Updated: Jan 2, 2020
Why Marketing Analytics Has Not Lived Up To Its Promise
It has been observed in recent times that more and more companies are showing a marked increase in the budget they allocate to marketing analytics. However, despite this increase, the expected results seem to fall shy of initial expectations. This article explores the mechanics behind this unproductivity and why this marketing analytics have not been able to deliver all that they promise to firms.
1. Data Strains
On the surface, it may seem like data collection and organization should efficiently integrate with marketing analytics. However, data stems from all sorts of services and forms, including cell phones, PCs, and customer support groups. Typically, it is interpreted and stored haphazardly as opposed to a structured set of goals. Therefore, compatibility with marketing analytics is affected. To streamline the process, it is essential to understand how much data you actually require and how you will eventually process it. This step is to be done before the actual data collection to ensure the maximum matching potential.
2. Shortage of Data Analysts
A recent survey held for marketing strategists revealed that only a tiny percentage of companies have properly trained employees that understand the dynamics of marketing analytics. This leads to a gap in expected marketing potential and reality. While hiring data analysts, employers must test them for a comprehensive overview of the job description and ensure that they have the right capabilities required of their post. Some noteworthy factors include:
• Ability to clearly define the pitfalls
• Sound understanding of data mapping and background algorithms
• Clarity and acknowledgment of the firm’s goals
• Ability to communicate with their team consistently
• Streamlining the best possible solution for any potential hold-ups
3. Forming the Right Mix
Once you have some sound knowledge of how data works, and what your data analysts must entail, then it is time to bring it all together and invest in the ideal mixture of employees and distribution of knowledge. As the head of marketing, you need to find the right balance between the two. The irony lies in the fact that even the most useful data cannot help you if your data analysts are clueless as to how they have to process it. On the contrary, even the most qualified and talented data analysts cannot process data efficiently; because it will be extremely unnerving to have to differentiate actual valuable information for small junk files. This will, in turn, have a dire effect on productivity.
Whether you are a CEO or the head of marketing at your firm, there is much pressure riding on you. Therefore it is incredibly vital to keep the points as mentioned above in mind to make the best use of marketing analytics. This tool is specially designed to assist you in your business endeavors so that you can challenge yourself as a company and reach your ultimate potential at the end of every marketing campaign.
Author: Austin Stanfel
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