by Eric Schaal
Are you experiencing a data overload every day at the office? According to a May 2017 study by the automation company BlueVenn, 86 percent of marketers believe they should collect as much information as possible on customers.
Of course, this approach leads to a clear problem: a data glut. A second statistic from the BlueVenn study draws attention to the problem too much information causes. Despite the all-in approach, 57 percent of marketers said they lacked a clear picture of their customers.
At &THEN 2017, the importance of using data effectively will be a common theme, and that includes the problem of too much data. Here are five ways your company can confront the data overload and make sense of the stats.
- Acquire your data expert
Without someone to make sense of the numbers and distribute them for consumption, your company will struggle with large amounts of data. As you move forward with investments in this area, make sure you have someone on staff who will be the de facto expert. Recent graduates who specialize in this growing industry could be the answer for your business.
- Keep an open mind
As you dig into the numbers, it is tempting to use data to confirm assumptions. Anyone can twist hard data to support a conclusion if you try hard enough, so stress the importance of team members keeping an open mind, especially in the early stages.
- Limit the dashboards
When you have the ability to tackle 10 or more angles with available data, someone is likely to create a dashboard for each one. This approach leads to the feeling of a data overload almost immediately. To get more from your stats, start with small bites and only a few dashboards until the rest of your team gets up to speed.
- Train your C-suite
Collecting and interpreting data is not new, but it may be unfamiliar in your company. Therefore, you may have to do some training of business executives you are selling on a new approach. Just because there are correlating trends (say, social media marketing with added revenue) does not mean one is causing the other. Stress the importance of looking at trends from multiple angles.
- Look into AI
The greatest thing about artificial intelligence (AI) is a computer’s ability to look at data without any human bias. In other words, no machine is trying to back up an approach they introduced to the company last year and still want credit for. AI has begun helping 1-800-FLOWERS customers looking for a gift, and it may be something to consider on a different scale for your brand.
Join marketers and executives from Rosland Capital, Prove and Medtronic as they tackle issues surrounding data gluts October 9 at &THEN in New Orleans.
This article is brought to you by &THEN, DMA’s annual event. Click here to join the leaders of the marketing community and explore how data transforms marketing in New Orleans, October 8-10. Save over $300 when you register online.