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This article was originally written by Saken Kulkarni, Slalom Consulting
Today’s CMOs have more complex responsibilities than ever before, tasked with connecting with and engaging customers across a variety of channels. CMOs simultaneously need to be financial managers, be able to hold their own with the digerati crowd, and flex their data science muscle.
Complicating the status quo, customers are more connected, empowered, and savvy than they have ever been before. CMOs must design products and experiences that create personal and authentic customer relationships, which will separate their organizations from those that fail to adopt fast enough. The landscape has dramatically changed: the customer is king.
Despite the importance of data driven marketing, there are signs that marketers still struggle to use analytics to drive customer insights.
According to the Duke University CMO Study1 , only 5% of respondents’ marketing budgets are currently spent on analytically driven activities. Moreover, the same study shows that only 3% of respondents believe that they very effectively integrate customer information across purchasing, communication, and social media channels. Marketing teams need to do more than simply run a cluster analysis or a logistical regression; they need be able to blend disparate customer data sources and enrich their customer data with third party sources in a single workflow that is intuitive for a business user. Moreover, they need to be able to create this workflow at a fraction of the cost currently charged for the bulky programs of legacy providers.
Alteryx creates a perfect platform for this type of data analysis with its intuitive drag-and-drop interface, ability to enrich customer data sets with Experian, US Census, and TomTom Spatial data, and powerful predictive analytics engine. Most importantly, Alteryx seamlessly integrates with Tableau, making it a key tool in any analyst’s toolbox.
Using Alteryx and Tableau, Slalom Consulting has created four Marketing Effectiveness Accelerators to provide CMOs with a one stop shop for maximizing marketing ROI.
- Multidimensional Customer Profile: Leverages psychographic, demographic, social media, and predictive analytics to create a complete customer view
- Marketing Campaign Management: Analyzes the incremental impact of marketing campaigns, optimal marketing mix, and drivers of marketing profitability
- Customer Loyalty Optimization: Creates personal and authentic relationships with ultra-loyal customers to drive brand evangelism
- Web Conversion Optimization: Designs user centric digital experiences to maximize web conversions and minimize cart abandonment.
Each accelerator contains an Alteryx Workflow, Alteryx Analytical Application, Tableau Dashboard, and the associated data model. These accelerators can be updated regularly and can be used by key decision makers to optimize marketing spend.
Want to know more? We’re hosting a Bits-n-Bites Happy Hour session with Alteryx in our NY office tomorrow September 18th, from 5:30PM ET. If you are in the NY area, please join us for the presentation and food and drinks. Please email Danielle Gagliardi with your RSVP.
We look forward to sharing our Alteryx work and perspective.
1CMO Survey Report: Topline Results 2014. The Fuqua School of Business at Duke University, American Marketing Association, McKinsey and Company. http://cmosurvey.org/files/2014/09/The_CMO_Survey-Topline_Report-Aug-2014.pdf.
