- 3 March 2019
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Kristie Perrotte
We’re living in a world of data. They say that data is the new oil – the most expensive and powerful commodity on earth. But data can also be endless, so understanding what specific marketing analytics and data actually turn the dial on your marketing and wider business should be central to your strategy. To summarise the amount of data about data is an impossible task, so check back to this article regularly as we aim to evolve the topic and provide you more data to formulate your own decisions!
1) 9/10 marketers said improving their ability to track and analyse marketing efforts is a top priority ( DemandGen )
If knowledge is power, data and marketing analytics gives us the tools and opportunities to develop our programmes, drive efficiencies and grow our businesses. While a top priority, it is not without its challenges – the sheer vastness of the data available (and not available), the number of tools and subscriptions out there to measure and a general confusion and/or inability to make meaningful decisions as a result.
2) Only 29% of marketers are getting credit for the inbound calls they drive ( Invoca )
Someone on my team once heard from a consultant – “I don’t know why we even invest in marketing, I mean the phone just rings on its own’. Before we get into the complete irony of this statement, there is a reality that while we are getting better at measuring actions taken online, we are still challenged in measuring offline actions as a result of marketing initiatives. Call tracking tools like Freespee offer some really compelling statistics to measure the effectiveness of marketing, but they do come at a price.
3) Only 16% of marketers use marketing analytics to inform multi-channel marketing ( HBR )
Marketing analytics allows you to measure which channel – LinkedIn, Facebook, email, SEO, advertising etc. – drives not only the most quantity of traffic, but also the best quality most cost effectively. Yet so many businesses try to be omnipresent, feeling the need to be everywhere instead of focusing on those areas that actually drive results.
4) Only 36.6% of companies use analytics to drive customer acquisition initiatives ( HBR )
Marketing analytics provides more insight than just which channel to use. It allows you to see which messages resonate, how customers engage with your marketing, which campaigns drive (the best) customers and the cost of acquiring these customers (amongst many more). For those who aren’t leveraging marketing analytics, it may be a perceived lack of time or possibly a lack of understanding to the benefit it can provide.
5) Companies that don’t put data at the centre of their marketing decisions are missing out on a 15-20% increase in marketing ROI ( Forbes )
Companies will always be trying to do more with less. There are endless places where you can invest your marketing and wider operational budget, but doing so more efficiently and effectively is what will help your company grow. What would your company do with 20% more leads?
6) Companies who adopt data-driven marketing are 6x more likely to be profitable year-over-year (Forbes)
Gone are the days when marketing didn’t have to prove its ROI. Billboards, TV advertising, classified ads, even media relations used to yield exposure and (possibly) brand awareness, but we had no way to prove it. But the world of digital marketing has changed all of that. Companies that leverage marketing analytics and data are likely also collecting, analysing and making decisions from data gathered across other operational areas. Seems crazy that we are not fully taking advantage of this wealth of knowledge available!
