Today’s marketing landscape often relies on marketing technology (MarTech) to drive campaigns and strategy. As marketing has taken a digital shift, we need the right tools to navigate the operations and achieve results. Marketing analytics plays a major role in successful campaigns.
Any company needs the right MarTech tools to achieve a greater ROI. Marketing analytics is essential for achieving your company’s objectives and aligning your marketing strategy accordingly. The right insights prepare your business for disruptive change and uncertainty. Good marketing analytics tools help businesses anticipate this change and respond accordingly.
Since Covid hit us last year, our approach to various business functions has changed. The way we do business and our traditional approach to everyday tasks has been reshaped. This means the data and marketing analytics we used to use are not relevant anymore. Here’s our list of some of the most important MarTech investment priorities at the moment to help keep your business up to date.
1. A Shift Away From Big Data
Many businesses have realized a need to shift their data and analytics perspective. The traditional AI approach that relies on big data is pivoting towards analytics that focuses on smaller, but more varied data.
Whereas big data emphasizes precision and high levels of confidence in the algorithm, small data focuses on the content and adapting to data inputs in real-time. Small data is like a GPS that gives you a direction of travel and helps navigate problems, and also allows one to recompute on the fly. In a post-pandemic world, where conditions are dynamically changing, adaptable small data is critical.
2. Marketing Analytics as a Core Business Function
Where data and analytics were once a secondary focus of businesses, it is now a core function of marketing. Businesses need to focus on MarTech that puts data and analytics first in order to drive more value to a business by aligning its goals with its operations.
With this in mind, businesses need to start investing in MarTech that goes further than just general analytics tools such as Google Analytics, Facebook Analytics, SEM-rush, attribution software and built in MTA analytics within CRMs such as Hubspot. What’s needed is marketing analytics tools with data science capabilities in their core functions that can create useful calculations for predicting future scenarios. Using smarter data science resources can help to create more profitable, optimized campaigns that are easier to scale.
3. Smarter & More Scalable AI
AI is a hot topic when it comes to MarTech. In 2021, we are seeing a shift in the way we approach AI. Where traditional AI techniques were based on a larger set of historical data, this technology is now taking an approach based on smaller data techniques and adaptive machine learning.
This is a direct response to the unpredictable pandemic last year. Historical data is no longer reliable.
4. Composable Marketing Analytics
Composable marketing analytics lets businesses create an action that is better connected to data insights. This approach to data is more flexible and solution-driven. Composable data and analytics combine parts of different AI, data, and analytics systems to achieve information from multiple areas.
MarTech is utilizing composable data to gather a broader set of information from different systems to help businesses find solutions with a more usable experience.
5. Making Use of Data Fabric
Data fabric is the network that composable marketing analytics uses. This can be thought of as one big interconnected web of data – creating the architecture of information for a business.
Using data fabric makes it easier for businesses to use and integrate the data. This makes it faster for businesses to adopt new technologies and spread their data out over different systems.
6. Measuring Campaign Attribution
A key MarTech trend is to prioritize tools that measure campaign attribution. Measuring the outcomes and impact of a campaign is vital for successful marketing results. We need to understand actions, why they happened, and what their results will be.
Businesses need to focus on MarTech that offers better business impact measurement to make sure campaigns achieve their goals.
8. Accelerating Campaign Execution
Marketers are always looking to improve productivity. With competition increasing, MarTech needs to prioritize accelerating campaign execution.
Technology should be used to speed up and streamline campaigns – something that is possible with integrated data and technology systems. Using smarter data can help a business make faster, more actionable decisions.
8. Using XOps
XOps includes data, machine learning, models, and platforms. Focusing on a XOps approach makes it easier for a business to scale its technologies and data.
This is because the data practices are more reliable and reusable. This will help businesses to use their data in operations more easily, and let their technology grow with the business.
9. Graph Technology
Graphs are nothing new for data and analytics, but they form the basis of modern data and offer multiple advantages. Graph technologies are databases that focus on and improve inter-connected data systems.
Using graph technologies can help to improve machine learning, collaboration, and explainable AI, as the data is more integrated into these databases.
10. Engineered Decision Intelligence
Engineered decision intelligence lets businesses gain actionable insights faster to optimize their decision-making process. This means using data that can help your business find an actionable solution more efficiently.
Decision intelligence includes AI, conventional analytics, and complex adaptive system applications. Incorporating this trend into marketing analytics leads to smarter, faster solutions for any business. This helps to create quicker reactions to events and challenges.
The right approach to data and analytics helps your business keep up with current technology trends. Analytics is necessary for useful business decisions, and it needs to be kept up to date if your business wants to make more relevant and enhanced decisions in today’s landscape.
Make sure that you understand the marketing analytics and data priorities for 2021 to choose MarTech that adds more value to your business.
Make the Right MarTech Analytics Investment.
Our platform’s ability to automate data management enables you to calculate and visualize future relationships between marketing investments and business performance in real-time.
This empowers our customers to predict, plan, budget, and optimize the combination of their marketing efforts, which enhances marketing ROI. If you’re interested in learning more, book a demo with us today.
Do a quick google search on “the best performing marketing tactics in 2021” and hundreds of articles pop up with the tactics various marketing guru’s are applying in 2021 to get ahead of their competitors. Everything from SEO A/B split testing, video marketing and personalization have featured as tactics to implement this year.
While those resources are super helpful, can you be sure that implementing them will actually give you ROI for your marketing spend when there’s no data to back how those strategies directly affect your audience and your marketing funnels?
In this post, we’ll look at some of the recommended marketing tactics for 2021 and question how those different tactics could affect your strategy due to lack of data.
1. Google’s Page Experience Update
With Google’s recent announcement that they have delayed the release of the Google Page Experience update every marketer is smiling as unlike many other software updates Google provided the tools for over a year prior to the deployment to enable people to fix their website issues before they roll out the new algorithm.
We’re all for implementing those changes ahead of time and as marketing professionals ourselves, you bet we’re making those changes too but without the data available on how the new algorithm is directly going to impact us, we’re certainly not putting all marketing spend toward optimizing for those changes.
2. Video Marketing
According to marketing trend analysts, it’s expected that video marketing will continue to be the most popular form of content for at least another 5-10 years. However, the game is changing when it comes to how brands create their video content.
It’s no longer necessary for brands to hire the best videographers and spend hours on post production with the rise of TikTok and Instagram Reels. According to Branch & Bramble’s list of making the most out of social media trends in 2021, “The best part is that Reels don’t have to be highly produced, like you would expect from an IGTV video—you’ve just got to show people there’s more to your feed than simply pictures.”
The idea that marketing professionals can spend less budget on producing video content for their social channels because consumers don’t necessarily expect, need or want a high quality production does seem appealing but don’t be fooled.
Yes, consumers will love a more authentic approach. However, imagine I’m a travel influencer. I put a video up right now of a waterfall in Bali on a cloudy rainy day. Then I do an A/B test with the same waterfall with rays of sunlight streaming through the jungle on a hot tropical day where I purposefully filmed at sunset to get the perfect shot. You can easily bet which one would get more engagement, right?
In order for content to get the most engagement, you still need to keep your audience in mind and most importantly your brand message and visual identity. When deciding what kind of video content is best for your audience, you can’t rely on what’s trending for everyone else, do you own experiments on your own channels.
Collect the data on how the engagement of each video compares and then you’ll have more insight into how your brand needs to move forward. Which brings us to our next point,
3. A/B Testing
While split testing is most often spoken about in relation to a landing page, in marketing you can split test almost anything like I mentioned in point 2. A/B testing is an important and necessary process for marketers to gather data on which content is performing best which is why you need to implement this strategy if you haven’t already.
Gathering accurate data on your A/B test of which landing page is performing best is essential. You’ll want to make sure that you’ve customised your landing pages to ensure each one is optimized for being able to track it’s performance. That means installing a heatmap to track usage and creating seperate forms and CTA’s for each landing page or at least different A/B variations of them.
Once you’ve got the right methods in place to gather accurate data on your A/B test, you’ll be able to compare apples for apples enabling you to move forward with the landing page that’s going to be the most conversion friendly.
Planning your conversion strategy and route to value? Read this post for insights on how to plan your route to value with advanced marketing analytics.
4. Voice Search
Back in 2013, Google had a word recognition accuracy rate of below 80%, according to Mary Meeker. Just a couple of years later, that rate rose above 90%. Voice search is not new but with the technology improving at a rapid rate, is optimizing your content for voice search something you’ve analysed?
The answer is probably not because although it’s obvious that voice search is here to stay, there are very few tools that enable companies to track their efforts when optimizing for voice search. Right now, Google’s Search Console doesn’t allow users to distinguish between queries made by voice search or by text which means there’s no foolproof way there is no foolproof way of tracking voice queries via Google Search Console, so we can only make very educated guesses at this stage.
5. Predictive & Augmented Analytics
With advanced marketing analytics tools on the rise, marketing professionals can say goodbye to guesswork. According to Trapica, “Augmented analytics is a process of analyzing both historical and current data through advanced data processing techniques, including statistical modeling, machine learning and data mining.”
Predictive and augmented martech tools allow marketers to make projections of how their marketing spend will impact future decisions.
The importance of data in successful marketing strategies is hard to ignore. With effective marketing analytics tools, businesses can determine market responses in real-time and create better marketing strategies that will attract, retain, and grow their customer base. One of the leading marketing tools that can help with that is Proof Business GPS.
Proof Business GPS is a powerful analytics tool designed to help marketers generate insights and optimize revenue. It integrates seamlessly with Salesforce and other third-party marketing tools, giving marketers the ultimate flexibility to gain more advanced analytics.
Book a demo with us today if you’d like to find out more about how we can help you prove results with accurate, real-time data.
Establishing a robust digital marketing strategy is vital in creating a sustainable and successful business operation that connects with customers and continues to grow. A VentureBeat report reveals that organizations prioritizing marketing efforts experience 13 times more positive return on investment (ROI) than those who don’t. This is because of their ability to use advanced marketing analytics techniques to optimize resources and develop goods with maximum revenue potential.
Using marketing analytics, businesses can generate dynamic what-if simulations and create a flexible plan adaptable to evolving customer preferences and conditions. An excellent way to build a versatile marketing strategy is to leverage foresight and prescriptive analytics to emphasize changes when plans are optimized for different objectives. This article will outline the importance of data analytics in marketing and provide businesses with ways on how they employ foresight and prescriptive insights to improve their operations.
1. Generate Consumer Insights
Understanding customer behavior is becoming a key competitive advantage for thriving organizations. Recent numbers indicate that roughly three-quarters of customers expect businesses to understand their needs and preferences. Employing foresight and prescriptive analytics into your marketing plan allows you to generate useful insights of customer interests based on past interactions.
This makes it easier for businesses to develop customized offers that steer customers to the right goods and services at the right time. A Harvard Business Review report reveals that this can increase conversion and sales rates by up to 70%. By cutting through constant ad noise, you can enhance the customer experience and overall brand loyalty without breaking the bank.
2. Optimize Marketing Spend
Creating a marketing budget is challenging as more marketers often ignore potential opportunities and the uses of marketing analytics or sales data. A separate Harvard Business Review report shows that 32% of organizations believe their existing marketing data is incorrect. Planning a budget around incorrect data is usually a recipe for wasted expenses and efforts.
Taking advantage of foresight and prescriptive analytics provides businesses with predictive data to create a comprehensive marketing budget. With this predictive information, you can determine the marketing channels and times that warrant additional resources and focus your ad spend based on the value the customer presents. By optimizing marketing ad spend, you can stay in control of budget and targeting while simultaneously maximizing profitability.
To learn more about how predictive analytics can help your marketing strategy, check out this post.
3. Qualify & Prioritize Existing Leads
Qualifying and prioritizing existing leads effectively is another advantage of implementing foresight and prescriptive analytics into your marketing plan. Unlike other software solutions, a marketing platform brimming with foresight and prescriptive analytics capabilities provides you with insights into audience segments that are most likely to convert. Often, these analytics will show how likely a prospect is to act which, in turn, allows your marketing teams to devote more time and attention to those customers.
Prescriptive analytics can also automate the next step in selling or marketing to a prospective lead based on predictions of their future purchasing habits. This makes it easier for you to classify them by segment and develop personalized lead nurturing campaigns that will result in them moving further down the sales funnel. You can check marketing automation software features and benefits from CompareCamp to understand the importance of automation in the marketing process.
4. Predict Churn Rates
Churn rate prediction is one of the most unheralded yet equally crucial benefits of marketing analytics. Having the ability to predict churn rates accurately allows businesses to determine the warning signs that notify of potential customer loss. This way, you can immediately initiate the necessary follow-up and nurturing efforts to prevent them from abandoning the sales funnel and ensuring continuous engagement.
By combining prescriptive analytics and foresight churn rate data, businesses can mitigate risks and respond instantly to consumer changes while inadvertently improving revenues. A McKinsey report shows that using prescriptive analytics in marketing can grow sales anywhere from 2 to 5%. This also reduces attrition rates and allows for a more precise targeting of your marketing strategy for increased effectiveness.
Proving ROI is a challenge every marketing professional faces, to better understand the measurable ROI of marketing analytics, click here.
5. Re-Evaluate Existing Marketing Strategies
Measuring and reevaluating your existing marketing plan frequently is key in optimizing your strategies and ensuring that it aligns with your present objectives. Business goals and objectives change as your operation evolves and sticking to your pre-existing marketing strategies may not yield similar results as before.
With foresight and prescriptive analytics, you can use historical data and emerging trends to ensure that your marketing plan can respond to rapid business changes. Forbes reports that more than 70% of top-performing teams emphasize the marketing analytics importance of predictive intelligence in existing strategies. By using predictive intelligence, you can direct customer interactions and deliver the right marketing messages on the right channel at the right time.
Improving Marketing Strategy through Foresight and Prescriptive Analytics
The importance of foresight and prescriptive analytics in improving your marketing strategy is too hard to ignore. With effective foresight and prescriptive analytics, businesses can determine market responses in real-time and create better marketing strategies that will attract, retain, and grow their customer base. One of the leading marketing tools that can help with that is Proof Business GPS.
Proof Business GPS is a powerful analytics tool designed to help marketers generate insights and optimize revenues. It integrates seamlessly with Salesforce and other third-party marketing tools, giving marketers the ultimate flexibility to gain more advanced analytics. Proof Business GPS also offers no nonsense pricing plans that include the Amazon Web Service Standard package, the Salesforce Standard offering, and the Salesforce Enterprise subscription.
As a CMO or marketing professional, planning your route to value is arguably the foundation that needs to be laid before implementing any marketing strategy or campaign. Just like the foundation of a building keeps the structure sound, making it the most important element of any construction project, we think that having a concise and accurate plan as to how you’re going to achieve success with advanced marketing analytics is crucial when mapping out your route to value.
Of course, when planning to build a structurally sound foundation, there are many avenues that need to be explored given all the variable factors that can affect it’s strength. Some may be quantifiable, while others are more volatile which is why there’s never one single correct route to take.
Imagine being able to forecast what the future may throw at your strong foundation and being able to map out a better plan for what comes after the foundation is laid? With some advanced marketing analytics tools and tactics, you’re able to do exactly that!
With some marketing analytics tools, that have predictive capabilities, you’re able to perform small and simple experiments by inputting your data to see what happens when testing and exploring different scenarios. These scenarios could include things like changes in your marketing budget.
So how exactly do you do those experiments to be able to see different routes to value or outcomes you can take?
- Answer Your Biggest Questions
If you haven’t already defined your biggest questions, you clearly won’t be able to answer them. First, we’d recommend you read this post to find out how to define your business questions with an analytics-driven mindset. Now you can start to get answers to your specific business questions, for example, “How are our social media campaigns impacting revenue?”
With marketing analytics tools like Proof BusinessGPS™ you’re able to review the highest yielding marketing tactics and gain key insights specific to a selected marketing analytics model all based on Regression Analytics.
- Turn Insight Into Action
Once you have the answers to the challenges that your business is facing, you’ll be able to summarize and compare investment insights, giving you an overview of costs and benefits at one glance. With an intelligent marketing analytics tool you should be presented with alternate scenarios that enable you to create “what-if” scenarios to optimize ROI on your marketing program.
- Explore Time Lag
You’ll want to get to know how strongly your tactics and activities are correlating in a 1:1 correlation analysis and examine the time to impact effect. Marketing analytics tools help you understand how your marketing activities are correlated. They enable you to calculate and visualize the strength of data pair relationships and examine time to impact between data points.
- Optimize Marketing ROI
With the different scenarios presented and tested, you will be able to see the different future outcomes of those cases (or possible multiplier effects). By having the foresight options presented to you ahead of time, you’re able to evaluate the different options and choose what route to value to opt in for, ultimately allowing you to optimize marketing ROI.
1. What does Route to Value Mean in Marketing?
Showing the results of a marketing campaign in relation to the budget spent on that campaign is a vital element of any marketing manager’s job. Proven results mean that the money spent on a particular campaign was worth the outlay, allowing CMO’s to exhibit the ROI.
However, given the information we now have at our fingertips, CEO’s no longer want their marketing teams to gamble with hindsight analytics, by only seeing results at the end of a potentially unsuccessful marketing campaign. Thankfully, with new analytics technologies becoming available, marketing professionals can plan the route to value of a marketing project before executing it.
Marketing route value is the process of analysing factors that could affect a marketing campaign before carrying through with it. It allows marketers to visualise the most efficient avenues to apply their campaign with tools that help to identify, understand, and navigate the most impactful opportunities. These routes consider a multitude of factors. including marketing mix modelling projects, online and offline marketing investments, sales dynamics, competitor actions and consumer engagement.
2. Challenges that Marketing Professionals Face when Planning Route to Value
Without the right tools, planning a route to value can feel like an enormous task to undertake because there might be multiple things that can bring value to the table for your marketing strategy. Some marketing analytics tools enable you to explore different routes to value by presenting you with a variety of scenarios, you’re able to choose one and take it to the planning and execution phase.
Some of the challenges that marketers face when setting out their routes include:
- A lack of business questions to understand the answers to
- An inadequate understanding of the marketing problem that requires a solution in order to turn insight into action
- Difficulty comparing the impact of marketing investments on profit margins
- Mix modelling marketing projects can be irregular making it difficult to accurately learn from and test results
- MMM is also extremely expensive. To run classic MMM costs a lot and needs many data scientist resources to be effective
- Hiring a qualified data science agency to get accurate results comes with a massive price tag, that’s out of the question for many businesses
- Calculating and visualizing the strength of data relationships
- Examining time to impact between data points
- Optimizing total marketing ROI
3. How do Advanced Marketing Analytics Tools Work?
Intelligent route planning software integrates data dynamically and automatically plans the route to value for you. It uses data points to create a route that considers a wide range of factors including sales goals, customer data and competitor results.
In situations when patterns aren’t easily recognizable anymore, like in the instance of the pandemic where the only constant is turbulence and change, marketing analytics tools allow you to visualise a route to value more clearly by opening your eyes, coaching your thinking, and fortifying your decisions.
Marketing analytics tools can reveal important relationships that you may not have been able to see at first glance, giving new understanding and new inspiration. They also help those outside of the marketing realm to understand and appreciate the impact and value you’ve created.
4. How do I Create & Optimize my Route?
With advanced marketing analytics tools, like Proof BusinessGPS™ you can map out your route to value ahead of time. You’re able to create and optimize your route through the ability to measure online and offline marketing investments with comparable ROI metrics.
These intelligent tools provide practical and actionable recommendations on how marketing effectiveness can be improved while giving you the ability to learn about the factors influencing the data from successful or unsuccessful campaigns. With this information, marketers are empowered with insights to strategise new successful campaigns.
Being able to actually optimize the route to value of your marketing strategies requires access to predictive analytics technologies, a feature that is built into advanced marketing analytics software. With these features, you’re able to create projections of the future allowing you to make intelligent decisions in different scenarios for the best impact.
Knowing what data to feed into the analytics software will impact the accuracy of your projections but when it comes to the optimization of actually planning your route leave it to the software and say goodbye to complex spreadsheets and manual effort.
With new intelligent technology now at our fingertips, CMO’s have the means to lay a strong foundation for their future marketing campaigns by plan their route to value ahead of time. Thanks to predictions and projections into the future, marketers can get a handle on their ROI before even embarking on a new campaign.
Planning your route to value has never been easier and you don’t even need to recruit data scientist to help you map it out.
Just like the GPS on your smart phone, Proof BusinessGPS™ is a powerful marketing analytics platform that’s fast, accurate, and easy to use. Big companies like Salesforce, United Healthcare, Samsung, Sato, Deloitte, and Johnson Controls swear by it. Smaller companies like W2O, Desenio, and Allison + Partners do to.
Book a demo with us today if you’d like to find out more about how we can help you map out your route to value and prove results.
It took until the late 90’s before marketers were required to prove how their marketing was performing. The logical conclusion for many businesses was to start measuring that which they were doing.
Unfortunately, this approach has colored the mindset of marketing leaders and has led to organizations starting the process at the wrong end. It may sound simple but we believe the best approach is that marketing leaders should start by finding out the questions that business leaders actually want to know the answers to.
Many companies try to become data driven, but most don’t succeed because they don’t have the adequate skills. Either, because they’re self taught or because they have employed people with a data driven mindset for example data scientists. To actually succeed, companies need to take the next step to become analytics-driven as we take a look at in Step 4: Let the Numbers Lead.
Let’s take a look at a five-step approach you can take to analyse marketing analytics and become an analytics-driven organization.
- Understand Your Business
First and foremost, you need to understand the business by knowing the most important core challenge that your business leaders want answers to. Forming such questions starts with defining the core challenge in a clear way and then defining the insight you need to solve that challenge.
The business challenge you identify might be, “Our marketing doesn’t seem to bring enough value”. Now, think about what Insight you need to solve it. For example “How do I Increase Marketing ROI?” Now that you know what kind of Insight you need, consider what factors may impact your Insight.
For example, timeframe, channels, product categories, regions and the data that’s available to you.
Now you can accurately define your business question, for example:
- Which marketing channel drives the most revenue?
- Which tactic do I need to improve to optimize ROI in our digital channel?
When considering the metrics, ask yourself, questions like:
- Which KPI’s do I want to evaluate?
- What data cadence do we want to consider?
- Which metrics do I need to get the answer?
Lastly, factor in the data sources available to you with questions like these:
- Which data sources provide the details for the KPI?
- Where do I find this data?
- How can I access it?
- What format is this data available in?
- Is the data cadence daily, weekly or monthly?
- Be Curious
Take a step back and explore the many avenues available to you with the curiosity of an outsider. Once you’ve completed step 1, hypothesize on how to answer the business questions. Ask yourself why you’re doing what you’re doing and which hypothesis you want to test.
When you start with a curious mindset, you’ll be able to come up with new, creative ways of understanding the impact of your marketing efforts, through innovative questions. Once you’ve applied your curious mind to resolve the questions you want to ask. You’ll know what kind of data you need to collect in order to answer your questions in the most effective and impactful way.
- Collect Data
Use data to arm your hypotheses and try out multiple models. For example, if the data available to you is provided in a daily and monthly cadence, dive deep into the impact a day makes versus the impact an overall month can have on your business question. Equipped with the date, can begin to imagine, predict or project what might happen over a 12 month period.
Data analytics helps marketers obtain insights into market trends and shifts, as wells as consumer buying patterns. It facilitates a space for marketing agencies and businesses to develop profitable campaigns based on insights.
Analyzing and interpreting data provides a deeper comprehension of the kind of content or messaging that’s most impactful in B2B or B2C cycles. As we’ve touched on, consumer and business data isn’t as valuable as the actual analysis of the information itself. For this reason, the value of collecting data lies in the marketing insights that it can derive and that’s why we emphasised the importance of first establishing your business questions.
- Let the Numbers Lead
Be analytics-driven, not data-driven. Although having the data points is great. The data means nothing if we don’t know how to analyse them which is why once equipped with the data, you should take an analytical approach to your decision making.
Data-driven decision making is the process of making business decisions with an emphasis on a quantitative approach, using number crunching and data processing to yield results as number-based information.
Analytics-driven decision making focused on the “what” and “why”, and can sustain a competitive advantage through understanding how to effectively use and integrate technology, business processes, data and metrics. When striving to be analytics-driven, it’s best to do so in a way that uses analytics technology that has predictive or prescriptive capabilities.
Companies should aim to create a fully-fledged analytics-driven culture throughout their entire organisation that can run parallel to their data-driven vision to be able to actually succeed but many companies are holding back on change management strategies to actually bring such changes into effect. That’s a threshold, that we at Proof would like to change.
And it’s not only us who think this way Emma Storbacka, CEO of Avaus recently shared on her LinkedIn that, “it seems to me that a lot of management teams have started to talk about #data in a completely different way in the last 12 months. Data literacy is being addressed and that is absolutely fantastic. But how about the willingness to change?
- Speak Business
When working closely on a project for months, perhaps dealing on a daily basis with a data scientist there’s a lot of knowledge and industry-specific lingo that you might pick up. You might understand it but that doesn’t mean the whole management team will too.
Once you’ve analysed the data and compiled your hypothesis, make sure that you’re able to translate your findings into a business language that your leaders will find easy to understand. Perhaps that means you should test out your presentation beforehand on a colleague who hasn’t been working on the project with you.
Ask them to stop you when they don’t understand something. Seeing what aspects of your hypothesis are difficult for your colleague to understand will help you to rephrase certain parts so that when you deliver the results to the leaders of your organisation, you’ll be able to deliver maximum impact.
Now that you’re equipped with a five-step approach to analyse marketing analytics and become an analytics-driven marketer, you’re on your way to answering the questions that business leaders actually want to know the answers to but do you have the right tools in place?
Our platform’s ability to automate data management enables you to calculate and visualise future relationships between marketing investments and business performance in real-time.
This empowers our customers to predict, plan, budget, and optimise the combination of their marketing efforts, which enhances marketing ROI. If you’re interested in learning more, book a demo with us today.
Proof BusinessGPS was created with a clear vision in mind – to help business leaders make informed decisions by providing these with real-time business insights – including the past performance of the business but also projections on the future performance of their business.
The development of what was to become Proof BusinessGPS started more than a decade ago when the company’s founders began working on the idea of automating what was already then, an established methodology called Marketing Mix Modeling.
This methodology was and still is the “gold standard” when analyzing the impact of current marketing efforts and when building mathematical models to make projections on the future impact of planned marketing engagements.
These mathematical models used in this methodology are called Regression Models and the mathematics used to create these has been used by analysts for decades and has proven its accuracy time and time again.
But the traditional way of creating regression models comes with its own set of challenges. It’s often done manually and therefore incredibly slow and costly.
Traditionally, it has also often been limited in scope and often cannot be updated or tweaked with new data variables, once the model has been created – a common requirement that analysts are faced with when, for example, the business landscape changes.
This means that the model can easily get skewed and is no longer accurate when it comes to making future projections.
Proof BusinessGPS was developed to solve these challenges.
Delivering business insights quickly and reliably must be based on having automated access to both historical data AND the latest available, real-time, data and to be able to update the regression models as the operating landscape changes and new requirements are introduced.
Also, users, today must have the full freedom to create as many regression models as they want, be able to update these whenever they need to, and through experimentation extract and unlock the business insights that may be hiding deep inside their data.
The only way this can be done, though, is if the following three criteria are met:
1. The solution is delivered through the cloud
2. It’s easy for a regular business user to consume
3. And the cost is kept at a reasonable level
We tick all those boxes with Proof BusinessGPS.
But before we start looking at how Proof BusinessGPS works, let’s ask ourselves why customers of all sizes and industries need the tool.
Unsurprisingly, it’s all about time and money.
We live in a world where changes in the business environments are quick, often unexpected, and sometimes even dramatic. These changes, shifts, and transitions are felt particularly hard by business leaders whose priorities are spread over time.
Things they might be working on right now may only impact the business months or in some cases even years from now.
One example of this is marketing.
As you know, marketing is a function where the end goal is to try to deliver on one or many business outcomes. These outcomes are often critical to a company and range from customer acquisition, product marketing to awareness- and brand building, just to name a few.
But in times of uncertainty, business leaders need to know that the money they spend on marketing is well spent. After all, that money could have been spent elsewhere.
Any successful business is making decisions on what to invest in based on expected returns of investments.
This goes for product development, sales, and of course marketing. And in marketing, the term most often used to describe the return on investment on marketing is ROMI. Return on Marketing Investment.
There is, however, a fundamental shortcoming in measuring ROMI.
Whilst it’s absolutely fundamental when measuring how well a specific marketing campaign is performing, it’s only measuring the quantitative impact of single marketing activity.
For example, $100K spent on marketing might have generated $1 million dollars worth of sales leading to a calculated Return on Marketing Investment of 10x.
The challenge here is that this way of looking at results can be very misleading as it says nothing about the qualitative impact of marketing and not take into consideration the full mix of marketing activities and its impact on other priorities that go beyond pure sales numbers.
Thing is, business leaders also need to know how well marketing is performing against the key business priorities. And not just how well marketing performed in the past. But the ability to make projections on the future impact of marketing.
What they need is a solution that uses historical data from a wide range of data sources. A solution that is always up to date with the latest data. And if the business environment changes, allows the user to build alternative routes to reach the target by recalculating a new route to value.
A solution that guides the user to a target destination, just like a GPS device guides a traveler to his destination, Proof BusinessGPS helps a business define the route to better outcomes.