EVOLVING YOUR ANALYTICS STRATEGY
Why Advanced Analytics Strategies Must Adapt to Massive Virtual Selling Shifts
New research from the Wharton Business School confirms business leaders are shifting their budgets and management focus in digital channels to gain access to buyers, support virtual selling, and replace traffic and eyeballs from face-to-face trade shows, events and storefronts. This pressure on senior business leaders to become more digitally savvy is perhaps the only silver lining from this crisis. But business leaders need to be aware of a new set of challenges and unintended consequences they will face as they shift budgets and management attention to digital transformation and try to capitalize on new digital channels and large new sources of customer engagement data. This is going to force them to adapt their marketing analytics and data-driven selling strategies to reflect big changes in buying behavior and effectively deal with amplified data volume, privacy, and protection issues. Even organizations with mature analytics operations are going to have to step back and revisit the models, algorithms and data management policies they have relied upon to allocate, optimize and target growth resources because the behavior and assumptions they are built upon have changed so much. Raghu Iyengar, Professor of Marketing at the Wharton School of Business shares research from the Markets in Motion research study to help business leaders adapt their marketing analytics and data-driven selling strategies to effectively support the massive shift to digital selling and buying in the wake of the current pandemic-induced recession.
Professor Iyengar will be addressing these issues in more depth at the Wharton Customer Analytics for Growth Using Machine Learning, AI, and Big Data executive education program – which in the spirit of the changes above, is being offered online to senior sales, marketing and analytics professionals.