Improving Marketing effectiveness and competitive advantage takes analytical prowess. In today’s abundantly rich data environment, keep an eye on the value creators, the best-in-class (BIC) marketers who build more skills around insights from analytics than their counterparts. These elite groups of marketers are more proficient at using data and analytics. Where are their priorities focused?

  • Making strategic decisions
  • Improving marketing effectiveness
  • Making course adjustments
  • Improving operational efficiency

As a result, the organizations that are fortunate enough to have retained these types of elite marketers are able to become what analytics guru Tom Davenport and team call analytical competitors.

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Value creators are customer-centric. They’re keen to deeply understand customers, to quickly share accurate customer insights. Not only that, they enable the organization to use these insights to create a competitive advantage, drive satisfaction, loyalty, and revenue. When it comes to using data to gain deeper customer insights, the BIC marketers are far more effective in three areas:

  • Understanding customer segments, personas, and their associated buying journeys
  • Envisioning how to create and improve the customer experience
  • Creating analytical models to address customer risk and opportunities for growing the share of wallet

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To join or retain your ranking among BIC marketers, you need to develop and implement formal processes to collect and manage data and analytics. The BIC marketers invest in the skills and tools to harness data, analytics, and modeling. Their purpose is to discern patterns, glean insights, and predict outcomes. So, the question becomes, how do you get there?

Your path to Marketing excellence requires mastery and application of new skills. In terms of data and analytics, BIC marketers are far better at the following six essential skills:

  • Having access to accurate, reliable data
  • Collecting, storing, and managing data
  • Analyzing and reporting on data
  • Creating data visualizations
  • Improving marketing effectiveness with analytics insights
  • Using data to link marketing activities to business outcomes

Achieving MPM excellence begins with commitment, but without mastery of these skills, your MPM initiative will never take flight. That’s not a lesson your C-suite wants you to learn.

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FAQ:

(written by Penn of Sintra.ai)
Q1: Why does improving Marketing effectiveness and competitive advantage require analytical prowess?
A: Because in a data-rich environment, advantage goes to marketers who can turn data into insight and action. Best-in-Class (BIC) “value creators” build stronger analytics skills than their counterparts, enabling better decisions, faster course correction, and measurable performance improvement.
Q2: Where do Best-in-Class marketers focus their analytics priorities?
A: Their analytics priorities center on:
  • Making strategic decisions
  • Improving Marketing effectiveness
  • Making course adjustments
  • Improving operational efficiency
    This focus helps organizations become “analytical competitors,” as described by Tom Davenport and colleagues.
Q3: How are value creators different in their use of customer insights?
A: Value creators are customer-centric and excel at quickly sharing accurate customer insights—and enabling the organization to use those insights to create competitive advantage, improve satisfaction and loyalty, and drive revenue.
Q4: In what three areas are BIC marketers far more effective at using data for customer insight?
A: They are stronger at:
  1. Understanding customer segments, personas, and associated buying journeys
  2. Envisioning how to create and improve the customer experience
  3. Building analytical models to address customer risk and identify opportunities to grow share of wallet
Q5: What does it take to become (or retain) Best-in-Class in analytics?
A: It requires formal processes to collect and manage data and analytics, plus investment in skills and tools for analytics and modeling—so the organization can discern patterns, glean insights, and predict outcomes.
Q6: What six essential data and analytics skills distinguish BIC marketers?
A: BIC marketers are better at:
  1. Having access to accurate, reliable data
  2. Collecting, storing, and managing data
  3. Analyzing and reporting on data
  4. Creating data visualizations
  5. Improving Marketing effectiveness with analytics insights
  6. Using data to link Marketing activities to business outcomes
Q7: What is the key warning for organizations pursuing MPM excellence?
A: Commitment is necessary but not sufficient. Without mastery of these data and analytics skills, an MPM initiative will not take flight—and that is not a lesson the C-Suite wants to learn the hard way.

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