Marketing analytics can help companies determine what strategies are working for them as well as their areas of improvement. A study from Harvard Business Review concluded that 80 percent of executives said their big data investments were successful. Another study found that 53 percent of companies are starting to adopt big data analytics. Many factors determine whether analytics are helpful and increase profits. The two most important aspects are the data used from analytics and the analysts producing the data. There needs to be a clear vision between the company goals and the analytics team. The company goals should align with the data being pulled to help you understand how close you are to reaching your goals.
There are a few challenges when it comes to collecting data for any company. Often data is not integrated into the company and instead is collected by different systems. When this happens, the data lacks variables to correctly track it. For example, collecting data from mobile devices and laptops often show different results. These two devices will show different browsing behaviors. This makes it difficult to determine which one is more accurate. Since your results could be skewed, it is important to understand how data will be measured and integrated before collecting it.
Another challenge with data is that many companies have large amounts of data to access but they don’t have time to process it quickly. This data could have to travel through multiple departments such as translating systems and coding processes so it could take a while to have useful data. Because this takes time to process, it can be difficult for companies to determine if their ads were effective to make consumers purchase their products.
Companies need to make sure they better align their company goals and data strategy to their analytics team. This will help a company realize what type of data the analytics can provide to the marketing team. It will also give clear instructions to the analytics team on what type of data they need to be focusing on. Without a clear vision between the two teams, the firm will not be utilizing the full potential of data available.
The company should also be able to define their business problems to the analytics team. This will help the analytics team seek data that will help answer some questions about the current problems they are experiencing. There is so much data out there but if you aren’t searching for the right type of data, then it will be useless for the company.
There is so much data available nowadays that it can be overwhelming to determine how to utilize it. If you are looking to improve any part of your current marketing strategy or would like some marketing advice, Actionable Agency can help assist you with all of your marketing needs. Our goal is to help you stay competitive and we have a team that can help you align your company goals. Find out how Actionable Agency can help you with your marketing strategies today. Call us at (855) 206-9689.