Profiting from The Data Deluge
Episode Description
In a new paper titled, "Closing the Marketing Capabilities Gap," Wharton professor George Day addresses the gap between the demands of markets and the ability of firms, especially their marketing functions, to meet those demands. Such a gap, he points out, is "costing firms profitability now and competitiveness in the future." Using Day's paper -- and also a new IBM study -- Day and colleague David Reibstein talked with Knowledge@Wharton about the growing flood of data, new knowledge sharing technology, the socially networked and ever demanding consumer, and how some companies are successfully building their customer base, among other topics. 📂 Marketing
Brief Summary
Marketing experts discuss the data overload challenge and strategies to close the marketing capabilities gap.
Key points
- Closing the Marketing Capabilities Gap. George discusses the importance of addressing the marketing capabilities gap due to data overload.
- The Role of Technology in Marketing. George and Dave explore how technology can both create and solve marketing challenges.
- The Importance of Customer Data. The conversation shifts to how companies can effectively use customer data for marketing.
- Transforming Business with Technology. New information and communication technologies allow customers to see through corporate walls.
- Building Mutual Relationships. Companies need to invest in understanding customers to create tailored offers that meet their needs.
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Episode highlights
- Closing the Marketing Capabilities GapGeorge discusses the importance of addressing the marketing capabilities gap due to data overload.“What exactly is that gap and why is it so important?”0:48Nov 4, 2011
- The Role of Technology in MarketingGeorge and Dave explore how technology can both create and solve marketing challenges.“Technology is creating the problem; it's also going to be the solution.”4:06Nov 4, 2011
- The Importance of Customer DataThe conversation shifts to how companies can effectively use customer data for marketing.“Companies that have individual level data can take advantage of it.”10:00Nov 4, 2011
- Transforming Business with TechnologyNew information and communication technologies allow customers to see through corporate walls.“Just as x-rays transform medicine, new technologies revolutionize business.”23:51Nov 4, 2011
- Building Mutual RelationshipsCompanies need to invest in understanding customers to create tailored offers that meet their needs.“Companies must invest to understand customers and create tailored offers.”24:31Nov 4, 2011
