Originally posted on Gigaom:
Technology isn’t only getting faster, it’s getting smarter. Computers are able to recognize and learn from patterns and make changes in real-time. Their improved analytic and decision-making abilities now allow them to outperform humans in areas such as medical diagnosis and customized marketing campaigns.
However, it’s hard for marketers to embrace data analysis when they’ve trusted their own gut to fuel decisions for so long. It’s a point of pride for many. The problem is, the strategy frequently fails. A 20 year study of political pundits found that they were only as accurate as a coin toss, suggesting that successful “intuitive” decisions are often a lucky guess.
On the other hand, a McKinsey study found that companies who put data at the center of marketing and sales decisions improve marketing ROI by 15% – 20%. Data-driven personalization, in particular, can lift sales 10% or more. For example, Bank of America…
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