Why Marketing and Data Analysis Belong in the C-suite
As CEOs build their executive teams, they can’t overlook the importance of marketing and data analysis both inside and outside their businesses.
Both disciplines belong in the C-suite, something the best corporate leaders have already recognized. Chief marketing officers (CMOs) have been at the table in most corporations for years. As data science has grown in importance and buzz, companies have also begun hiring Chief data officers. A CDO is a senior executive who supports business strategy and direction with data, according to CIO Magazine.
Marketing and data analysis work hand in hand to improve the company’s brand and to fine-tune business strategies to capture more customers and boost market share. Big Data analysis of customer behavior generates useful information that, coupled with human insight, can guide marketing and business strategies.
Improving the Internal Brand
It isn’t just the world outside a business where marketing and data analysis matters. CMOs and CDOs also have roles to play in cultivating the culture inside corporations.
In a Harvard Business Review article, Colin Mitchell emphasizes the importance of marketing a company’s brand to its own employees:
While executives recognize the need to keep people informed about the company’s strategy and direction, few understand the need to convince employees of the brand’s power—they take it as a given. What’s more, the people who are charged with internal communications—HR professionals, typically—don’t have the marketing skills to communicate successfully. Information is doled out to employees in the form of memos, newsletters, and so forth, but it’s not designed to convince them of the uniqueness of the company’s brand.
Meanwhile, data analysis can provide insight into the human factors that make or break business performance, according to AZcentral.com:
A business can’t thrive if employees are unhappy, unproductive and unmotivated. Human resource data can reveal the areas where a company needs to improve its processes to make workers feel empowered and valued, and therefore more likely to buy in with their skills, talent and sweat equity.
Wanting to know more about how marketing insights and data analysis can work together for the benefit of your company? The experts at LMS have decades of experience putting data to work in creative, useful marketing campaigns. Contact us by phone at 800.257.5902 or via email at [email protected] to learn more.