Spencer Trask Ventures, Inc., is in the business of providing a return on investment by providing awesome opportunities based on brilliant ideas. Indeed Mr. Spencer Trask was the first investor for Thomas Edison, and we all know how that changed the world for the better. Yet when it came to its own marketing, the Greenwich CT-based private equity company didn’t measure or monitor its own marketing return on investment.
In the era of Big Data, there’s always more and more information available for you to compile and analyze. There’s robust data quantity. But in addition to quantity, you also need quality. Without quality, the value of your data is jeopardy, which can lead to bad decisions and worse.
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.
Most marketers struggle with data, both in regards to quantity and quality. In terms of quantity, most marketers say they have too much data, or too little, usually the latter. Not surprisingly, marketers often complain the #1 type of information they’re missing is ROI.
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.
“Show me the money!” As marketing is increasingly expected to prove its contribution to the bottom line, marketing must undergo a paradigm shift, and measure its efforts differently. Marketers must produce solid financial evidence of their value to the enterprise.