At a recent lunch, hosted in partnership with our friends at MiQ, we brought together some of our senior Marketing Society members to discuss how to use data to drive decisions. Most importantly, how we as marketers can use data to drive significant improvements in the bottom line.
- Time: We asked our guests what superpower they would like, and most of the answers revolved around time. Some want to go back in time to change decisions, some go forward to predict the future, but most just want to create more time in their day.
- Speed: Similarly, we want to move faster, and get others to do the same. How can we get from insight to impact without waiting so long that the data is outdated?
- Attribution: We’d love to be able to focus in and find out both who is responsible for what, but also what worked where.
- Resource: We’re all short of people, and the ability to clone them would come in very handy. It would let us get to those tasks that always seem give way to other “more important” business.
- Confusion: Sometimes, where data is concerned, we feel like dogs watching TV. We know something’s going on, but what is it?
- Hack: Everyone would like to make more of their data, but data scientists are expensive and we don’t have the time to devote to really sorting it out. We’d love to have the time to hack.
- Application: Data is so much more than just a targeting tool, understanding the customer is vital to all areas of business and that sits with Marketing.
- Vision: We want to see the whole customer journey and move from product portfolio to a real understanding of behaviour.
- Prescience: Marketers can move from smarter targeting to actually predicting response, optimising campaigns before they launch.
- Impact: We’d like to use our data in unique ways to drive the bottom line. Data can move marketing from a cost centre to an insight generator
Data is the itch that a lot of marketers just can’t scratch and even those with a really comprehensive grasp of their data feel they could do more with what they have. One thing is clear, it’s marketers who should own this area and who have the skills to interpret the data and apply it to a variety of areas outside of traditional marketing roles.