Historically, one of marketing’s greatest challenges has been to conclusively link campaigns to key metrics. Today, thanks to the advent of online analytics, there is much more data readily available. So much so, it can sometimes be overwhelming for marketers to organize and prioritize which holds more value than the other.
How to Use Marketing Analytics
Using big data to inform marketing decisions can represent a significant culture change for many businesses. Building a consensus around the use of analytics is the first challenge that many forward-thinking leaders face. However, once a consensus is achieved, the next conflict begins.
Implementing an effective analytics strategy can be just as difficult as getting everyone on board in the importance of collecting data and using marketing analytics to make informed decisions. As a result, according to business research firm Gartner, some 60% of big data projects fail.
The Right Talent and Tools – a Winning Combination
Converting marketing data assets into strategically valuable insights that drive growth can be lucrative, but it has to be done well, which means you need team members with expertise and access to powerful tools.
Major tech companies have no issue when it comes to building their own infrastructure from the ground up – spending large budgets on trial and error methods – a step many smaller businesses may have difficulty completing.
Whether you’re large or small, you must merge IT, data analysis, and business strategy in a collaborative environment to ensure you’ve got the right IT infrastructure to collect the data you need.
One critical tool is a program that can sort through the data and provide an analysis, so your team can make sense of the extensive amount of information collected. Once you’ve analyzed the data, your next step is to translate it into meaningful, actionable insights.
The sheer volume of marketing data that is available can be confounding unless it is managed, examined, and analysed properly. To achieve this you need effective data management tools, such as a CRM for more effective data marketing.
Start With a Problem
Identify a particular business issue that needs to be addressed or a question that needs to be answered. When evaluating the data from a business perspective it can help focus your efforts on a goal in mind.
Seek Help from Businesses
Not all businesses have the resources or the capacity to develop their own in-house data analytics team. Using the experience of an external agency can provide hugely valuable insights at a fraction of the cost of in-house development. You can leverage an external partner like DRMG to help develop your marketing campaigns and retain information from its efforts.
Provide Actionable Insights
Turning bulk data into specific actionable insights is essential. To do so you need to merge effective data analysis with business strategy. As Evan Wood of CMA’s Customer Insights & Analytics Council puts it, you need to turn “so what?” into “now what?”
Prioritizing marketing analytics is critical to any business. It will help turn one of your biggest assets – data – into valuable insights so you can make better-informed business strategies and ultimately grow your business.