HBR sums up the trajectory and redefinition of Analytics, the capital-A version:
Analytics, once a back-of-the-house research function, is becoming entwined in daily strategy development and operations. Executives who were pioneering early digital marketing teams 10 years ago are advancing to the CMO office. Already wired for measurement, they are often amazed at the analytics immaturity of the broader advertising industry. These new CMOs are taking more responsibility for technology budgets and are creating a culture of fact-based decision making within advertising. Technology consultancy Gartner estimates that within five years, most CMOs will have a bigger technology budget than chief technology officers do.
Quantitative marketing is nothing new: today’s growth hacker or data scientist is yesteryear’s database marketer. But what has changed is the ability to answer age-old ROI and attribution questions. Abstracted by buzzwords like Big Data, Multi-Channel Attribution and Single View of the Customer, three important trends are converging:
- Digital decision makers are coming of age – as young marketers work their way up the corporate ladder, they are bringing new perspectives around digital and measurement
- Tracking technologies have improved – and will continue to for the foreseeable future, giving marketers access to cross-channel and detailed purchasing data
- Increased comfort level with metrics – as more data becomes available and more decisions rest of quantitative analysis, marketing teams are creating new metrics to tie their activities to broader corporate goals
It’s an exciting time to be in Analytics.