Marketing's big break out opportunity - Marketing Data
Marketing finally has something critical to business strategy. It's data. That's why it's getting so much attention in the C-suite and causing conflict in the bowels of every IT department. All of the sudden (it seems) marketing is creating data that is growing in value. The new value is in Marketing's emerging ability to describe the business opportunity. Marketing and its companion data is becoming the core component of new business strategy.
In the early days of direct and digital, marketing had a false start with the idea of accountability. Truth be told, being accountable for marketing seemed to be more trouble than it was worth. And, Marketers fought against morphing into a form of accountancy. It was counter intuitive, counter productive and countered the creative process.
But now, NOW, things are different. Data comprehension, translation, and fluency is a non-negotiable resource that everyone is trying to tap. The thing is, the data belongs to marketing, and marketing isn't about to give up its moment in the sun.
One thing that is for sure. Marketers don't have any spare resources lying around to make the leap to business intelligence. It's a department that is budgeted within an inch of its life, once a year and then cut in the fourth quarter. That's why 'BI' is something that is out of scope and leads down Global and IT procurement paths. That's why Marketing needs its own BI. Not an Enterprise BI solution that has to be bent into shape. Not a new media mix model, or a demand generation platform, or digital campaign optimization, but a ready-for-marketing universal platform for marketing data.
Marketers who become fluent in their own data and able to weave a marketing performance story will influence business strategy, not just be accountable for their marketing budget. I don't think there is a student graduating from Business School who doesn't expect to drive business strategy. I certainly have seen their surprise when they arrive in a marketing department that is unable to master the data required for the new business case.
Starting managing your marketing performance with Kneebone Manager.
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