Whereas John Wanamaker didn’t have the data he needed, many marketers are drowning in data but don’t know what to do with it.
Furthermore, almost 40% of the marketers indicated they didn’t know how to turn their data into actionable insights. For example, nearly half of them were not doing something basic such as using the data to personalize their marketing communications.
A summary of challenges presenting in the previous slides, and the upcoming solutions to address said challenges
Simple things, but 90% of companies miss 1 or more. Accurately measuring bad objectives.
Doable – can you accomplish them? Is it something you are actually capable of accomplishing?
Understandable – are you objectives clear not onlyto the cmo, but can the manager and analyst understand what they need to accomplish
Manageable: do we have the recourses in place to make it happen and do we have adequate time to achieve it.
Is it doable in the time frame we have. Example – I can whip the batter with a fork for 5 minutes but with my kitchen aid I can do it in 2 minutes. If I only have 2 minutes, then if I do it with a fork I’m wasting time because I cant finish it. If my kitchen aid breaks. I need to understand my constraints and I cant accomplish it
Beneficial: How does this benefit the company? Is this even worth out time?
We’re all working on things that a manager asked us, or we’ve been doing so long that we continue to do with because we think it’s expected.
Don’t have to answer this but Are there things you’re being asked to do that arent as beneficial to the company as others?
What do you need to talk to your manager about. Is it causing an immediate benefit to the company? What should we change or drop and focus on something else.
Simple things, but 90% of companies miss 1 or more. Accurately measuring bad objectives.
Doable – can you accomplish them? Is it something you are actually capable of accomplishing?
Understandable – are you objectives clear not onlyto the cmo, but can the manager and analyst understand what they need to accomplish
Manageable: do we have the recourses in place to make it happen and do we have adequate time to achieve it.
Is it doable in the time frame we have. Example – I can whip the batter with a fork for 5 minutes but with my kitchen aid I can do it in 2 minutes. If I only have 2 minutes, then if I do it with a fork I’m wasting time because I cant finish it. If my kitchen aid breaks. I need to understand my constraints and I cant accomplish it
Beneficial: How does this benefit the company? Is this even worth out time?
We’re all working on things that a manager asked us, or we’ve been doing so long that we continue to do with because we think it’s expected.
Don’t have to answer this but Are there things you’re being asked to do that arent as beneficial to the company as others?
What do you need to talk to your manager about. Is it causing an immediate benefit to the company? What should we change or drop and focus on something else.
Simple things, but 90% of companies miss 1 or more. Accurately measuring bad objectives.
Doable – can you accomplish them? Is it something you are actually capable of accomplishing?
Understandable – are you objectives clear not onlyto the cmo, but can the manager and analyst understand what they need to accomplish
Manageable: do we have the recourses in place to make it happen and do we have adequate time to achieve it.
Is it doable in the time frame we have. Example – I can whip the batter with a fork for 5 minutes but with my kitchen aid I can do it in 2 minutes. If I only have 2 minutes, then if I do it with a fork I’m wasting time because I cant finish it. If my kitchen aid breaks. I need to understand my constraints and I cant accomplish it
Beneficial: How does this benefit the company? Is this even worth out time?
We’re all working on things that a manager asked us, or we’ve been doing so long that we continue to do with because we think it’s expected.
Don’t have to answer this but Are there things you’re being asked to do that arent as beneficial to the company as others?
What do you need to talk to your manager about. Is it causing an immediate benefit to the company? What should we change or drop and focus on something else.
Simple things, but 90% of companies miss 1 or more. Accurately measuring bad objectives.
Doable – can you accomplish them? Is it something you are actually capable of accomplishing?
Understandable – are you objectives clear not onlyto the cmo, but can the manager and analyst understand what they need to accomplish
Manageable: do we have the recourses in place to make it happen and do we have adequate time to achieve it.
Is it doable in the time frame we have. Example – I can whip the batter with a fork for 5 minutes but with my kitchen aid I can do it in 2 minutes. If I only have 2 minutes, then if I do it with a fork I’m wasting time because I cant finish it. If my kitchen aid breaks. I need to understand my constraints and I cant accomplish it
Beneficial: How does this benefit the company? Is this even worth out time?
We’re all working on things that a manager asked us, or we’ve been doing so long that we continue to do with because we think it’s expected.
Don’t have to answer this but Are there things you’re being asked to do that arent as beneficial to the company as others?
What do you need to talk to your manager about. Is it causing an immediate benefit to the company? What should we change or drop and focus on something else.
A key performance indicator (KPI) is a metric that helps you understand how you are doing against your objectives.
Analogy: lbs, inches around waist http://www.istockphoto.com/stock-photo-13190180-dieting.php?st=b31cd76
http://www.istockphoto.com/stock-photo-4068393-woman-dieting.php?st=9e49ce7
http://www.kaushik.net/avinash/web-analytics-101-definitions-goals-metrics-kpis-dimensions-targets/
Targets are numerical values you have pre-determined as indicators success or failure.
Analogy: Lose 20 lbs, 6 inches from waist, etc
Analogy: In this example, the segment is ourselves. In general we need to keep in mind which customers we are targeting.
Action: Leave an analytics framework that drives insight