Big data versus Marketers
- 1. Based on “Marketers Flunk the Big Data Test”, An article by Patrick Spenner and Anna Bird
- 2. • The big-data explosion is driving a shift away from gut-based decision making. • And yet, a recent CEB study found the vast majority of marketers still rely too much on intuition — while the few who do use data aggressively for the most part do it badly.
- 3. But why?!
- 4. Most rely too much on gut • On average, marketers depend on data for just 11% of all customer-related decisions.
- 5. More than half of the information came from their previous experience or their intuition about customers. They put data last on their list — trailing conversations with managers and colleagues, expert advice and one-off customer interactions.
- 6. WHY IS THIS A PROBLEM? • But in today’s volatile business environment, judgment built from past experience is increasingly unreliable. With consumer behaviors in flux, once-valid assumptions (e.g., “older consumers don’t use Facebook or send text messages”) can quickly become outdated.
- 8. A majority struggle with statistics • Just 5% of marketers own a statistics text book.
- 9. Some are dangerously distracted by data • While most marketers underuse data, a small fraction (11% in this study) just can’t get enough.
- 10. • These data hounds consult dashboards daily, and base most decisions on data. • We call these marketers “Connectors” and they’re exactly what most CMOs are looking for.
- 12. • But these types of marketers are actually severe underperformers . The problem is, they don’t have the statistical aptitude or judgment required to use data effectively.
- 13. • Every time they see a blip on the dashboard, they adjust — and end up changing direction so often that they lose sight of end goals.
- 14. The best focus on goals and filter out noise • Today’s top performing marketers as rated by the managers (a profile we call “Focusers“) have three key qualities: comfort with ambiguity, ability to ask strategic questions based on data, and narrow focus on higher- order goals.
- 15. • The bad news for marketing leaders is that ability to filter out noise is rare (only about 10% of marketers excel here) and hard to teach. • The good news is that a well-guided team environment can protect noise chasers from themselves — by providing blinkers that keep “bright shiny objects” out of view.
- 17. IN CONCLUSION • To drive effective data use, the best marketing leaders reiterate critical business goals constantly ,teach marketers to put data front and center in their decision making, and sensitize marketers to common data interpretation mistakes. • This enables even the most distractible data lovers to overachieve.
- 18. IN FUTURE…
- 19. THANK YOU FOR PAYING ATTENTION! PRESENTATION MADE BY: TARUNA SUDHAKAR (future data ninja)