data analytics expertise - the roi of engaging a professor
TRANSCRIPT
WHY ELSE SHOULD YOU HIRE A PROFESSOR?
Unlock Higher Marketing ROI: Hire a Professor
IMPROVEMENT
BY COMBINING BETTER DECISION PROCESSES AND ANALYTICS
10%+ ROI
6 OUT OF 10 CMOs
FEEL PRESSURED TO PROVE MARKETING VALUE
8 OUT OF 10 EXECUTIVES WANT TO MAKE BETTER DECISIONS
PROFESSORS ENABLE BETTER DECISIONS / MARKETING ROI
EXECUTIVES BELIEVE
PROFESSORS ARE BETTER AT…
78% 72% 70%
OFFERING UNIQUE PERSPECTIVE
GETTING NEEDED DATA
IMPROVING STAFF CAPABILITIES
deep domain expertise
sophisticated analytics
cutting edge insights
custom problem-solving
Oh, and did we mention…
THE TRUE COST OF
HAVING A PhD ON STAFF
$2700 / DAY
STARTING PhD
SALARY
[$150,000
PROFESSIONAL BENEFITS
MULTIPLIER
X 2.5] ÷
31
ANNUAL WORK DAYS
[(260 30) -
ANNUAL PAID DAYS
OFF
60%] X
PRODUCTIVE TIME
…AND A PhD ON STAFF STILL WON’T HAVE THE BREADTH OF DEEP DOMAIN EXPERTISE THAT A NETWORK OF
PROFESSORS HAS!
SOURCES: 1. LIFT PhD research, February 2014; 2. h?p://www.mckinsey.com/insights/strategy/the_case_for_behavioral_strategy, accessed January 16, 2015); 3. www.cmosurvey.org/results/, accessed February 18, 2015; 4. h?p://www.kdnuggets.com/2014/04/elusive-‐data-‐scienVsts-‐driving-‐high-‐salaries.html, accessed March 21, 2015; 5. h?p://web.mit.edu/e-‐club/hadzima/how-‐much-‐does-‐an-‐employee-‐cost.html, accessed March 21, 2015; 6. h?p://www.bls.gov/news.release/ebs.t05.htm, accessed March 21, 2015; 7. h?p://news.microsoZ.com/2005/03/15/survey-‐finds-‐workers-‐average-‐only-‐three-‐producVve-‐days-‐per-‐week/, accessed March 21, 2015.
Help Wanted
Spending on data analyVcs is trending up, and for good reason. Here are four stats that support the need for more talent.
70% CMOs who say their
company has no formal evaluaVon of markeVng
analyVcs quality.
100% Professors who have
training and experience in advanced research
and analyVcs.
64% ExecuVves who rate
professors as be?er than company at doing advanced
research & analyses. 58%
OrganizaVons with no quanVtaVve proof of markeVng spending impact on business.
Despite its value, analyVcs use is sVll haphazard, driven in part by poor access to talent. Professors fill an important void.
Data Analytics Expertise
83% Increase in budget for markeVng analyVcs in
next 3 years.
87% Managers who say their company needs to use more analyVcs to make
be?er decisions.
50% Managers who say analyVcs has helped
their company innovate. 10%
ROI improvement by combining be?er decision processes and analyVcs.
0
1
2
3
4
5
% of E
xecuVves – Very Va
luable
MarkeVng Topic Areas
The Value of OutsideMarketing Expertise
Outside analyVcs experVse is valuable to many markeVng areas and challenges.
Mkt Analysis
Forecasting
Innovation
Pricing
To get advanced research and analyVcs capabiliVes for your markeVng challenges, visit www.LIFTPhD.com or call 1-‐844-‐LIFTPhD
The Value of Outside Marke<ng Exper<se
90%
80%
70%
60%
50%
40%
SOURCES: 1. LIFT PhD research, February 2014; 2. h?p://www.mckinsey.com/insights/strategy/the_case_for_behavioral_strategy, accessed January 16, 2015); 3. www.cmosurvey.org/results/, accessed February 18, 2015; 4. Sloan Management Review – Raising the Bar with AnalyVcs (Winter 2014);.
Making Better Decisions
Should you seek outside experVse to help you make a decision? (10 quesVons that will help you to know)
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Is the best decision anyone’s guess without
more insight?
What You Know
Same
Are you simply wanVng support for a decision you’ve already made?
What Is Your Goal
Is the consequence of making a bad decision a
pre?y big deal?
Consequence
Is your company okay living with internal
biases toward more of the same?
Biases OK
Are you leaving money on the table by just being good enough?
Opportunity
Is your company content with a so-‐so
status quo?
Status Quo
Is there evidence or insight out there that can help make a be?er
decision?
Evidence
Do ideas that come from the outside make your company break
out in a rash?
Invented Here
$
Would you benefit from outside experVse in gekng the insight / evidence needed?
Expertise
Does your company prefer to use internal resources even when they lack capabiliVes?
Capabilities
!
? ? ?
To get world-‐class experVse for your markeVng decisions, visit www.LIFTPhD.com or call 1-‐844-‐LIFTPhD
Making Better Decisions
Should you seek outside experVse to help you make a decision? (10 quesVons that will help you to know)
Yeah
Yep
Indeed
Uh huh
Yup
Mm hmm
Of course
Sure
You bet
Yes
Is the best decision anyone’s guess without
more insight?
What Is Known
Same
Is your company wanVng to evaluate opVons, not just
support a viewpoint?
What Is Unknown
Is the consequence of making a bad decision a
pre?y big deal?
Consequence
Is there a strong potenVal for internal bias toward one opVon
over others?
Bias Potential
Are you leaving money on the table by just being good enough?
Opportunity
Is your company ready to move beyond a so-‐so
status quo?
Readiness
Is there evidence or insight out there that can help make a be?er
decision?
Evidence
Is your company open to making decisions that rely on outside
ideas?
Openness
$
Would you benefit from outside experVse in gekng the insight / evidence needed?
Expertise
Are capable internal resources unable to devote sufficient Vme
and focus?
Availability
!
To get world-‐class experVse for your markeVng decisions, visit www.LIFTPhD.com or call 1-‐844-‐LIFTPhD
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