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.
The debate about marketing being a cost or an investment still rages on. I think part of it stems from CFOs categorizing marketing costs as an expense on the P&L rather than considering marketing as an opportunity to drive revenue to the top line. The former is required by basic accounting; the latter is required by smart CEOs.
Pilots use dashboards to arrive at their destination – you should too. An effective control panel monitors progress and performance, and enables you to manage risk and monitor whether you’re on track. Gone are the days of disparate teams pouring over and collating spreadsheets from multiple sources.
Businesses worldwide will spend approximately $130 billion on marketing software in the next five years, according to a new report by IDC. Total spending is expected to reach $32.3 billion in 2018, up from $20.2 billion in 2014. It’s one of the fastest-growing areas in business tech spending, with a projected annual growth rate of 12.4%.
Yesterday’s numbers are so…yesterday. If you’re working with numbers from last year or last quarter, you’re living in the past. Businesses from Evian to Oreo are banking on real-time marketing. Even the Girl Scouts are doing marketing with real time data.
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.