Marketers have got the message: data matters.
Yes, we’re getting data-savvy, but many marketers still aren’t getting the full value out of their data.
By now, we’ve all started using data to measure progress, spot opportunities and reach new audiences. The problem is that many marketers are doing so independently or in a silo.
But marketing is a group effort. Tracking the performance of only your work doesn’t give you the whole picture of a campaign’s performance. That’s why marketers need to think big and embrace a holistic approach to their data analysis. This involves connecting the data dots across functions and teams for a complete, collaborative view of the entire organisation. And it requires not only thinking big but also acting now.
Why is this a stronger approach?
Think of all the moving parts and stakeholders, and imagine linking all those pieces together through data. What if every marketer could explore the data to see the results of their work within the context of the greater effort? And what if the decision makers could see all of the data together to make strategic decisions quickly and efficiently while moving the business forward?
By pulling together a more complete view of the data and empowering people to expand their analysis, marketing teams can gain a full-picture view (or nearly so) of their efforts. Here are some ways this integrated approach can maximise the impact of your work.
Many marketers have data snapshots of their leads’ journey from particular campaigns. These come in the form of metrics like email open rates, website visits, and web-form submissions. Sure, these metrics are valuable on their own but, when stitched together, you can gain something even more valuable: the full life cycle of a lead.
You can follow the data to see the person’s entire path – how you first reached them, which content, channel, or activity triggered the highest point of engagement, when the person converted, what the resulting sale looked like, and what the customer’s journey has looked like since.
With all your data available for analysis, you start to see how the pieces fit together. Did A lead to B and then to C, as you expected? If a prospect responded well to a free trial offer, what is the experience or content served up next? Is that an effective path? Where are the weak spots?
By looking at the entire journey, you can gain a deeper understanding of how customers and prospects engage with particular brand touch points – which are working, which aren’t, and worse, which are sending people away. Then you can refine your strategy to make sure your efforts deepen relationships, address needs and improve your conversion rate.
The media mix is a huge part of the marketing budget as it plays a critical role in generating leads. It’s also an area that can benefit from an integrated approach to analytics.
