Marketing analytics is perhaps the most powerful business tool ever invented. Unfortunately, most businesses are failing to reap the benefits. Here’s why: most marketing analytics today are used to justify the work of marketers, rather than discover valuable predictive insights.
The typical marketing organization is not set up for proper business reporting. This leads to frustrations, mistrust, and the undervaluing of marketing in general. Here are 7 essentials for ensuring your marketing reporting matters, to prove the value of your work and investment.
The coming year will see wild, unprecedented changes in marketing analytics. The most important is the democratization of analytics, as it moves to the cloud, prices drop, and it becomes broadly accessible. This will level the playing field in business, as smaller upstart companies can access the same powerful tools previously available only to the enterprise.
Imagine getting into the cockpit of an airplane and preparing for takeoff. You’re all strapped in, but you discover that all the indicators – and the entire dashboard itself- are missing. How would you know how fast you’re going, how much fuel you’re burning, and which way you’re headed? Yet that’s exactly what marketers without an effective dashboard do every day: they fly blindly.
Any business seeking proof of the benefits of visual analytics needs look no further than Procter & Gamble. The company, one of the most consistently innovative and successful in history, has made data visualization one of its key tools in marketing campaign and sales management. The visualization tools helps its marketing and sales teams to effectively access marketing and sales insights, easily and quickly.
Marketers have reasons to worry, according to a new report from Korn Ferry published in the Wall St Journal. They’re worried about a number of issues, from feeling they’re unable to prove that marketing actually works, to the future of marketing in general.