The concept of data literacy didn’t exist when I started my career in marketing in the mid-1990s. We had few marketing channels, all of which were offline, and we had to track them manually in spreadsheets. We distributed leads to our sales team on a floppy disk. We sent coupons to prospects, and every day I had to go to the mailbox to see which coupons came back filled out. As scarce as it was, data was still extremely important back then.
Denise Persson, chief marketing officer at Snowflake
Today, marketers have access to a massive amount of data through multiple channels, both offline and online. New channels are constantly emerging, and each becomes its own data track. However, all of that data goes into different applications and systems, making it very difficult to get a complete picture of what is really going on.
We are all striving to reach a real-time, 360-degree view of customers. This is the foundation for personalisation, timing and relevance: how do you send the right offer to the right prospect at the right time?
The more you can master the timing and the relevance, the greater impact you’re going to have with your marketing investments. With inaccurate or incomplete data, you get a skewed picture of potential consumers. If you create the wrong offers at the wrong time, all of your marketing will go to waste. Researchers Rex Briggs and Greg Stuart looked at more than $1bn of marketing spend by 30 major corporations, and found that 47% of the advertising…