Page 14 - index

RESEARCH, ANALYSIS & TRENDS

Integrating data analytics effectively –

insights by Sparkline from 8byEight event

I recently had the privilege of attending the first Me- tal analytics, software and services business, pointed
diaBUZZ ‘8byEight’ session, a series that brings togeth- out.
er 64 digital marketers, sitting in groups of eight, to talk
about the digital world; this first event focused on A comprehensive action plan needs to be in place to
“Digital Marketing”. The roundtable discussions revolved translate insights drawn from the data - whether posi-
around the opportunities and challenges in digital mar- tive or negative - into useful steps towards achieving
keting in an increasingly consumer-driven world. the objectives. Finally, appropriate measurement tools
are required to evaluate actions and outcomes, sup-
‘Big data’ is a hot topic these days, with more business- porting fine-tuning of processes and decision-making in
es recognizing the benefits of effective data analysis. A a feedback loop.
couple of recent reports show the shift: IBM says 94 per
cent of CMOs intend to use advanced (predictive) ana- Hiring the right person
lytics more extensively in the future; Bain & Company
has written that analytics investment is helping compa- Concerns about the skills gap were also raised. Ana-
nies outperform competitors.
lysts who know the digital space may not possess or
understand ‘creativity’ and may struggle to provide a
I moderated the topic of data analytics, with a focus on hypothesis to the solution. A software architect in a
how to utilize big data for optimal marketing perfor- software, services and solutions firm brought up the
mance to gain a competitive edge. Participants at my issue of companies deploying technology, but lacking
table highlighted three key issues: getting started; using the internal expertise to derive insights.
data meaningfully; and hiring the right person.
In Singapore, some of these concerns are being ad-
Getting started dressed. The IDA (Infocomm Development Authority)
has committed to training 2,500 analytics professionals
The complexities of big data: the amount of data (often by the end of 2017. The 2013 Accenture study
held in silos), organizational constraints, doubts over “Analytics in Action”, found that of 400 analytics practi-
where to start, senior management resistance etc. are tioners in Southeast Asia, 68 per cent said their compa-
major barriers to analytics within organizations. One nies were investing in managed services for analytics,
participant, a marketing manager, noted concerns of while 53 per cent indicated talent acquisition as a way
translating data silos and overcoming organizational to expand their analytics capabilities.
inertia. Another, an agency media director, discussed
the best way to use data and “selling” analytics to C- Another question was whether companies should em-
level executives. ploy the “young and mouldable” or those with experi-
ence. Participants were supportive of developing young
Simplifying the concept of “big data” is the first step to talent, since experienced professionals are thin on the
take in convincing C-level executives of the need for ground. Companies should also consider training em-
analytics. Business objectives need to be defined before ployees. In a 2014 report, “State of Digital Marketing
deciding on what data to look at which simplifies the Talent”, by the Online Marketing Institute, ClickZ and
data set to be analyzed. Next, demonstrate how big da- Kelly Services, 747 organizations were interviewed on
ta has value in providing insights into customers’ behav- the most valuable digital marketing skills and the skills
ior, predicting trends, or cutting costs and inefficiencies. their talents possess. The report recommended
Finally, share the importance of the cost of inaction “(commitment) to ramping up the proper talent develop-
(COI) versus return on investment (ROI), as senior ex- ment program, effective education, implementation of
ecutive buy-in is critical to incorporating analytics as a measurable standards and focused training and hiring
key element of business strategy. practices” to “ultimately win market share and achieve
desired business outcomes.”
Using data meaningfully
Big data will continue to present new opportunities and
A common question was “What do I do with the data?” challenges to the world of digital marketing. Enterpris-
Marketers frequently get caught up in vanity metrics that ing companies will incorporate analytics into their cul-
are irrelevant to the business, such as banner impres- ture, especially at the heart of their decision-making
sions, click-through-rates (CTR) and reach. It is better to and strategic management. Those who do will reap the
focus on objectives by defining meaningful key perfor- fruits of their investment, while the rest can only hope
mance indicators (KPIs) and goals before deciding what to make it as late bloomers. ◊
insights to draw from the data. This can include predic-

tive analytics, such as “What will consumers buy next”, By Vinoaj Vijeyakumaar,
or “Where to get new customers”, as a CEO in the digi-
14 Asian eMarketing August 2014 - Content Marketing Managing Partner, Sparkline