Marketing is more data driven than ever before, and analytics have proven their worth in organizations. The dreamland of big data does exist, but it may not be as easy as clicking a button. The industries are starting to comprehend the best practices on how to make Big Data benefits a reality.
1) Every industry is beginning to understand that it can benefit from the implementation of machine-learning technologies. Retail is yet to tap the unlimited data ripe for data analysis. However, a gap exists between retailers’ demands for data analysts and available talent. There are a shortage of data experts in the retail industry, something that was not there last year.
You can expect to see companies increase their efforts to recruit data experts
2) Last year, in the eyes of the modern shopper, a brand or its channel were the same thing, irrespective of how the shopper accessed the product. The companies have to ensure that the retail experience remains effortless and seamless across every channel. The companies should constantly try to get over obstacles in their organization that delivers the best customer experience right from the moment a customer engages with the brand.
3) Identify the measurable data and understand how it relates to your KPIs. Work to measure and track the data that allows you to drive KPI performance. Focus on the main purpose of data and analytics:
The CMOs need to understand how the data is produced with every customer interaction that helps meet today’s customer expectations. The increased use of data in everyday decisions makes it necessary for every SMOs to increase their expertise with analytics and data at a level at par with their CIO’s.
4) The adoption of analytics technology for marketers is just not a theoretical exercise. The capacity of the analytics technology is not only to grow their business but also to position them to survive with the fastest-growing buyers: Millennials.Since Millennials are more technologically savvy, they expect better products and more features. Marketers need to use all tools and be on their toes to keep up with them.
Marketers need to anticipate the marketing challenges and opportunities of the New Year. The improvements in data management have raised the bar everywhere.