As I become more experienced in marketing, I have realized that data and analytics play a large role in decision-making. I wanted to share out this recent Forbes article written by John Kennedy, VP of Marketing of IBM Global Business Services that presents the idea that marketers, especially today’s CMO’s should take advantage of the large amount of data available about their customers and use it to appeal to individuals.
Here’s a quick summary of his article:
- According to a recent IBM study, “Marketing Science: from Descriptive to Predictive,” more than 80 percent [of marketers] admit they still rely primarily on hunches and experience for making decisions
- Successful CMOs are learning to craft relationships that aren’t simply about a commercial exchange. It’s about educating, entertaining, selling and teaching, while helping consumers get more out of the world around them
- Marketers need to move away from counting the number of “tweets” or “likes,” to establishing more scientific methods for collecting data from many different sources, whether it’s purchase history, call center records, social media posts or other things
- Every day, we create 2.5 quintillion bytes of data, and 90 percent of the data in the world today has been created in the last two years alone; but while consumers are telling marketers more about themselves than ever, they’re also more frustrated when companies don’t know them
- U.S. companies lose $83 billion in annual sales because of poor or inconsistent customer service, while half of customer calls go unresolved or require escalation