Marketers Flunk The Big Data Test
- 1. MARKETERS FLUNK THE BIG DATA TEST Kashish Mukheja
- 3. Obstacles due to marketers in Big data analysis
- 4. MOST RELY TOO MUCH ON GUT Judgement build from past performance is increasingly unreliable
- 5. A MAJORITY STRUGGLE WITH STATISTICS Only 5 % of marketers own a statistics textbook
- 6. SOME ARE DANGEROUSLY DISTRACTED BY DATA 1. They thouroughly enjoy data. 2. They do not have the statistical aptitude or judgement required to use data effectively 3. Whenever they observe a slight change on dashboard, they change the whole direction and eventually lose sight of end goals
- 8. THE BEST FOCUS ON GOALS Three key qualities:- 1. Comfort with ambiguity; 2. Ability to ask strategic questions based on data; 3. Narrow focus on higher order goals. These traits will help them filter out noise. Apply only the insights that matter for long term success.
- 9. BAD NEWS Ability for marketers to excel in filter out noise is rare and hard to teach.
- 10. GOOD NEWS Well guided team environment can protect themselves from noise chasers
- 11. TO DRIVE EFFECTIVE DATA USE 1. The best marketing leaders reiterate crucial business goals constantly
- 12. 2. Teach marketers to put data crux in decision making
- 13. 3. Sensitize marketers to common data interpretation mistakes
- 14. MANAGERIAL RELEVANCE As a manager of the company, firstly, he must not forget that he and his employees must have statistical knowledge.His employees must not be so dumb that they either underuse data or just cannot get over type.The knowledge of data analytic is required and perfect implementation is necessary
- 15. MANAGERIAL RELEVANCE(CNTD) Also, he must think of the insights for the long term success. He must not forget the keys to success viz. comfort with ambiguity, ability to ask questions based on data, and narrow focus on higher order goals. The data should be the front and centre of decision making for accurate results. The business be reiterated at regular intervals in order to make them as the front end of brain avoiding distractions.
- 17. THANK YOU