Marketers struggling more than ever with data explosion, ADMA chief warns
Marketers are struggling to cope with the explosion of customer data more than ever with the problem exposing the acute skills shortage in the industry, the chief executive of the Association of Data Driven Marketing and Advertising (ADMA) has warned.
Jodie Sangster told a conference yesterday that marketers have “gone backwards” in their understanding of the complexities of data, while education courses are are too slow to adapt to the rapid changes in the industry.
She also warned that companies are being too complacent over new data privacy laws – particularly over issues of transparency – and are risking fines of $1.7 million per breach.
In a presentation at the Oracle Marketing Cloud conference in Sydney Sangster said data “drives our thinking and is our biggest opportunity”.
There certainly does seem to be a problem with adequate data skills – however those at the very top of an organisation need to first acknowledge the need for a data strategy and purpose, and set a clear agenda for that data. That agenda should really include, as Jodie mentions, a benefit for the customer. Without that, the struggle will continue. Sounds obvious yet it’s often not happening!
Here’s a bit more elaboration on the need for clearer data strategy: http://bit.ly/1wFD4Zy
First point: ADMA’s alliance with the Institute of Analytics Professionals of Australia (IAPA) was a brilliant move. It’s made both associations more relevant, giving one set of members access or at the very least the influence to the other set.
And I agree with the previous comment that it does start with strategy, but there’s also a lack, at the organisation level, what the current marketing system ‘looks’ like. Companies don’t know the number of marketing channels in use, the volumes of these channels, effectiveness of their content, the list goes on.
Along with a data strategy, CMOs and marketing directors need to take a few steps backward and visualise their current marketing system, in order to see the ‘big picture’. It’s hard to fix what is often completely invisible.
The skills shortage is a real issue as it’s inflating the costs and creating diseconomies of scale of working with Australia’s relatively small Big Data. Might explain why many larger corporations are moving analytics offshore.