At the excellent GIBS Masterclass on 8 March 2018, Manoj Chiba dealt in detail with the benefits of analytics of data and predictive analysis (i.e. who will buy what).
He started off by making the point (that Clique Marketing has made several times on @cliquetribe): very few CEO’s and executives have a detailed understanding of the data that is available WITHIN their own organisation to up-sell and cross-sell their products to the various segments of clients. (Numbers between 5-12% of CEO’s were mentioned.)
As we have seen, many large corporates like Old Mutual, the Telesure Group, Standard Bank, Hollard Life, MiWay and a range or other corporates attempt to attract new clients by buying rubbish databases where little or no analytics were done by the data vendors. Lazy marketing at best!
Data is the raw material of business and a company that does not have leadership who understands this (as well as the matrix for success of digital advertising), is likely to lose market share to competitors. Companies need to understand that they do not need a “data strategy” – rather a business strategy supported by data.
Companies should also learn to enrich internal data first, seeing that 95% of all data to analyse exists internally. This should drive much of the decision-making as far as targeting new and existing clients or segments of clients. The CEO and the executive team should embrace this.