Marketers love statistics because they allow you to track your progress and set a benchmark against your competition.
Those stats and metrics are often the only way to provide concrete evidence of the value of digital marketing to those outside the department. As important as it is to invest in your company’s digital marketing strategy, it’s just as important to learn to speak the language. Actually, it’s more than learning a new language. Fully understanding analytics is akin to learning calculus, a new language, and a new computer operating system all at once. Learning to identify the best digital strategy, and how to interpret the end result will help to clarify what direction you need to take when it’s time for big data (because with any growing organization, all data is a BIG deal) to have its say.
Nine out of ten (90%) global marketers are not trained to calculate return on investment (ROI), and 80% struggle with being able to properly demonstrate to their management the business effectiveness of their spending, campaigns, and activities, according to new research. (Source Fournaise Group)
Analytics are always evolving, and many firms are jumping into predictive analytics to try to hedge their bets on the future. One of the best ways to know what type of analytics will benefit your goals the most is to involve more than just the “techies”, or the “numbers guy (or girl)”. Your marketing teams are tuned into different areas of the tactical and strategic planning, likely specializing in different areas of the customer journey. Smart analytics will consult everyone so your big data can tell you the whole story.
It’s not about participating in every digital channel, it’s about understanding why you use the channels you do and for what effect. The most successful companies carefully strategize what will best accomplish their goals and why they will work. The why helps you to know which KPI’s are the most important to track and produces more intelligent analytics. Once those are determined, concentrate your technical efforts on creating an end-to-end and intuitive system of tracking your digital world and customer interactions to get the truest and most meaningful data.
There’s no shortage of data out there, only a shortage of people that know what they’re looking for and what to do with the insights once they see it… If that’s an area your organization would like to strengthen, it’s time to Go Rogue!
Yes! I’m ready to use data to move further faster.
No Thanks. My company doesn’t need me to prove value.