20-30% of the business decisions really need the use of advanced techniques like predictive analytics. 70-80% of marketing decisions can be judiciously carried with simple analytics techniques. A CMO broadly expects 3 key outcomes for his business:
• Bring more “future” customers in the most cost-effective manner.
• Convert those who come to the door into customers.
• Maintain the current customers “buying.”
Predictive Analytics need advanced skills and constant maintenance. A product manager or an operations manager equipped with the right “Data to Decisions” framework and easy access to data can optimize 80% of their daily workflow on their own, without having to depend on little and costly analytics resources. For 20% of decisions, where the potential ROI justifies the use of advanced techniques, they can work with their analytics counterpart. In summary, a smart CMO knows that a marketing team equipped with a “Data to Decisions” framework and easy access to data without the company of a data science team would emerge much better than a marketing team lacking data skills supported by a large data science team. Read more at:
http://www.forbes.com/sites/piyankajain/2013/05/26/the-8020-rule-of-analytics-every-cmo-should-know/