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RainMan has worked for over 15 years in the area of Marketing Analytics, and one consistent and recurring theme has been that otherwise great marketing companies, leave a lot of opportunity go a begging when it comes to use of their assiduously collected data. In today’s world, where data is the new oil, why does this happen? Why does marketing not utilize their data to the fullest?
Lack of awareness and focus: Many marketing departments have other fish to fry, especially stuff that needs to do be done yesterday. This means that the focus on long term strategic execution leaves a lot to be desired. Moreover, it is the lack of awareness on how to model, optimize(advanced analytics), and knowledge in this area, that becomes a barrier to progress. It may be on the CEO’s wish list – but it remains there.
Perception that it is non-essential: In today’s marketing world, despite the hype around data – a perception persists that spending money on data work is an expense, when it actually is a investment with a very high return on investment. Leader companies have seen the opportunity and have invested in time and resources to make this a part of their strategic growth path. Others, are still working it out.
Inability to manage data: While many companies have data lakes and dashboards, when it comes to marketing they fall woefully short in terms of their process. This is because much of the data in marketing is external to the company – for example competitive sales data, media input, and competition data. This apart advanced analytics required clean data, which can be transformed as required as well as updated data. Unless there is a team in place which consists of domain experts and data integrated together, the management of marketing data remains a challenge.
Lack of expertise: To get real business enhancing output, the company needs expertise – whether internally or external. This requires some focus from the C Suite, without which it tends to become a single or two person department, which given its limitations tends to fail and the entire project is seen as a nonstarter. Need a planned approach with reviews by the top management till it becomes an essential part of the marketing process.
In summary, one can say that while the opportunity is large and enticing – it requires some dedicated resources, hard work and expertise to convert potential to actual.
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The sole purpose of advertising is to sell products. It has no other purpose. David Ogilvy, who must have himself won many awards at the Cannes said - "If it doesn't sell, it isn't creative".
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Marketing is the art of predicting the future and hoping your target audience agrees. While time series analysis is the science of trying to make sense of a chaotic past. Together they form a love-hate relationship as complex as a Rubik's cube on a rollercoaster. So, buckle up marketers, because we are diving into the world of time series and market mix modelling.
Whether you are a brick & mortar retail chain or one who sells off a website, it is mighty important to know, from which geography your customers come from.