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A recent study of 1,000 CMOs and C-level marketing executives conducted by Dentsu Aegis found that more than half (57%) of those surveyed planned to ‘make better use of existing consumer data’.
This is good news! I’ve had a couple of situations where clients have approached me to conduct a research study, only to find that they had the answers within data already collected by their business – they were sitting on a gold mine! This has included sales/purchase records, website or app analytics, social media data, and even past surveys. In many situations, this data was often better suited to answer specific business problems, and as it is often continuous, was a resource for on-going insight.
The trick, it seems, may not be having the data, but finding ways to extract or ‘mine’ the value. The report goes on to say that about half of CMOs also plan on hiring specialist talent (52%) or developing training programmes for existing employees (48%). While I think this is important, the best outcomes I’ve observed is when data is made clear and accessible to all parties within the business via simple and unambiguous reporting. That means educating and empowering all key stakeholders, so there is a shared vision and a clear course of action.
There’s some other great nuggets (pun intended!) in the report too. It is available to download here : http://build.falcon.io/-LIGOTDJaMR15SqSoxGl/