What do you think when you read the first line of an unsolicited email that begins with the words, “Dear Buyer”, or “Dear Manager”? If you have not heard from the company before, or, you are not the manager of anything, then it is even more peculiar. Whatever reputation that company was trying to develop, they’ve just lost it.
Many will delete the email and just conclude that this is poor marketing – which is true.But what I think is that the company that sent me this email has not cleaned up its database lately. The reason behind these common marketing mistakes is simple. A deficit has developed between the marketing team and data expertise.
Every year, the quality of our lead generation data is improving. Accuracy, strategic planning and conversion rates are all becoming more and more dependent on marketing where big data is having it impact.And yet, many organisations are not where they need to be regarding data management and application. This is most evident within the digital marketing sector.
Data and Marketing
A 2017 Data-driven Marketing Report by Jaywing bears this out. In their questioning of the marketing industry, 92% said that data management was a top priority for their business. However, 40% stated that a lack of analytics and data science skills was holding them back from developing a more compelling CRM strategy. The fact that these skills are often missing from marketing teams should not surprises. Big data has typically been seen as the realm of geeks and nerds who love numbers. What most marketers enjoy, however, are tactics and creativity.
Data cannot be dismissed. Some speculators are now predicting that that by 2018 we will be in want of an additional 1.5 million big data analysts. Exciting for big data analysts and managers. You can expect to see wage rises and lucrative opportunities for those with data skills. This will be especially true where those data skills stand alongside the requisite marketing talent.
The potential advantages of integrating data with marketing should be obvious. A cursory glance at Spotify or Amazon.com, to take just two examples, shows us that the potential return on investment for using the data correctly is massive.
A Lack of Data Skills Clearly Evident
As the Jaywing demonstrates, those in marketing are aware of this. What is lacking is not awareness, but skill, training and experience. The merging of these two disciplines, marketing and big data I regarded by many to be the key to the future success of digital and online marketing. The question will be, can those who need this skill set the most be able to find suitably qualified marketing experts. Are there enough people who understand both digital marketing and also know how to interpret and apply big data.
The risk for me medium and large sized businesses is that unless they effectively engage this skill set in their marketing teams, they are likely to fall behind. Of course, some might argue that marketing will not be the only sector that adversely impacted by the lack of data-driven decisions. That is true. The problem at hand here, however, is that the marketing industry is so visible. Consequently, the deficit is noticeable – and costly.
The Data is in, but Do we Know what to do with It?
One of the biggest concerns by those who have been paying attention is not the unavailability of the data. Instead, it is a lack of understanding on how to apply and interpret the data. We live in an age where data collection and storage is simple.Those in digital marketing understand the importance of capturing leads and creating the data from those leads.
However, it is the skills required to correctly apply the data, as well as properly manage the data that is concerning to many. There is no point in collecting and creating the data unless you can apply it correctly and manage it properly. For now, while it is an issue that companies are very much aware of, it is also an opportunity for trainers to take advantage of and deliver the skills.
Big Data Equals Big Opportunity
There is money to be made and opportunities to be had by those willing to train others in the marketing field in data application and management. The availability of data in the 21st century is just staggering. And with the increase in data, there is a scalable increase on the need for analysis and correct application. Failure in this field can be costly.
Big data has become the key to a competitive edge, growth and productivity. Big data is leading the way in technology and innovation. For those willing to skill up their marketing teams, there is great potential. For those who have no interest in engaging the data, not so much.