You are still not investing in marketing analytics? You are quickly becoming a rare breed and putting your company at a disadvantage. Marketing analytics are at the heart of what every demand generation and marketing team is trying to accomplish – driving an increased amount of higher quality leads for the sales team. If your site is a channel for revenue generation and you have high traffic counts but low conversion rates, here's why you should be investing in marketing analytics
If your decisions are leading to poor results you need a tool to improve your aim. Your decisions might not be right for the current state of the company or market. Are you using current, accurate data or shooting from the hip? When you invest in analytics, you start to see into patterns and connections, which allow you to make the most accurate decisions in regards to your business. If you are not looking into how the different areas of your business interact with each other, you should.
Accurate marketing metrics and analytics provide critical insights into which marketing campaigns actually influence pipeline and revenue, which campaigns help convert leads from Marketing Qualified to Sales Accepted, and really help align company’s sales and marketing processes. All of which are critical to growing a company and ensuring its continued success.
Before you invest in marketing analytics, it's best to look inside and figure out what you’ll be using it for. Collecting data and establishing a system for analysis isn’t productive if you don’t know what problem you want to solve. The most tangible benefit of standardized marketing analytics is the time and effort saved over manually producing your standard reports for the organization. Marketing analytics systems help you make better decisions by providing your decision makers with rich, exact and up-to-date information enabling real time investigation of anomalies or uniquely interesting data.
You want faster decisions. A decision can be made the moment you have all the relevant information in your hands. In other words, the faster the relevant information gets into your hands (in an actionable format) the faster you can make a decision. Most tools provide analytical and ad-hoc reporting capabilities that allow users to quickly retrieve new or different combinations of data as needed.
As a byproduct you help align the organization towards its business objectives. The most successful organizations are those that succeed in making every person in the organization work towards a common goal. Marketing analytics systems help organizations align all parts of the organization towards common business objectives.
A new trend in analytics and the possibility to analyze huge volume of data – big data – allows great advances in predictive functions integrated in business intelligence. This is key for changing the dynamics of the business and the potential use of marketing analytics
The fact is that companies around you show two really important trends:
- Digital marketing spending increases while non-digital marketing spending decreases.
- Spending on marketing analytics is expected to increase 73% over the next three years.
Forbes says: 80% of enterprises and 63% of small & medium businesses (SMBs) already have deployed or are planning to deploy big data projects in the next twelve months. 83% of organizations are prioritized structured data initiatives as critical or high priority in 2015, and 36% planned to increase their budgets for data-driven initiatives in 2015.
Isn't it time you jump in on the action?!
