Turning Big Data Into Big Rewards
October 7, 2015
This article originally appeared in Chief Marketer and can be read in full here.
Marketers are flunking the “big data test.” According to Gleanster Research, as many as eight out of 10 CMOs at large enterprise organizations believe they could be doing a far better job of using data to make better and more informed marketing decisions. So why is this the case and what stands in their way?
The reality is one of the biggest hurdles to making data-informed improvements to your business remains one of the most basic—how do you manage and interpret the incredible wealth of data now available?
Overwhelmed by the full spectrum of data sources to analyze, “big data” often translates as “big problems” or “big headaches” for CMOs.
But the reality is that these information sources, if managed and analyzed correctly, hold a treasure trove of insights that can lead to enhanced brand loyalty, customer satisfaction and everything in-between. Here we take a closer look at how best to leverage this information—specifically customer feedback and data—and how to tackle the challenges head on.
I Have All this Data—But Is It Relevant?
CMOs and marketing professionals are constantly bombarded with an abundance of customer feedback data but often don’t know what is relevant or not, how to interpret the information, nor how to prioritize and act on their findings, much less how to leverage it enterprise-wide. A recent IBM Study that surveyed over 500 CMOs, revealed that 82% said they felt underprepared to deal with the data explosion. So how can we make this data more manageable and more actionable?
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