Nine benefits of Using Data in Marketing Decision Making
Teradata’s survey on data-driven marketing gives lots of insight on what the priorities of marketers are, the struggles and opportunities to create competitive advantage. I came across this chart on Marketingcharts.com providing the top nine benefits of using data in decision making.
Most of the benefits are clear; one that I find less clear in terms of low percentage is “Optimize the channel mix”. How does this benefit differ from the third up “Fully integrate initiatives and create synergies across all channels”?
Creating sustainable competitive advantage is not a benefit but the outcome of using efficiently and effectively (thus in the window of opportunity) data in marketing decision making. The competitive advantage will be in the skill and process to extract the "small data" value from the pile of big data (leaving out personalization and other automated decision making based on real-time analytics).
Have you asked yourself...
@Organizations: How does your marketing team benchmark against these benefits?
@Suppliers: Are you supporting your clients in achieving these benefits?