Are the obsessions with data and analytics distracting us from the basic principle that "people sell to people", and a thought in a persons mind or a conversation between two people cant be analysed....yet!
Based on research showing that 56% of CMOs (Source:Convince and Convert) and 84% of marketers (Source:ITSMA/Vision Edge Marketing) being unable to measure ROI, is there an argument to either accept that the "people" element of a purchase isn't something that can be tracked 100%, so certain assumptions need to be made.
In my personal life for example, my kids will see something about a new XBox game on a social media, TV, print channels and then ask me if they can have it, I may then go off and check out whatever game they are after and then make a decision. As a marketer how do we track & measure the conversation in my kitchen between father and sons? How is my research activity attributed to the marketing program or expenditure (if at all)?
The same example applies in my professional case, when Kingpin recently on-boarded a new system, I wasn't involved in the project team, scoping, evaluating etc. However, there were lots of internal chats and yes, I did sign the contract at point of purchase, so does that mean the program that prompted the project team responded to received no attribution?
We all know how valuable data is — just look at the hundreds of data and marketing analytics vendors that have sprouted up in the last few years for confirmation. The problem is, most of us aren’t using data anywhere near its full potential. And that’s crazy when you think about how much we’re investing in data and all we could be doing with the data and technology that exists today.