This week’s edition of CMO Perspectives focuses on how using big data can personalize the customer experience. It sounds easy enough, but there are many pitfalls along the way. For instance, some companies hoard data in silos instead of sharing it across the company. Other companies realize the importance of implementing a big data program, but these programs have yet to get off the ground.
We hope you enjoy these articles. Let us know your thoughts by commenting below, or reach out on Twitter: @NICE_Enterprise.
2014 CMO Impact Research Results [www.cmo.com]
It’s an age-old question. Does marketing matter? If a product is good enough, shouldn’t it market itself? More specifically, what is the role of the CMO and what is his or her impact?
To explore this issue, author Kimberly Whitler (@kimwhitler), teamed up with CMO.com for a CMO Impact study. There were 814 respondents, 71 percent of whom were CMOs. The results showed that the more a firm invested in marketing capability, the higher its market share. In other words, marketing does matter.
12 Big Data Facts for Marketers in 2014 [www.dmnews.com]
This article enumerates 12 fun facts about big data and how essential it has become to our lives in 2014. Here are a few highlights.
1. One third of all data will be stored in or will pass through the cloud by 2020. (Chassis Plans).
2. Eighty-three percent of companies have started some sort of Big Data program, although many remain in fledging stages—especially small businesses that have fewer resources to invest. (Experian Data Quality)
3. On average, companies collect customer and prospect data from 3.4 channels. The most common channel for interacting with customers is a company's website, followed by the sales team and then the call center. (Experian Data Quality)
4. There are nearly as many pieces of digital information as there are stars in the universe. (Realcomm)
There are many more delightful facts where these came from. Read them all.
New Approaches To Customer Data Can Improve The Effectiveness Of Marketing [Forbes.com]
Three marketing experts, Josh Manion (@joshmanion) founder of Ensighten, Chris Golec (@cgolec), CEO of Demandbase and Derek Slayton (@derekslayton), CMO of NetProspex discuss the obstacles to personalized marketing in this freewheeling interview.
According to Manion, the biggest challenge marketers have is that data are found in silos across the organization and are not being shared. Manion says that companies like United Airlines are doing a great job of using data to create more personalized experiences. He also cites Symantec and Microsoft as doing a good job. The other experts also weigh in as well as explain cutting-edge digital marketing techniques.
7 Common Misconceptions about Customer Relationships [acxiom.com]
This article describes seven common marketing misconceptions. Here is a sampling:
- Algorithms are smarter than people. In fact, not all algorithms are optimized to capture relationship data.
- Customers all want the same things. In fact, relationships come in many flavors. They can be a “secret affair,” “love hate,” or “old friends.” Each relationship type has its own specific rules of engagement.
- Marketing owns all aspects of the customer relationship. This is definitely not the case when a customer calls a call center, for instance.
- Offering money to repair a broken relationship works wonders. Actually, a free product or a gift card isn’t always the best idea.
There are more misconceptions worth noting. Read them all in this article.
We hope you enjoyed our picks and bookmarked a few articles for future reference. Please don’t forget to share with other CMOs.
Are there any other marketing topics that interest you? Tweet us, or comment below to let us know!