The importance of building a data-driven organization
Today’s brands have more access to data than ever before. While the benefits of customer data are clear, this abundance of information also comes with a unique set of challenges, including figuring out which data points derive the most impactful insights. At Adweek’s Digital Shift event, innovative marketing leaders from Hyundai, The Kellogg Company and Condé Nast had a panel discussion on exploring the tools, techniques and formulas for growth and what it means to be a data-driven company.
Creating a culture around data
By now, every brand understands the vital importance of data. Where the lines get blurry is, fully comprehending what it means to be a data-driven organization—and how to get there. “First of all, you need to have the tools and technology,” said Julie Bowerman, chief global digital consumer and customer experience officer, The Kellogg Company. “Also, there has to be alignment across all functions that your data is your single source of truth.”
In order to successfully integrate and use data, Bowerman says that brands should view becoming a data-driven organization as a cultural shift. “We’re having to think much more in a test-and-learn, agile kind of mindset versus typically we plan months out for a promotion and we wait and see what happens,” said Bowerman.
Demystifying the data to put it to work
From the household goods industry to the car industry and everywhere in between, marketers are quickly learning that brands can no longer afford to ignore data to stay ahead in today’s market. “We used to use leads as this indicator to sales,” explained Angela Zepeda, chief marketing officer, Hyundai Motor America. “It was a big metric for us for a long time. But, the truth is, you can buy leads.” Zepeda says that through executive sponsorship, Hyundai’s focus on data helped them figure out a more effective strategy and shifted their focus from leads to searches.
Navigating endless amounts of data
Data is virtually limitless. While this is a significant benefit for brands as they fine-tune their strategies to connect with their audience, there is also such a thing as too much data. This is why every team should lean on a data expert (or team of experts) to help them navigate through the noise and pinpoint the data that’s going to be the most valuable.
“You need somebody who has a laser focus on data fidelity, in terms of the consistent, accurate, accessible data; someone to make sure you have a strong infrastructure to promote accessibility and a data dictionary,” explained Ainul Huda, SVP, global head of audience development, analytics, and social, Condé Nast. “From that angle, I think there is a strong case to be made that there is a need for a data sponsor, whether you call it ‘chief data officer,’ ‘chief analyst officer,’ it just depends on the industry that you are in.”
Since data is the future of marketing, brands need strong data-driven teams to put the data to work in the most effective way.
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