The marketing data has always been there -- consumers browsed websites, abandoned shopping carts, and some channels performed better than others -- but the difference is that now, thanks to new technology, marketers have access to more data and better visibility into it. It’s fair to say every brand is now collecting customer data. As a result, we’ve seen a historic rise in marketing science or advertising science roles within brands. A lot of marketing scientists are really just data scientists with advertising expertise. Many of the most sophisticated brands are investing in “marketing and advertising science” talent. If your answer is yes, you need to upgrade your data science and analytics talent. Marketing scientists can turn data into dollars. Further, such measurements allow marketers to target “persuadables” -- users who are more likely to be influenced by ads -- rather than waste ad budget on consumers who likely would have purchased regardless of seeing an ad. But science is the brain. CMOs looking to edge out the competition should invest in marketing data scientists who can scrutinize user behavior and ad performance and help turn that data into revenue.
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Easy access to customer data has sparked a new-found sense of transparency for brands and new-found pressure on CMOs to turn that data into sales.
But marketing is getting more difficult. Marketers are responsible for a growing list of digital channels. They must personalize creative and manage target audiences for each one. They’re being held accountable to optimize every dollar of their media budgets.
The marketing data has always been there — consumers browsed websites, abandoned shopping carts, and some channels performed better than others — but the difference is that now, thanks to new technology, marketers have access to more data and better visibility into it.
No substitute for analytical human beings.
It’s fair to say every brand is now collecting customer data. But having it is not enough. Your information is only as significant as you make it.
Indeed, many marketers collect data and find themselves stuck in “analysis paralysis.” It takes advanced technical skills and business acumen to access, organize, interpret, and then take action on customer data. Then, data scientists must take the next step to create machine learning tools and provide analysis of a customer’s lifetime value. As a result, we’ve seen a historic rise in marketing science or advertising science roles within brands. Even a great technology platform is no substitute for great analytical human beings.
According to a recent report from LinkedIn, data scientist roles have grown more…