A January 2013 Infographic, below, from Monetate examines what types of data marketers are collecting, areas where retailers struggle to tap actionable Big Data competitively, the biggest obstacles to actionable data, and how to master this data. Starting with "Marketers Know Data Matters," 100% of the CMO's acknowledge successful brands use customer data to drive marketing decisions; 87% say capturing and sharing the right data is critical for measuring ROI effectively; and 77% say getting traditional and digital marketing to work together remains a major goal. See several more details following the Infographic:
Infographic used with the permission of Monetate
Areas where marketers struggle to use data effectively:
39% say that their data is collected too infrequently or too slowly
36% say they have lots of customer data, but don't know what to do with it.
33% say they are confident in their ability to make decisions based on new data (one out of three companies).
Marketers are collecting their data through traditional customer surveys; demographics; customer transactions; customer opinions and attitudes; social media feedback from customers and prospects; and customer mobile phone/device data.
Tying Marketing Budgets To Data And ROI Remains A Challenge":
28% of companies said they base marketing budgets on "gut decisions"
7% of companies said they make all or most of their marketing-spend decisions with no metrics at all. (Remember, at the beginning of the Infographic, 100% of the respondents did acknowledge that marketing matters). So read on:
What Are Some Of The Biggest Obstacles To Using The Data?
* Employees that don't have the right skills or training (32%)
* Lack of budget or resources (32%)
* Wrong organizational structure (14%)
* Lack of necessary tools or technology (10%)
* Insufficient executive support (9%).
Monetate's Advice For Mastering Actionable Data:
1. Compile your stats. Without complete and accurate data, there's no way to build a solid marketing plan.
2. Appoint a data whiz. The companies with the best data strategies often have one person in charge of managing how data is collected, stored, and accessed in real-time.
3. Share and analyze data together. Internal information-sharing is a must for successful data usage.
4. Connect the data dots. Some metrics will be critical to developing a big-picture look at customer trends and behaviors… specify your data goals before diving into the numbers.
Bottom Line For Your Bottom Line:
These points are equally valid for company decisions that involve marketing to decisions and strategy regarding competitive pricing and assortment management. It's important for retailers to get past the Big Data hype and find the right tools for delivering insights and subsequent income, i.e. ROI.