view! Two way data integrations across multi-channels! ! Data is always updated, and accessible for use! ! Do not let your current infrastructure limitations hold you back!"
- 30. A9ribuIon Challenges and SoluIons Challenges: Insufficient Data DuraIon of Buying Cycle Not Absolute 30 Embrace the fire hose …!
- 32. How does big data fit in?! Too big for traditional data systems! ! High frequency and scale of unstructured data ! ! Eventually, it will all just be data again" ! ! !
- 33. Hire the right team! In-house and/or external! ! Requires experience implementing and managing data and analytics systems! ! Intense curiosity and thirst for knowledge! ! ! ! ! Building the right team!
- 34. Data scientists are like financial quants!
- 35. Data scientists will soon have more demand than supply …! Source: Mashable data driven marke0ng organiza0on survey
- 36. Talent development – existing staff! Change mindsets, and behavior change follows …! ! Marketers need to understand:! ! what questions to ask" " how to leverage data and data teams" " the limitations and possibilities" "
- 38. Identify one or two quick wins to rally the organization! Demonstrate that the transformation is paying off! ! Measurable impact within six months of implementing a new strategy and process! ! Ensure significant visibility across the organization!
- 39. Visible executive sponsor! ! Cultural champion! ! Protect prioritization! ! ! ! Create a sense of urgency!
- 40. Socialize the enterprise ! ! Promote healthy competition! ! Reward positive behavior! Foster sharing and collaboration!
- 41. ”Experts oRen possess more data than judgment” -‐ Colin Powell
- 42. Where Does Social Fit in Your Media Mix?! Do you have a Foursquare strategy?! • Can you sell on Facebook or Twitter? Should you make use of all the platforms – established and emerging – and how do you use them anyway?" • Have you developed content for Vine?" • How can you use the strengths of social to work in concert with your other channels to maximize its impact? " Jason@agilitico.com @jasonheller