“Data is king!”...Or is it?
It’s estimated that nearly 2.5 quintillion bytes of data
are created every single day. With all of this data being generated we’ve seen a monumental shift in not only the way marketers are retrieving this information, but also how much of it it they’re collecting and analyzing. Juggernauts like Facebook, Apple and Google continue to expand their tracking capabilities, allowing organizations large and small to take advantage of the explosion of newly formed marketing channels and interconnected devices. Most executives hope their “data first” mentality will help them increase sales, optimize promotional material, or even improve customer satisfaction. Here in lies the problem.
Data ObsessionDigital marketers have become obsessed with data collection, but many have no idea how to turn their data into actual marketing intelligence. In fact, a recent study by Oxford Economics and Verizon
found that only 8 percent of businesses were utilizing more than 25 percent of the IoT information at their disposal. This is a very surprising statistic when you evaluate the resources, infrastructure, and expertise necessary for organizations to collect and store all of that information.
To compound this problem further, a recent study by Harvard Business Review
revealed that 18percent of organizations connect to over 15 data sources, and 9 percent have no idea how many sources they’re currently pulling data from. So to put it simply, companies are spending massive amounts of money connecting and collecting data from different sources, but lack the expertise or tools necessary to analyze, or even ensure the quality of the data they’ve worked so diligently to collect. When you Consider the importance marketing has on business development and ultimately company growth, it’s easy to see how focusing on data collection over analysis can become a large and generally unnoticed problem.What Can I Do?
Properly utilizing marketing intelligence relies on many variables that may not be easily recognizable. The size of your organization, your position, and current technologies all play a role in your ability to structure and organize data within your department.
Find out 7 ways to improve your data management and your marketing efforts.
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