MiLab Q&A: How Big Data Can Make or Break Your Marketing
5. How are marketers coping with it? Are there types of tools they need to employ?
Morehouse: Marketers today are overwhelmed. In fact, 77 percent of CMOs in IBM's Global CMO study say that they are "unprepared for the data explosion." Marketers need to build a working knowledge of data management, data collection, tag management, data ETL (extract, transfer, and load), data warehousing and digital intelligence. They at least need to know the basics of data management and the basics of analytics. You can analyze things forever, but you must also know how to apply it. It is imperative that marketers work with their IT partners to understand how data is collected, reported and managed.
6. What are the benefits of all this data when used effectively?
Morehouse: The truth is, as simplistic as it may sound—when all this data is being used effectively, you get the right offer to the right person at the right time.
Williams-Sonoma, for example, is really effective at cross channels—whether you come into a store, or call center, or online. They use advanced analytics; they use data in service to ensuring that customers have the best possible experience and get the most relevant information. They're very smart and very respectful of how they use customer information.
Data is truly the fuel that drives relevant messages to consumers and helps fund innovation. When managed and utilized correctly and responsibly, marketers can provide information and resources with degrees of relevance and accuracy that have not been possible until now.
For more information on the April 5 MiLab event, visit MiLab's site to register. Morehouse will moderate an executive-level discussion with Marita Scarfi, CEO, Organic, Inc.; Stephen Messer, co-founder and vice chairman, Collective[i]; Alan Gellman, SVP, digital marketing, Wells Fargo; and Joe Zawadzki, CEO, MediaMath.