Two common problems CMOs face with data is having too much or too little of it.
For example, their inbound marketing teams struggle to find enough data to give insight on a target’s propensity to buy. Outbound marketing teams, on the other hand, often feel that they have too many leads, and need to find a better way to focus their efforts on those most likely to convert.
Having a strong data science team that can help wrangle raw data into actionable insights can alleviate both challenges. As such, it makes sense that the popularity of data scientists as a profession has grown in leaps and bounds. In fact, Harvard Business Review called data scientists the sexiest job of the 21st century.
But as the demand for data scientists continues to grow, the supply can’t keep up. A McKinsey study predicts that by 2018 the number of data science jobs in the United States alone will exceed 490,000, but there will be fewer than 200,000 available data scientists to fill these positions.
In searching for the right data scientists for their organizations, most hiring managers, including CMOs, understand they should consider candidates with the following attributes:
However, while organizations may understand how to find a strong data scientist and navigate through filling a role with high demand across different industries, how many marketing executives truly understand how to best work with a data scientist either within their own team or as part of other departments within the broader organization?
The most effective CMO-data scientist teams speak at least weekly. Below are three topics they should be discussing regularly to ensure the success of the larger marketing team:
What new insight is available and applicable towards the team’s business objective?
Having a strong partnership between your marketing and data science teams is key. By making sure that both teams are aligned on business objectives from the outset, it ensures that you’re having productive checkpoints with your teams.
Additionally, understanding the insights and which metrics are being driven allows you make the best decisions and course correct where needed. A caveat to consider is the old adage, “statistics can be made to prove anything – even the truth.