Most consumers look at companies with lofty expectations and presumptions of how well oiled they are on the inside. The expectation is that everything works well and that even at companies like Facebook, Apple, Netfilx and Google (FANG), who are the Emperors of the digital and technology world are seamless in their inner workings - especially when it comes to data.
The truth is, many companies - even the FANGs of the world who have enormous amounts of data on their customer, don't use the data they have effectively. A recent article in AdWeek brings to light this industry secret of how poorly connected companies are in their internal use of customer data.
The article mostly focuses on the challenges marketing professionals face in this environment and give the example of an email campaign that appears to be successful based on open and click rates, but at the service side of the equation - the company is seeing high levels of returns because the campaign was misleading and the product was not as perceived; yet the marketer continues to utilize the campaign because the metrics they have to appear to show success with the key point being that if the company shared data and truly captured insights, the marketer would realize the campaign had issues and would stop the campaign instead of repeating it.
The lack of internal infrastructure - tools, governance, defined roles and responsibilities, data visualization and interactions between company divisions to discuss insights are a few elements that makeup they picture of success in democratizing data within a company. But for now, until companies get there, to the average consumer they will appear to be a Ferrari on the outside, but a Fiero on the inside.
Cheers!
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