The McKinsey Global Institute predicted that “by 2018 the United States could face a shortage of between 140,000 to 190,000 people with deep analytical skills, as well as a shortage of 1.5 million managers and analysts who know how to use the analysis of Big Data to make effective decisions.” How important is it for retailers and brands to leverage data scientists?
Pride, ownership, past efforts, comfort – there are lots of reasons why employees work so hard to shut down new ideas. But the biggest driver is fear of many forms, which are deep rooted barriers to change. What steps should be taken to encourage adoption of new ideas around digital marketing?
The Net Promoter Score (NPS) is a metric that is widely used among retailers to measure their level of customer satisfaction, determine approaches to improve that satisfaction, and measure their performance against competitors. How valuable will WOMI be to retailers seeking to understand customer satisfaction and take action to improve performance?
A recent article in The Wall Street Journal suggests that companies will be forced to raise prices in coming years, as costs of goods and transportation have risen steadily while prices have remained flat or declined. What do you think of the merits of using customer segmentation to base pricing strategy?
As Mark Price recently thought about customer segmentation analyses he had worked on over the past 10 years, he realized that the actual segmentation initiative has succeeded in fewer than 50 percent of those companies. Why are organizations resistant to implementing customer segmentation initiatives?
Last week, Mark Price met with a company that had the most complete data that he’d have ever seen. The company had invested in their data infrastructure as a key asset, but they weren’t making money from the data. What are the key questions that any company should be asking when attempting to leverage Big Data?
Anyone who has a teenager in the family knows the meaning of the phrase “they tuned you out.” What if the CEO of your company treated you the same way? What steps should marketing teams be taking to improve support and trust from the CEO level?
Your CEO just rejected another proposal that could increase revenue on the grounds that the marketing investment was too great. What are you to do? What are some strategies marketing professionals can use to get the green light from senior management on marketing investments?
One of the most common solutions suggested for customer analysis is to let the internal IT department do the work. The truth is that the IT department is not cheap, easy or fast — and the better your IT department is, the more difficult it will be to get the information you need to better understand your customers. What roles should IT departments and outside consultants take around data mining?
Acquisition activity is increasing. Industry leaders are turning around and looking to improve their short and long-term profits by buying some of the competition. Do you agree that customer relationships are often a second thought in acquisitions?
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