Every year companies invest billions of dollars collecting customer data to apply to marketing analytics. According to a recent CMO survey, reliance on marketing analytics to make decisions has increased from 30% to 42% in the past five years, with B2C companies using analytics the majority of the time.
At the same time, identifying the right data continues to be a challenge for brands. As my business partner and Wharton School Professor Eric Bradlow has highlighted many times before, CMOs and their teams need to focus on “better data, not big data.” And yet, we continue to see companies cast a wide net, collecting any and all available data, rather than taking a more targeted approach.
Author: Jeremy Korst