With all these benefits, it is surprising that marketing analytics has not permeated through marketing departments. A 2014 study by the American Marketing Association, revealed that less than one-third of companies have integrated marketing analytics in its day-to-day operations. And only another 30% stated marketing analytics are occasionally used. (Ariker, Diaz, Moorman, & Westover, 2015) also concluded that even with proven, quantifiable results of marketing analytics, the application is limited across companies.
As with any analytical exercise for companies, there are challenges. Lord Kelvin said “if you cannot measure it, you cannot improve it” which was followed by Peter Drucker’s famous quote “what gets measured gets managed.” …show more content…
This challenge has always been a substantial concern for the marketing analytics academic and business communities, today and in the past. In the late 1960s, marketing science academics and professionals gathered enough support to form the Marketing College within The Institute of Management Science (TIMS), a professional organization, and hosted its first Marketing Science conference (the current name of this association is INFORMS Society for Marketing Science) (INFORMS, n.d.). One of the leading charter recommendations included that half the members and participants be business practitioners (Montgomery, 2001). In the initial years of the College and subsequent conferences, this was the case. However, a historical review in 2001 of the first 30 years of the entity revealed that the level of professional business engagement was small, and connection to the marketing industry was weak (Pringle, 2001). By 2007, only 4% of the attendees at the annual marketing science conference came from the industry (Winer, 2014). The technical material needs to be better communicated to practitioners to maintain
As with any analytical exercise for companies, there are challenges. Lord Kelvin said “if you cannot measure it, you cannot improve it” which was followed by Peter Drucker’s famous quote “what gets measured gets managed.” …show more content…
This challenge has always been a substantial concern for the marketing analytics academic and business communities, today and in the past. In the late 1960s, marketing science academics and professionals gathered enough support to form the Marketing College within The Institute of Management Science (TIMS), a professional organization, and hosted its first Marketing Science conference (the current name of this association is INFORMS Society for Marketing Science) (INFORMS, n.d.). One of the leading charter recommendations included that half the members and participants be business practitioners (Montgomery, 2001). In the initial years of the College and subsequent conferences, this was the case. However, a historical review in 2001 of the first 30 years of the entity revealed that the level of professional business engagement was small, and connection to the marketing industry was weak (Pringle, 2001). By 2007, only 4% of the attendees at the annual marketing science conference came from the industry (Winer, 2014). The technical material needs to be better communicated to practitioners to maintain