The Big Data Shift
Marco Vriens and Patricia Kidd
American Marketing Association | Marketing Insights
With the increase of readily available data, the opportunities to develop predictive models for a wide variety of marketing metrics has not only led to an explosion of analytics, but also to an increased potential for and use of advanced analytics. This is further fueled by the increased pressure on marketers to do more with less and provide marketing-driven ROI. Hence, every bit of data needs to be mined so that all marketing insights can be found. This saves the firm money because the answer can be found in data that they already have, instead of having to pay for new research to get the answers. Also, there is increased interest in models that predict the outcomes of certain marketing activities. A recent survey by IBM and MIT in the Sloan Management Review showed that among 3,000 executive managers worldwide, improving information and analytics was a top priority for half of those surveyed. Furthermore, almost half of those surveyed indicated that a “lack of understanding of how to use analytics to improve business” was an obstacle to the widespread adoption of analytics in the organization. There is cumulative evidence that firms that successfully adopt advanced analytics are more successful than those that don’t. This means that marketers who “get” what’s possible with advanced analytics and how to properly deploy it will win in the workplace.