The Economist article, “Data, Data, Everywhere” discusses the fact that the digital universe is growing faster than the capability to store this information. In the graph below you can see a representation of this phenomenon measured in Exabytes. (5 Exabytes = all of the words ever spoken by mankind.)

To attempt to deal with all this data, Oracle, IBM, Microsoft and SAP have spent more than $15 billion in the past few years buying software firms specializing in data management and analytics – an industry  estimated to be worth more than $100 billion and growing at almost 10% a year, twice as fast as the software business as a whole.

This produces a significant problem for Marketers as well.

More Data Than Talent = Bad Marketing

 writes in New Media Media and Marketing that brands, like consumers are overwhelmed with too much data to know what to do with. And when it comes to Marketing, a new study shows that companies don’t have enough talent to know how to use it.  Rich sums up the problem:

With too much data, a lack of funding and resources and a scarcity of talented individuals and it’s not hard to understand why there is so much bad marketing out there.

The Problem: A Shortage of Marketing Talent

A study by MarketingSherpa conducted among small, medium and large businesses found that the most significant challenges facing marketers are:

  • Lack of funding or resources.
  • Lack of skilled individuals.

Here’s what the companies surveyed said were the major marketing problems they faced:

The Causes: Old Paradigms

Corporate politics:  A majority of respondents said that “there is at lest one wrong person in a critical position.”

Traditional Marketing Mindset:   Companies are still throwing money at traditional marketing tactics that are don’t engage today’s empowered consumers who don’t want to be interrupted with irrelevant ads.

No Clear ROI: Companies continue to do elaborate “branding” without demonstrating “a clear path to ROI.” In today’s cost-conscious environment, executives therefore see marketing as an expense rather than an investment in the brand.

The Solution: 5 Steps to Better Marketing

Companies need to find real marketing talent real fast. And Rich provides 5 steps to do so:

1: Hire Different:  If you want to “think different” then hire different. Instead of hiring people based on a close fit for a job description put together with the help of Human Resources, hire people for their passion and commitment to creative solutions.

2: Hire Outside the Boxers: Seek out those who question the status quo and adopt to them, rather than bring in those who fit in too well.

3: Hire Influencers: People who are creative and engaged and can influence others within your organization can get others excited about using data creatively to market to micro segments.

4: Hire Ego Challengers: As Rich puts it: “always hire someone smarter than you.”

5: Hire Non Technicians: Hire someone who knows how to use technology to maximize business objectives rather than someone who is just great at technology.

Do you want to read a 647 page report on data deluge?

Don’t be ridiculous. Rich Meyer’s last piece of advice is this:

Finally hire someone who can take a 60 slide Power Point deck and condense it down to one page of actionable recommendations against key brand objectives.   Either your organization is going to change or you’re going to become more and more irrelevant to consumers.

End of Story!

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