During my last post, I talked about the third new A of marketing, i.e., Appropriate. This week, I want to talk about a topic that’s near and dear to my heart: Analytic.
To recap, I believe the new four A’s of marketing is an approach that every marketer needs to adopt in order to overcome big-bang disruptions associated with new models, new technologies, and the new mindset of customers (see my previous posts on the New 4 A’s of Marketing).
In an article from HBR, entitled “The Ultimate Marketing Machine”, after ten thousand CMOs interviews, researchers discovered the following: 52% of high performing marketers leverage analytics for marketing effectiveness.
I can only assume they are also part of the 13% – that is, the 13% of marketers that are prepared to face big-bang disruption (see previous post). Perhaps unsurprising, Analytics is the quintessential glue that ties together the other A’s of new marketing.
Analytics is essential for Agility – how else can you make smart – indeed BETTER decisions?
It’s also critical for Accountability. In fact, analytics provide the very foundation for marketing attribution and measurement.
Appropriate (i.e., personalization and relevance) at scale is only possible with predictive analytics (propensity could be understood to be the likelihood for this message to be appropriate).
And yet, and YET Analytics seems hard. Scary. Expensive. Data-driven marketing is moving out of the back office into the boardroom. It is driving the best marketing – period. And it need not be expensive – start with specific business opportunities (or use analytics to identify where there is opportunity). Then plan, execute, measure and repeat.
At a recent Argyle conference, I had the opportunity to moderate a panel discussion on how data is aiding marketers navigate the omni-channel landscape. Many of the marketers in the room were talking about how much time they spend rehashing data. What was concerning is that a large contingent expressed lack of clarity regarding what is important (analysis paralysis). The successful CMOs and other marketing executives were pointing to a need to clearly define measurement objectives and subsequently, marketing metrics and arrive at a decision quickly. Being Analytic is not just discovering, but it is deciding and doing too.
To sum it up: Be Analytic. Be a Hero.
Related Solution: Transform your Customer Marketing with Manthan's Customer Analytics Solution