Data analytics expertise, on demand
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The document discusses the increasing demand for data analytics expertise in marketing, highlighting that 70% of CMOs report no formal evaluation of analytics quality. It mentions that 87% of managers believe their companies need to utilize more analytics for better decision-making, and that organizations are still struggling with access to talent and proving the impact of marketing spending. Overall, there is a significant projected increase in budgets for marketing analytics and a recognition of the value of external expertise in addressing marketing challenges.
Data analytics expertise, on demand
- 1. Help Wanted Spending on data analytics is trending up, and for good reason. Here are four stats that support the need for more talent. 70% CMOs who say their company has no formal evaluation of marketing analytics quality. 100% Professors who have training and experience in advanced research and analytics. 64% Executives who rate professors as better than company at doing advanced research & analyses. 58% Organizations with no quantitative proof of marketing spending impact on business. Despite its value, analytics use is still haphazard, driven in part by poor access to talent. Professors fill an important void. Data Analytics Expertise 83% Increase in budget for marketing analytics in next 3 years. 87% Managers who say their company needs to use more analytics to make better decisions. 50% Managers who say analytics has helped their company innovate. 10% ROI improvement by combining better decision processes and analytics. 0 1 2 3 4 5 % of Execu0ves – Very Valuable Marke0ng Topic Areas The Value of Outside Marketing Expertise Outside analytics expertise is valuable to many marketing areas and challenges. Mkt Analysis Forecasting Innovation Pricing To get advanced research and analytics capabilities for your marketing challenges, visit www.LIFTPhD.com or call 1-844- LIFTPhD The Value of Outside Marke:ng Exper:se 90% 80% 70% 60% 50% 40% SOURCES: 1. LIFT PhD research, February 2014; 2. http://www.mckinsey.com/insights/strategy/ the_case_for_behavioral_strategy, accessed January 16, 2015); 3. www.cmosurvey.org/results/, accessed February 18, 2015; 4. Sloan Management Review – Raising the Bar with Analytics (Winter 2014);.