We have written a number of articles to help you get the most out of your marketing analytics programs and suppliers.
Ongoing events in the news highlight the fragility of brand trust, and the difficulty of recovering from the consequences one negative event can create for a brand. For a brand to succeed, it must develop a rigorous understanding of consumer trust components, consistently measure its performance against these components, account for the inherent biases in human behavior, and then unceasingly take corrective actions if consumer perceptions of the brand are at odds with what the company desires.
A recent AMA survey of CMOs, revealed that by 2020 marketing analytics will represent 22% of their total marketing budgets. This is more than a five-fold increase from 2016! Marketing’s need to better understand what drives customer purchase behaviors is a clear source of growth in the proliferation of information collection. However, it will not be sufficient to simply collect and visualize the assembled data.
While a good start, current visualization tools are not designed to explore and understand deeper meanings in the data. To make matters more complicated, the skills of most marketing professionals do not include advanced degrees in statistics, complex math, or statistical software programming.