Archive for Data management

05 May
CMOs Share their Top Ten reasons for side-lining Data Analysis

CMOs Share Their Top 10 Reasons for Side-lining Data Analysis, what would be your top 3?

 

A recent Survey* asked CMOs for reasons they might choose not to use Analytics to inform key business decisions. Can you guess the top 3 reasons given from this shortlist of the ten most common responses:

In no particular order

  1. Results of Analysis Are Not Actionable
  2. Analysing Data Takes Too Long
  3. Data Findings Conflict with Intended Course of Action
  4. Analysis Does Not Incorporate Different Sources of Data
  5. Analysis Does Not Account for Business Context
  6. Poor Data Quality
  7. Lack of Access to Sales or Conversion Data
  8. Analysis Does Not Present a Clear Recommendation
  9. Decisions Are Driven by Our Trading/Promotional Calendar
  10. Analysis Is Too Difficult to Understand

In these uniquely testing times, every CMO has been called upon to revise their data management strategy to deal with unforeseen obstacles and delays. Significantly though, investment in marketing analytics shows no signs of slowing down, despite the challenges involved.

IN FACT, to meet the demands of greater automation and personalisation, 73% of CMOs said they plan to increase their investment in data sourcing, integration and management, and advanced analytics during the next financial year.

Do any of the above reasons given strike a chord with you?  And how far are they likely to impact your own strategy going forward?

We would love to hear your informed judgement and perceptions around the importance of data analytics and have a chance to share with you how, by drawing on Anaylin’s experience and resources, you could make them work better to support your marketing activities in the year ahead.

Email Neal Muranyi for more on how Anaylin is working with clients to managing and analysing data so they can make informed decisions

 

 

 

* Gartner Marketing Data and Analytics Survey

CRM Data Management Data Analysis Data Management Marketing
14 Jul

The Rise of ‘Offerholism’ and the Price of Loyalty?

Customer Loyalty is still a ‘holy grail’ for many brands and it has become increasingly difficult to achieve is this world where marketing and offers are in your face 24/7 across an ever-increasing set of media. In fact, Anaylin think there is a growing trend of ‘offerholism’, where for some if your product (even luxury and premium brands) is not accompanied by a promotion it is dismissed very quickly.

Loyalty schemes have and continue to be a way of enticing repeat purchases and ‘brand of choice’ but fundamentally despite the success of some Loyalty Schemes, do they amount to ‘bribery’ and an unnecessary or difficulty to manage overhead and fuel the ‘margin spiral’?

Some Loyalty schemes we have been asked to review in the past have simply been a means of hiding poor product performance, poor service, etc. We often found that they were attracting promiscuous ‘offerholics’ and not rewarding the value-driving behaviour that the business really intended.

Therefore, we have recommended substantially changing the scheme mechanics, closing it down or even telling some major brands to avoid going down the Loyalty Scheme entirely and focus on customer strategy, customer engagement, growth and retention.

Improved Customer Insight via customer analytics is the key to Brand /Product/Service Innovation and differentiation. Bringing this customer insight to market via data marketing and delivering the right service with the most relevant positioning/messaging to the individual’s circumstances, at the right time, through the right channel(s) and at a price that clearly represents value for the individual is the best form of driving loyalty whilst optimising your marketing spend.

Now is the time to act and rebuild customer loyalty at the right price for the business! Data is now available more readily, is easier to ingest and analyse and means that ‘Real-time intelligence can combine with Right-time/Real-time multichannel delivery to deliver and track ‘real and valuable loyalty’.

If you wish to discuss or know more contact Neal Rimay-Muranyi

Marketing