Why Do So Many Marketers Still Struggle to Embrace Big Data?
Blog post written by Adverity.
According to Accenture, 79% of executives consider using big data as a competitive advantage. At the same time, the most recent CMO Survey warns about growing anxiety among marketers about the data.
Why such a disparity between the C-suite and marketers approach to the data?
Well, I can think of at least four reasons.
1 – Most marketers consider implementing a data-driven strategy "extremely complicated," says Campaign Monitor.
2 – Many of them feel overwhelmed by the amount of information available. Some struggle to identify all data sources to use or find a way to collect the data.
3 – Data silos play a critical role in the lack of marketing analytics adoption too. According to Datafloq, only 8% of companies store all their data in one place, after all. The rest have it scattered across business divisions, locations, departments or vendors. Those isolated data sources limit a marketer’s ability to use the information at will. In turn, it makes it impossible to collect necessary insight to drive their results forward, understand the market, the audience and the competition.
4 – Many marketers complain about lacking the expertise to analyze the data as well. Some also mention not having the right tools to harmonize or transform the data.
In short, in spite of a widespread understanding of the benefits of big data, organizations still fail to equip marketing teams to succeed with data-driven campaigns.
But there’s good news too. Overcoming those problems is easier than it seems. Here are some suggestions to get you started.
First, eliminate data silos. Instill a culture of data exchange across the organization instead. Also, help everyone see the value of sharing whatever information they have with others.
Then, set up access and common data standards so everyone could use whatever information they need.
One way to do it efficiently is by embracing marketing analytics platforms. Such tools will simplify data collection and preparation for analysis. With platforms like Adverity you can bring information from all data sources, transform and harmonize it using pre-defined templates and output for analysis. And do most of this automatically and in real-time, at that.
Invest in training. But go beyond just showing marketers how to process the data. Show other departments how data-driven marketing strategies will benefit their goals too.
Doing the above will this help break down the silos, for one. By aligning data with other departments’ goals, you’ll entice them to open up access to their data as well. And moving to analyze the data with analytics platforms will free marketers to do what they’re supposed to be doing – Using the available information to strategize the best ways to reach the company’s goals.
Which is the ultimate goal of embracing big data, isn’t it?
Meet Adverity on stand MD91 at Marketing Week Live on 6-7 March.