Over 20 years ago, the elusive “360-degree view of the customer” was a value proposition in datasheets from just about every Customer Relationship Management (CRM) software suite provider and data warehousing vendor. Over time, marketers have tried to keep their categories fresh by renaming them and adding new capabilities. Decision support systems became business intelligence solutions and data warehousing solutions morphed into Customer Data Platform (CDPs). With the evolution of all these systems and all these new capabilities, have most companies achieved his 360-degree view?
Most marketers feel pressure to focus on data. But without a real strategy, they wind up staring at numbers hoping something useful will appear. That’s not necessarily their fault. If the strategy doesn’t have a sound foundation, then the professionals relying on it will experience problems. They might wonder, “Why doesn’t this data do anything for me?” and “Isn’t this supposed to give me a direction?”
Whenever I see a pretty pie graph, scatter plot or radar chart, I immediately think, does this pretty graphic contribute in some manner to our financial results? Or am I looking at the financial equivalent of lipstick on a pig?
Big Data analytics is a field that is advancing by the hour. In marketing, these insights have become the lifeblood of successful campaigns. However, while nearly everyone in the business world knows how important Big Data power is, only 44% actually trust it enough to make important business decisions.