How do you work with all the business data you possess? Do you use specific tools and instruments to track and analyze your marketing data accordingly?
There is this predominant phenomena in business that emphasizes the importance of gathering huge amounts of data. One of the biggest issues companies face is not the fact that they don’t have enough data, but rather that they don’t know what to do with the data they have.
According to the 2012 Digital Marketing 2.0 Study that was conducted among 350 enterprise decision makers…
Some 75% of enterprise decision makers polled in a recent survey believe that leveraging data will help their companies dramatically improve their business, yet more than half feel they currently lack the tools to mine true customer insights from the data generated by digital and offline efforts. […]
What makes the proper use of marketing data so valuable?
“The study makes clear that marketers are grasping the importance of big data to game change, but they are still looking for a way to make business-impacting decisions from the wealth of digital and customer data,” said Mike Baker, CEO and co-founder of DataXu. “Companies who learn to effectively analyze and make decisions using real-time data will outperform their competition.”
Other study highlights:
- 58% of respondents said they lacked the skills and technology to perform analytics on marketing data, and more than 70% said they aren’t able to leverage the value of customer data
- Only 15% of marketers said they involve the IT department—whose personnel are ostensibly more comfortable with collecting, managing and analyzing data—in marketing technology purchase decisions
- 90% of respondents believe that digital marketing can reduce customer acquisition costs, but 46% of respondents also agree that they lack the information to communicate the benefits of digital marketing to management
- Respondents identified the lack of a single, cross-channel digital marketing platform as the number one obstacle to the growth of digital marketing
Who has found a better an faster way to analyze marketing data?
Adobe definitely found a way to get this task done. Let’s have a look at their advertisement.
It’s crucial in business to interpret data correctly. It all comes down to figuring out what the numbers mean and having a good foundation for further decision making.
Today we are bombarded with all kinds of statistics and metrics. Whether it’s Google Analytics or different types of social media statistics, if you don’t analyze and interpret the marketing data you collected the right way you might end up disappointed with your outcome.
How do you use your own marketing data? What works best for you? What are some of your biggest challenges when it comes to analyzing data? Feel free to share and comment.