Data analytics expertise - The ROI of engaging a professor
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Engaging a marketing professor to help with your big data analytics is much more affordable than you think. And having access to a broad pool of professors ensures that you have the right expertise for any marketing challenge.
![WHY ELSE SHOULD YOU HIRE A PROFESSOR?
Unlock Higher Marketing ROI: Hire a Professor
IMPROVEMENT
BY COMBINING BETTER DECISION
PROCESSES AND ANALYTICS
10%+ ROI
6 OUT OF 10 CMOs
FEEL PRESSURED
TO PROVE MARKETING VALUE
8 OUT OF 10
EXECUTIVES
WANT TO MAKE
BETTER DECISIONS
PROFESSORS ENABLE BETTER DECISIONS / MARKETING ROI
EXECUTIVES BELIEVE
PROFESSORS ARE BETTER AT…
78% 72% 70%
OFFERING UNIQUE
PERSPECTIVE
GETTING
NEEDED DATA
IMPROVING STAFF
CAPABILITIES
deep domain
expertise
sophisticated
analytics
cutting edge
insights
custom
problem-
solving
Oh, and did we mention…
THE TRUE COST OF
HAVING A PhD ON STAFF
$2700 / DAY
STARTING
PhD
SALARY
[$150,000
PROFESSIONAL
BENEFITS
MULTIPLIER
X 2.5] ÷
31
ANNUAL
WORK
DAYS
[(260 30)-
ANNUAL
PAID DAYS
OFF
60%]X
PRODUCTIVE
TIME
…AND A PhD ON STAFF STILL WON’T HAVE THE BREADTH OF
DEEP DOMAIN EXPERTISE THAT A NETWORK OF
PROFESSORS HAS!
SOURCES:
1.
LIFT
PhD
research,
February
2014;
2.
h?p://www.mckinsey.com/insights/strategy/the_case_for_behavioral_strategy,
accessed
January
16,
2015);
3.
www.cmosurvey.org/results/,
accessed
February
18,
2015;
4.
h?p://www.kdnuggets.com/2014/04/elusive-‐data-‐
scienVsts-‐driving-‐high-‐salaries.html,
accessed
March
21,
2015;
5.
h?p://web.mit.edu/e-‐club/hadzima/how-‐much-‐does-‐an-‐employee-‐cost.html,
accessed
March
21,
2015;
6.
h?p://www.bls.gov/news.release/ebs.t05.htm,
accessed
March
21,
2015;
7.
h?p://news.microsoZ.com/
2005/03/15/survey-‐finds-‐workers-‐average-‐only-‐three-‐producVve-‐days-‐per-‐week/,
accessed
March
21,
2015.](https://image.slidesharecdn.com/dataanalyticsexpertise-151014204530-lva1-app6891/85/Data-analytics-expertise-The-ROI-of-engaging-a-professor-1-320.jpg)
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- 1. WHY ELSE SHOULD YOU HIRE A PROFESSOR? Unlock Higher Marketing ROI: Hire a Professor IMPROVEMENT BY COMBINING BETTER DECISION PROCESSES AND ANALYTICS 10%+ ROI 6 OUT OF 10 CMOs FEEL PRESSURED TO PROVE MARKETING VALUE 8 OUT OF 10 EXECUTIVES WANT TO MAKE BETTER DECISIONS PROFESSORS ENABLE BETTER DECISIONS / MARKETING ROI EXECUTIVES BELIEVE PROFESSORS ARE BETTER AT… 78% 72% 70% OFFERING UNIQUE PERSPECTIVE GETTING NEEDED DATA IMPROVING STAFF CAPABILITIES deep domain expertise sophisticated analytics cutting edge insights custom problem- solving Oh, and did we mention… THE TRUE COST OF HAVING A PhD ON STAFF $2700 / DAY STARTING PhD SALARY [$150,000 PROFESSIONAL BENEFITS MULTIPLIER X 2.5] ÷ 31 ANNUAL WORK DAYS [(260 30)- ANNUAL PAID DAYS OFF 60%]X PRODUCTIVE TIME …AND A PhD ON STAFF STILL WON’T HAVE THE BREADTH OF DEEP DOMAIN EXPERTISE THAT A NETWORK OF PROFESSORS HAS! SOURCES: 1. LIFT PhD research, February 2014; 2. h?p://www.mckinsey.com/insights/strategy/the_case_for_behavioral_strategy, accessed January 16, 2015); 3. www.cmosurvey.org/results/, accessed February 18, 2015; 4. h?p://www.kdnuggets.com/2014/04/elusive-‐data-‐ scienVsts-‐driving-‐high-‐salaries.html, accessed March 21, 2015; 5. h?p://web.mit.edu/e-‐club/hadzima/how-‐much-‐does-‐an-‐employee-‐cost.html, accessed March 21, 2015; 6. h?p://www.bls.gov/news.release/ebs.t05.htm, accessed March 21, 2015; 7. h?p://news.microsoZ.com/ 2005/03/15/survey-‐finds-‐workers-‐average-‐only-‐three-‐producVve-‐days-‐per-‐week/, accessed March 21, 2015.
- 2. Help Wanted Spending on data analyVcs is trending up, and for good reason. Here are four stats that support the need for more talent. 70% CMOs who say their company has no formal evaluaVon of markeVng analyVcs quality. 100% Professors who have training and experience in advanced research and analyVcs. 64% ExecuVves who rate professors as be?er than company at doing advanced research & analyses. 58% OrganizaVons with no quanVtaVve proof of markeVng spending impact on business. Despite its value, analyVcs use is sVll haphazard, driven in part by poor access to talent. Professors fill an important void. Data Analytics Expertise 83% Increase in budget for markeVng analyVcs in next 3 years. 87% Managers who say their company needs to use more analyVcs to make be?er decisions. 50% Managers who say analyVcs has helped their company innovate. 10% ROI improvement by combining be?er decision processes and analyVcs. 0 1 2 3 4 5 % of ExecuVves – Very Valuable MarkeVng Topic Areas The Value of Outside Marketing Expertise Outside analyVcs experVse is valuable to many markeVng areas and challenges. Mkt Analysis Forecasting Innovation Pricing To get advanced research and analyVcs capabiliVes for your markeVng challenges, visit www.LIFTPhD.com or call 1-‐844-‐LIFTPhD The Value of Outside Marke<ng Exper<se 90% 80% 70% 60% 50% 40% SOURCES: 1. LIFT PhD research, February 2014; 2. h?p://www.mckinsey.com/insights/strategy/the_case_for_behavioral_strategy, accessed January 16, 2015); 3. www.cmosurvey.org/results/, accessed February 18, 2015; 4. Sloan Management Review – Raising the Bar with AnalyVcs (Winter 2014);.
- 3. Making Better Decisions Should you seek outside experVse to help you make a decision? (10 quesVons that will help you to know) Yes No Yes No Yes No Yes No Yes No Is the best decision anyone’s guess without more insight? What You Know Same Are you simply wanVng support for a decision you’ve already made? What Is Your Goal Is the consequence of making a bad decision a pre?y big deal? Consequence Is your company okay living with internal biases toward more of the same? Biases OK Are you leaving money on the table by just being good enough? Opportunity Is your company content with a so-‐so status quo? Status Quo Is there evidence or insight out there that can help make a be?er decision? Evidence Do ideas that come from the outside make your company break out in a rash? Invented Here $ Would you benefit from outside experVse in gekng the insight / evidence needed? Expertise Does your company prefer to use internal resources even when they lack capabiliVes? Capabilities ! ? ? ? To get world-‐class experVse for your markeVng decisions, visit www.LIFTPhD.com or call 1-‐844-‐LIFTPhD
- 4. Making Better Decisions Should you seek outside experVse to help you make a decision? (10 quesVons that will help you to know) Yeah Yep Indeed Uh huh Yup Mm hmm Of course Sure You bet Yes Is the best decision anyone’s guess without more insight? What Is Known Same Is your company wanVng to evaluate opVons, not just support a viewpoint? What Is Unknown Is the consequence of making a bad decision a pre?y big deal? Consequence Is there a strong potenVal for internal bias toward one opVon over others? Bias Potential Are you leaving money on the table by just being good enough? Opportunity Is your company ready to move beyond a so-‐so status quo? Readiness Is there evidence or insight out there that can help make a be?er decision? Evidence Is your company open to making decisions that rely on outside ideas? Openness $ Would you benefit from outside experVse in gekng the insight / evidence needed? Expertise Are capable internal resources unable to devote sufficient Vme and focus? Availability ! To get world-‐class experVse for your markeVng decisions, visit www.LIFTPhD.com or call 1-‐844-‐LIFTPhD 12 6 39 12 6 39 ?