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.
Marketing analytics is absolutely becoming one of most important components of being competitive in business today. More than ever, marketing analytics allows you to discover which types of marketing have been profitable – and which have not. It enables you to look forwards, and project with greater accuracy what marketing will be most profitable.
Most marketers are aware their profession is changing quickly – in a manner that’s both dramatic and unprecedented. In brief, marketing is becoming more complex and sophisticated. Whereas previously it was a communications discipline and more of an art, it’s increasingly becoming a science. While this poses challenges, it also offers many opportunities and benefits.
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.
As marketing becomes ever more numbers driven, marketers must master their knowledge of key performance indicators (KPIs).