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Four Things Brands Are Missing With Data via AdAge (Interview with Baker Lambert, TBWA Worldwide’s global data director)

When it comes to data and marketing, most people tend to focus on proving effectiveness and ROI or targeting, which is “only 20% of what you can and should be doing with data, especially in a creative agency,” according to Baker Lambert, TBWA Worldwide’s global data director.

The four things agencies and advertisers are missing when it comes to using data:

  • Early enough or broadly enough in strategy
  • To empower creative
  • To unlock creative executions that have never been done before
  • As creative content

Access full article from AdAge

Executives still mistrust insights from data and analytics – via CIO

Data and analytics are increasingly becoming central to business decision-making. But even as organizations push to make their decision-making more data-driven, business leaders accustomed to making decisions based on gut-instincts and experience are having trouble trusting insights from data and analytics (D&A).

Forrester Consulting, commissioned by the Data and Analytics Global team at professional services firm KPMG, recently surveyed 2,165 data and analytics decision-makers from a range of industries in nine nations.

KPMG recommends organizations address seven key areas to close the trust gaps:

  •  Assess the trust gaps
  •  Create purpose by clarifying goals
  •  Raise awareness to increase internal engagement
  •  Develop an internal data and analytics culture
  •  Open up the ‘black box’ to encourage greater transparency
  •  Provide a 360-degree view by building ecosystems
  •  Stimulate innovation and analytics R&D to incubate new ideas and maintain a  competitive stance

Access full article from CIO

 

Predictive Analytics Can Help Get More Value out of Data – via emarketer

About half of media executives in North America said they believe predictive analytics and modeling to be one of the most helpful technologies for getting more value out of data. Around 40% said that cross-channel measurement and channel attribution is helpful. And more than a third said that campaign measurement, which includes segmentation and audience selection, was another important technology.

Winterberry Group, in partnership with the Direct Marketing Association (DMA) and the IAB, polled 211 media and marketing executives primarily in North America and asked them to choose the top three technologies that they believe will be most important in supporting their efforts to achieve value from data in the future.

Big Data: Too Many Answers, Not Enough Questions

In this Forbes article, Bernard Marr reminds readers that data on its own is meaningless. To avoid drowning in data, and for data to be useful, marketers must first know what data is needed.  Otherwise, too much data will obscure the needed answers.

Marr stresses the importance of starting with a strategy and identifying the right questions. Know what you are trying to achieve, then develop the questions to which answers are needed.

By knowing the critical questions, the data needed to answer those questions can be accurately identified. By following this process, you will be able to improve performance and harness the primary power of data.  Decision-making will be supported by the data developed by asking the right questions

Marr concludes that data is a strategic asset, but it must be used constructively and appropriately, as he has outlined above, in order to deliver optimal results.

See all 5 Cups articles.