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With the vast amounts of customer data now available, the spotlight is on marketers to deliver. But too often the complex insights provided by the data don’t lead to effective marketing action, and the promise of ‘quantitative marketing’ (integrating marketing analytics into the decision-making process) is not fully realised.
Help is at hand from University of Chicago Booth School of Business, whose Strategic Marketing Analytics program, runs this June in London. This program focuses on the design of customer-centred marketing strategies that leverage data intelligence to analyze customer behaviour, communications, positioning, pricing and value creation – help to create a logical marketing strategy, quantify the benefits of marketing spending, utilize big data, and bring more accountability.
Chicago Booth School, a world leader in finance, has long-time been strong on data analytics. Now, with the dawn of ‘big-data’, the school has brought this experience to bear in other areas – particularly marketing. In this revealing video, Chicago Booth's Sanjog Misra and a trio of industry experts explore the new opportunities and challenges brought by the digital revolution, innovations in data analysis, and changes in how consumers interact with brands that have ushered in the ‘big data’ era.
Data comes in huge volume, in many types, real-time and at great velocity, revealing both mega trends and intimate details on how individual consumers make their choices. The question addressed by these experts is, now that marketers have access to enormous caches of customer data, what are they doing with it?
The breadth of data now available can not only inform traditional marketing decisions, such as positioning and pricing, but can play a critical part in the innovation of new products and services.
If all this is daunting enough for beleaguered marketing teams, it is only at an early stage, and is soon to be accelerated as systems evolve that use artificial intelligence to better connect data insights to action.
Led by Jean-Pierre Dubé, the Sigmund E. Edelstone Professor of Marketing at Chicago Booth, the Strategic Marketing Analytics program can help executives translate marketing data into action to deliver both better customer experiences – and profits. The program is for marketing executives and for those who specialize in marketing analytics, information technology, and business development. Small business owners and entrepreneurs who want to focus their marketing spend will also benefit.
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