According to IBM, 82% of CMO’s do not feel prepared to handle the data explosion, up from 73% in 2013.
I think it’s fair to say, we live in a data overloaded world with analysing, and interpreting, already very difficult – which I sense is only going to get worse. Analysing data from different sources also means brands are never really comparing apples with apples but with pears, or oranges (depending upon which country you’re from) and ultimately, making much needed cross channel benchmarks difficult to utilise for future analysis.
Back when I started my career, in Carlton TV (ITV), we were probably 30 strong across programme and market research, analysing mainly from 2 or 3 sources such as BARB & TGI. These days you’re lucky if a research department is 3 strong, however they’re analysing data from some 10 different technology platforms.
So what does success look like? Most of the time did sales increase, but recognising which channel contributed to the success has been the Holy Grail and very difficult to measure – even with all the data available to us. Or is it still?
Many clients are now turning to the team at Inspired to help them break from traditional platforms, esp. google products, and brave an omni-channel world. During our conversations, the need of a CMTO (chief Marketing Technology Officer) continually crops up, someone with fresh eyes looking at technology and data both from a marketing and business infrastructure perspective. Harmoniously working today is critical for omni-channel data insights.
But can a CTO migrate to manage marketing budgets or a CMO really manage IT infrastructure and complex cloud based platforms. Irrespective brands unfort. do need someone who can bridge the technology gap between managing business needs inc. simplified data, without stifling the creative idea.
With a recent study showing 55% of people did not go on to buy the brand they’d been sequentially retargeted with; audiences are cottoning on to the games marketers play.
At Inspired, we genuinely believe in the power of one, and ensuring you deliver the correct message to the individual, when they want or need it, not when a brand chooses to send it out. This is helping some of our clients manage their pre, during and post retail experiences via a single source platform.