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Is Your Advanced Data Analytics Smarter than a 5-Year-Old?
There’s more in common between your typical marketer and a toddler than you think! Marketers often times make decisions based on intuition and experience, just like a child would. But should our decision making methods be more mature, deriving from analytical evidence rather than just our own experiences? Here’s how advanced data analytics can help your organization perform better data analysis and improve your campaign results.
Marketers Have More in Common with Toddlers than You May Think
For a moment, let’s consider the similarities between a typical marketer making choices with intuition, and the decision making skills of a toddler. In both cases, they can only make decisions based on what they have experienced in their (relatively) short past. They both are easily distracted by what is new and shiny, or new trends in the case of the professional. And of course, they are filled with curiosity and wonder, yet lack the skills to make sense of it all.
With that said, it is no surprise that data-driven marketing is viewed as a key component to the success of a modern day advertising agency. As stated in a previous blog, Integrating Advanced Analytics and Modeling, “87% of enterprises believe that analytics will redefine the competitive landscape of their industries within the next three years. Based on this same study, almost 90% of companies believe that an absence of a data analytics strategy will also mean a loss of market share, and almost 95% of enterprises perceive that analytics is used as a key differentiation strategy for new businesses entering their vertical.”
Will your team stack up against other corporate entities that are vying for the same consumer base? Can your data analysis show how your efforts in SEM, social media marketing, email marketing and other digital advertising campaigns all work together? In a Forbes study conducted with over 300 senior executives from various industries, only 11% felt that they were leaders in the field of data-driven marketing. To reach this pinnacle, you must determine how to increase your firm's current level of analytical maturity. Most organizations will hire and grow from within or hire a company to perform advanced data services for them.
What is Analytical Maturity?
The SAS Institute describes analytics maturity as the level to which a firm has integrated analytics into the various aspects of their business model. Firms who fully embrace this ideology will utilize data to improve their decision making process, leaning toward statistically proven methods as opposed to complete reliance on intuition-based estimation. It is not uncommon for leaders to possess in-house analytics, with this benefit often being used to optimize marketing campaigns from inception to completion. To operate at this level, the firm should have a combination of proper data infrastructure, and analytically minded individuals who are able to utilize real time analytics, predictive analytics, or even attribution modeling. According to Forbes, firms with an analytics oriented workforce and mindset will see large performance increases in:
- Maintaining customer loyalty
- Gaining new customers
- Ensuring customer satisfaction
How to Become a Leader In Advanced Analytics
You may wonder what steps your firm should take to reach this zenith.
- Optimize: A common starting point is performing straight-forward optimizations. As a recommendation from BKV, firms seeking to improve their campaigns should prioritize their analytic efforts on the following areas: audience targeting, channel performance, and content development. These simple adjustments will lead to a noticeable lift in your campaign results.
- Improve Data Infrastructure: Having a fully integrated management platform for your company’s workflow is viewed as a necessary component for data-driven marketing. This involves having all your sources linked to a well maintained data warehouse, accessible by decision makers within the company. Remember, quality of data is paramount!
- Invest in Training: Human capital should be considered one of your greatest assets, so invest in this resource heavily. Provide your team with in-house training as well as the necessary tools to develop meaningful insights.
- Take Action: Connect the data analysis to metrics that drive your campaigns, and always ensure that the outcomes of your insights are actionable to your team and client. Linking your results to an ROI based measurement system is a great first step.
- Measure and Refine: Track the results of your campaigns and use this information to fuel future model developments. Strive for continuous improvement in this area.
Would You Allow a 5 Year-Old to Run Your Next Campaign?
Avoid being the toddler on the block. By making these easy adjustments to your future marketing strategy, your team will be well on its way to joining the elite group of analytically focused leaders within the marketing community.
Learn how to become a leader in Advanced Analytics.Get in touch with our Analytics Team today!