Saturday January 20th 2018

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Marketing analytics solution has to treat simplicity as a “must-have” rather than a “nice-to-have” feature.

frbsData analytics can be a game changer for marketing organizations. McKinsey’s DataMatics study showed that firms in the top quartile of analytics performance were 20 times better at attracting new customers and more than five times better at retaining existing ones than firms in the bottom quartile.

But many companies struggle to realize the full potential of their analytics efforts. In a recent survey of senior marketing executives, only 10% of respondents said their organizations were very effective at applying analytics-generated insights about customer behavior.

In our experience, companies often address this problem by trying to analyze ever greater data sets in an effort to uncover a killer insight. Or they look for a tool that can solve every problem. But the core issue is that many analytics efforts remain disconnected from key decision makers. What tends to happen is that a small set of brilliant data scientists off in an isolated environment create impressive models that no one without a PhD in analytics can understand or use.
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