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Successful market research requires new blood

DECEMBER 15, 2011 – If an organization or brand is hoping to harness the vast quantities of data it stores on customer behavior and other interactions, it may need more employees and tools. As a recent study from EMC Corporation revealed, many enterprises understand the business value of Big Data, but few have the software or the employees with the expertise to transform raw figures into actionable market research and analytics.

This dearth of human and technological resources means brands will have to actively hire new college graduates who have learned how to derive meaning from hundreds of thousands of lines of code and statistics, Michael Barnett writes for MarketingWeek.

Barnett, also citing the EMC study, observes that “There is an impending skills gap in data sciences, professionals in the field believe, with demand likely to outstrip supply in the next five years. To keep the edge over their competition, companies need to invest now in sustaining a stream of talent.”

He also notes that testing multiple variables and being able to optimize websites will be vital weapons for brands and marketing companies to have in their arsenals. To ensure there are enough college graduates learning these necessary skills, Barnett suggests brands start investing some of their resources in universities, helping them pump up the courses and convert students to data-related fields of study.