Marketers must not be so reliant on data that they feel unable to make “brave business decisions” an expert has argued.
According to Adam Rostom, Chief Marketing Officer at Ovo Energy, the sheer volume of data available can lead to brands being “hamstrung by the need to consult lots of different data sources.”
While he accepted that “numbers talk” and that data should be used if it “can back up your point” he argued that an over-reliance on it can make them less agile.
“The need to progress and move quickly to make fast decisions is actually more valuable,” Mr Rostom said.
Jon Evans, Marketing and Business Development Director at Lucozade Ribena Suntory, also urged marketers not to get swamped by the amount of data, as it can affect decision-making.
Instead, he said they should use their judgement to ask the right questions and make sure they are getting useful insights from the information they possess.
“It’s the interpretation of the data that’s the key point and every data source has its limitations,” he noted.
“It can only be part of the answer, but it’s there to help you.”
Mr Evans went on to state that marketers have a responsibility to prove their worth, as they oversee the biggest investment in their whole company in terms of spend.
This, he said, means they must make a point of showing their investment is “being used wisely.”
Matt Stockbridge, Growth Analytics Manager at Mondelez International, cited Cadbury as an example of a brand that is using data well.
He pointed out that it has used data to prove the decisions it is making, and has therefore been able double its media spend over the last five years.
“Data has been an enabler for us, not something stopping us from advertising,” Mr Stockbridge said.
He added that data offers the tools and metrics that prove there are “actually real benefits to the work we’re doing” and “drive measurable and sustainable business results.”
Marketers must avoid the risk of ‘over datafication’ Marketing Week