As data-driven strategies become more prevalent, they will increasingly take center stage as a competitive advantage for smart companies. Put simply, the organizations with the most sophisticated use of data will win.
While many organizations will use easily accessible data to become more analytics-focused, the secret lies in using multiple data sources and monitoring them regularly to discover the unfolding stories they hold.
Mastery of data-driven insight will increasingly separate the marketing wheat from the chaff, yet putting these skills into practice has not kept pace with aspirations to do so. Agencies, consultancies and the marketers who hire them have found they cannot simply flip a switch and become analytically proficient. Analytics reports today are often little more than compilations of data readily available from Google.
Few marketing departments possess these tools today.
The most immediate challenge, then, is to create an organization that can effectively do these things.
Our recommendation? Stop focusing on the “how” of marketing and figure out the “why.” Embrace data, yes, but also learn how to identify, attract and retain people with the curiosity to make the valuable discoveries hidden within it.
This talent may well come from other departments in your organization. If it doesn’t, partner with a firm or firms that have made real progress down this road. They can serve as a bridge or an integral part of your team. The important thing is to actually start taking the concrete steps necessary to turn marketing into the science that Claude C. Hopkins promised it could be back in 1923. Then, and only then, will the new marketing value chain deliver real value.
Marketers, how do you use data to discover “eureka” moments that solve problems and drive revenue?
Read our post this Friday to learn more about the importance of data optimization and how to adapt your company or department to the New Marketing Value Chain.
Photo credit: Kreezzale via Flickr Creative Commons
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