Marketers flunk
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Marketers often make mistakes when using big data, relying too much on intuition rather than data-driven decisions, and struggling with statistics. A study found that only 11% of decisions are based on data while 44% of marketers got 4 or more statistics questions wrong on a 5 question test. Relying too much on data without the ability to ask the right questions and filter out noise can also be ineffective. To address these issues, marketers need to be comfortable with ambiguity, focus on higher goals, and have the rare ability to filter out noise from data. This will help them make better decisions and understand changing customer requirements.
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Marketers flunk
- 1. Big DataTest Flunked By Shobhit Gupta
- 2. Introduction We show how marketers use Big Data and their mistakes. Key insights Managerial Relevance
- 3. Mistakes
- 5. 1.Too much intuition Only 11% decisions depend on data. Customer behaviour in flux Assumptions -> Outdated
- 7. Struggle with Statistics For a test with 5 statistics questions 44% marketers got 4 or more WRONG Only 6% got all right.
- 9. Too much data reliance Too much data Ineffective Judgement Wreaks Havok
- 10. Solutions
- 11. Comfort with ambiguity Ability to ask questions Focus on higher order goals
- 12. Good News ATeam can help reduce noise Bad News Ability to filter out noise is rare
- 14. Can know changing customer req. Make better decisions Can have a sound judgement Can Filter Noise