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How Is Data-Centricity Impacting The Marketing Organisation? Part 1
Using quality data to make smarter business decisions is something we are very passionate about at ContactAbility. Below is a great interview on what big data means for marketers.
Big data. Predictive analytics. Left-brained CMOs. With the sophisticated statistical techniques that now exist, enabling CMOs to generate superior insight out of data, expectations have ratcheted up. It started in the late 1990s and early 2000s with an expectation that CMOs would be more accountable for performance; today, the best marketing leaders view business management from a data-centric perspective. To better understand how a data-centric approach to business leadership is impacting the marketing organization, I turned to Jennifer Zeszut, the CEO of Beckon, an enterprise-class marketing intelligence platform. The following is part 1 of a two-part series (see part 2 here).
What does it mean to be data-centric?
Right now, data-driven marketing is a “thing.” But soon that phrase will sound redundant. Data is here to stay, it’s not slowing down, and it’s forcing marketing to adapt just to keep up. Tack on the fact that marketing leaders are facing massive pressure toward accountability, and that in a market saturated with media messages, marketing’s traditional “big bang” approach is harder and harder to rely on, and it amounts to a very uncertain time to be a marketer.
Some marketing leaders may be hoping for a quick fix. They may be tempted by the notion of standing up a dashboard—something flashy and public—and checking the box. But becoming a data-driven marketing organization takes much more than that. It means committing to a journey of transformation that touches virtually every aspect of the marketing function—and in many ways brings it out at its best.
As marketers move toward a data-centric world view, what will change?
The skill sets of our teams and partners
In fact, according to Gartner, more than 90% of self-service business intelligence initiatives are leading tothat actually because those initiatives don’t pay enough attention to the quality of the underlying data.
So if marketing wants to be data-driven, we need expertise around data. Data aggregation. Data cleansing. Data normalization. Data analysis. Responsibility and ownership for that
In addition to more and more technical roles tucking into the marketing organization, the role of the central marketing function will become less executional—less about running big, global campaigns—and more strategic and enabling. As data gets pushed to front-line marketers to make tactical decisions, the centralized marketing team will need to focus on foundational practices like:
1. Good data governance. Is the data we’re using complete, clean, normalized and up to date? In other words, do we have a trusted source of truth?
2. Permissions and controls. Who should have access to what data?
3. Best practices for analysis. What are the best KPIs for omnichannel marketing?
4. Benchmarks and perspective.What counts as a good result and what’s a bad result?
Some marketing organizations have set out to accelerate knowledge sharing, organizational