Too Much Information is a phrase that one doesn’t hear very often in the business world. Ask any CMO and they will tell you that data-driven marketing is essential to delivering the best possible customer experience. In today’s big data
environment, data is often seen as a competitive differentiator. So, does too much information ever become a problem?
A recent Forbes report
, sponsored by Teradata, explored the challenges facing marketers today including disparate data sources and the steps needed to derive richer insights from data. Today’s online and offline worlds can deliver a richness of data that never existed before. The time is ripe for marketers to use data to gain a better understanding of their customer. However according to Lauren Sallata, Vice President of B2B Marketing at Panasonic corporation for North America, “the problem with data is both having not enough and having too much. One of the important things we’ve learned is, if you collect too much data, you simply know too much about the customer, and then you don’t know what information to use.”
The answer to this dilemma is simple: analytics. Data analytics allow marketers to derive insights from massive amounts of data for timely decision making. Using analytics changes a huge amount of data to something meaningful and useful.
Analytics is now at the core of many organizations. Marketers rely on sophisticated algorithms to personalize the customer experience during every interaction. However, to derive the most value from these models, it is critical that companies continuously add new types of data and experiment with new methods like machine learning and artificial intelligence.
Analytic insights enable better decisions but to make that return sustainable, you need to operationalize these insights. To learn more about how companies, like Panasonic and Shop Direct, are combining data, analytics and operationalizing the insights to impact business decisions download
the Forbes eBook “How to influence the Customer Journey for Better Business Outcomes”
Data can be the difference between success and failure. Better data leads to better decisions, which ultimately leads to more profitable business. Today, the return on information is just as important as the return on investment.