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Fundamentals of ‪Data‬: What ‪CMOs‬ Need to Know to Succeed in a ‪Digital‬ Age

by Michael J. McDermott

Data is at the core of almost every key challenge CMOs face today, and it is likely to have a profound impact on marketers' ability to prove their value in a digital age.

"CMOs must understand how to find and reach their target customers, which is a data problem," says Michael Schoen, general manager and VP of marketing solutions at Neustar, a global information services provider headquartered in Sterling, Virginia. They must also understand, he adds, how effective their efforts are in media spend, message optimization, and channel optimization, as well as the types of consumers/customers who engage with their brands and buy their products — all data problems.

One aspect of data that is sometimes overlooked, Schoen says, is the ability it gives CMOs to forecast the brand's future and lead it forward. "This is a key aspect. It's about understanding, through data, how the market and consumer behavior are changing, and how those changes need to be reflected in product development," he adds.

So how are CMOs doing when it comes to mastering data? In general, not very well. Schoen gives them a collective C-minus, although he's quick to point out that there are outliers who are doing much better. Read more.