{"id":412,"date":"2015-08-28T07:28:41","date_gmt":"2015-08-28T04:28:41","guid":{"rendered":"http:\/\/kusuaks7\/?p=17"},"modified":"2024-09-23T16:11:08","modified_gmt":"2024-09-23T16:11:08","slug":"cmos-can-use-big-data-analytics-drive-profits","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/ai-ml\/cmos-can-use-big-data-analytics-drive-profits\/","title":{"rendered":"How CMOs Can Use Big Data Analytics to Drive Profits"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tA Google and Shopper Sciences study reported that the average shopper in 2011 used almost twice the number of sources of information to make a decision compared to 2010.<\/strong>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn spite of the availability of such explosive customer data, access to big data technologies and tools, a significant proportion of businesses feel that the problem lies in data-acquisition technologies and limited understanding of advanced analytics tools.\u00a0 Most marketers feel that the transactional and historical data on daily operations, customer behavior, or sales performance are not adequate or diverse enough to provide the full 360-degrees view of customer purchasing habits. Thanks to many open-source big data platforms available now, more and more small or cash-strapped marketing outfits aspire to reap big rewards from big data analytics.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn the report titled 2014 State of Marketing<\/strong><\/a><\/em>\u00a0by Salesforce and ExactTarget, you can gain some rare insights on the current status of technology-enabled marketing operations. In a survey conducted by ExactTarget, of the 2,651 participants, about 98 percent expressed a desire to either increase or maintain their digital budgets, which include big data. \u00a0Two other memorable feedbacks were the importance of behavior-based data and budgetary growths for data and analytics (61 percent).\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn the enterprise marketing function, the CMOs in particular, are expected to seize the marketing opportunities associated with big data analytics. In a recent IBM study that involved more than 500 CMOs, 94 percent of respondents expressed strong faith in\u00a0big-data analytics. \u00a0<\/strong>\n<\/strong>\n<\/strong><\/a>Krishnan Chatterjee, head of strategic marketing at HCL Technologies, during his conversation with the author of the blog post \u00a0What Do CMOs Want? On Big Data, Better Focus And Moments Of Truth<\/strong><\/a>,\u00a0<\/strong>mentioned that the present CMOs are struggling to take the most advantage of many convergent technologies and data sources to reach and influence their targets at the zero moment of truth. <\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tExpressed Chatterjee, CMOs want to use the new tools to make their campaigns enormously more productive and cost-efficient than they were in the past. What he probably meant was that CMOs have been pressured to prove their operational effectiveness and performance directly linked to enterprise ROI.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tJohn Kennedy, vice president of marketing for global business services at IBM, says:\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAfter speaking with CMOs around the world, it became evident that more companies across all industries are striving to integrate their physical and digital presence in order to provide a more integrated, seamless customer experience.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tResearch states that CMOs are operating at three different levels: a traditionalist who still relies on conventional marketing wisdom, a social strategist who has begun to take advantage of the social channels to understand the customers, and the technology trend-setter\u0097each of whom is moving and adopting big data and associated technologies at his own pace.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tToday, the CMOs are certainly in a position to leverage the diverse customer data channels, including the mobile, web, social, email, and voice data,\u00a0to do their jobs more effectively. A good example is using customers\u0092 individual names in mailers to increase response rates for physical and digital mail.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tHowever, the sad truth is that a blog\u00a0post<\/a>\u00a0from\u00a0The CMO Survey states that about 37% of company projects make use of available market analytics for decision making. This survey also hints that less than 50 percent of organizations who engage in marketing analytics actually use these tools.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tHere is what the CMO can do to improve the overall perception and importance of big data technologies in marketing decision-making.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn his or her enterprise role, the CMO should\n