Marketers are finally seeing the light when it comes to spending on analytics. A 2017 survey of nearly 400 CMOs found that the amount spent on marketing analytics will increase 376 percent over the next three years.
This has us incredibly excited at Trailblaze Growth Advisors because, as a team of marketing professionals, we are extremely analytical. We know that companies have long been collecting data, and we are so happy to see them ramp up their efforts and continue embracing the valuable science of marketing.
But There May Be a Catch…
While the survey of CMOs found a large increase in spending on analytics, it also revealed that the use rate of data is stagnant. Essentially, companies keep collecting more and more data sets, but few are effectively leveraging these insights to their fullest.
Marketing leaders tend to have creative backgrounds, and many of them are not entirely comfortable diving into statistical analysis and uncovering the metrics that drive results. They tend to focus more on the art of marketing while neglecting the scientific side.
However, any modern-day company that wants to remain competitive, increase revenue and customer loyalty, and acquire new customers must let data lead the way.
Data helps marketers understand what is working, what is not working, and how they can improve the customer experience. In fact, according to a recent Econsultancy survey, many data-driven methods boost customer conversions — analyzing customer journeys and A/B testing work especially well.
Quantitative results must be a major part of a marketing department’s progress reports. Teams should constantly use data to review the performance of their campaigns, better understand their customers, and predict their needs, as well as guide changes to their marketing mix, campaigns, customer journeys, and distribution channels.
Most importantly, you must be able to trust that you are measuring the right behaviors and results. Marketing departments need to learn how to rely on the data that they are collecting and analyzing. Bad data makes this work more difficult and increases costs — up to 20 percent of revenue, to be specific.
How TBGA Can Help
The ability to have a fact-based, behavior-based, 360-degree view of the customer is the key to developing marketing strategies that deliver the results you need. But in order to maximize your data, you must first have clear objectives. Is your goal to increase revenue, grow customer loyalty, or acquire new customers? Once you identify your overarching goals, let data uncover key customer behaviors and use analytical tools to develop personalized strategies to directly achieve them.
TBGA focuses on data-driven decision making. Our CMOs come with a proven track record of helping companies embrace, trust, and leverage their data into tangible results that boost their bottom line. We can help you integrate detailed data about your customers, your offerings, and the circumstances in which purchases are made. We can also uncover hidden insights that help you create or improve your products, services, and processes.
We have helped companies learn how to trust their data. We know the strategic objectives that move the needle, and we have established metrics and benchmarks to use as guideposts along the way.
We are eager to do the same for your brand. Contact us today for a one-hour consultation!