Management Guru Peter Drucker said – ‘What gets measured, gets managed.’ Whether it’s going on a diet, managing your finances or monitoring your health – if you have never tracked yourself, you would not be aware of the power of tracking. The simple act of measuring something will highlight what is working, what is wrong and in the process, greatly improve your results. The above quote is even more true in the world of Mobile Analytics.
Marketing is no longer a ‘Spray and Pray’ approach. Using data to make decisions takes guesswork out of marketing strategy. It helps you gain a deeper understanding of the market, forecast the future, and plan effectively. It also eases the decision-making process by showing a clear path and helps align different viewpoints.
The Importance of Data
Numbers have an important story to tell. Marketers just need to listen.
Marketing and Advertising in the earlier format did not have a clear emphasis on ROI. With senior management placing pressure on marketing teams to contribute to business growth and show a clear return on investment, analytics is the key. It helps to identify which of the various marketing channels are working, define your customer persona and outline marketing priorities.
The Challenges Marketers Face
However, too much data can also be exhausting. Few marketers have the expertise for all the information, statistics, figures that get churned out at an unrelenting pace. The ability to process all the data, get insights and act on them can be a daunting prospect. Having the right tools is the answer.
The average marketer still struggles to establish:
- which metrics to track?
- how can the collected data help the business?
- how to manage all the data sources?
How to overcome the Challenges:
Take Stock: Outline a data framework so that the marketing team knows which metrics to track. The metrics you choose should be driven by your overall goals. The data points should track and dig down into the metrics that will help to understand the customer journey and identify what sort of content and which channels are contributing to the bottom line. Once the team understands the framework, they can focus on analytics that will help drive key growth objectives.
Consolidate the data: It is crucial to arrange and integrate various data sources in a way that it translates into actionable insights. In most cases, data sources are varied and end up giving diverse and often, contradicting information. Using a single tool or platform where the data collection can be customized to suit your requirements and present a well-rounded perspective is important.
Initiate Action: Once relevant data is collected, it should be presented in a cohesive way to the team and management. The data-driven insights can be used to re-engineer processes, remove bottlenecks, improve customer experience, improve retention and optimize marketing campaigns. The data points can pave the way to define specific actions that can be initiated in order to achieve business and marketing goals.
In an increasingly growth oriented economy, marketing is expected to step up and make measurable contributions to business strategy, analytics is becoming an essential component of the marketing skills base. Organizations should invest in both the right tools as well as the right expertise to tap into the expanding opportunities that data-driven marketing can provide.