Marketing Analytics are often spoken about and will rarely be completely ignored by marketers. How aware are you of your own analytics and are they, in fact, holding your marketing campaigns performance back?
84% of marketers cannot measure and report on the contribution of their marketing programmes to the business (source). Worryingly it seems that marketers are quite often underprepared when it comes to understanding campaign performance and the impact it is actually having on the business and ROI. Although this statistic is from a few years ago, it is likely this number will have improved, however, probably not dramatically?
What type of analytics are marketers looking at?
Based on a report from CMOSurvey.org (source) customer acquisition is the top use for marketing analytics, however, again only 36.6% of companies are using analytics in this way.
Looking at analytics into acquisition is imperative for brands. By understanding where, why and how your customers are engaging with your business will allow you to feed this information into other campaigns. Equally important is looking at non-customers and the reason why they are failing to convert. Do you have a lot of web traffic organically that fails to convert? Do you have thousands of app users, who are inactive? Are your email campaigns failing to hit the mark?
Marketers who are continuously analysing their campaigns and looking to identify potential issues will put them in prime position to react when a campaign falls flat.
What challenges are marketers facing?
Surely in a world where automation is making day to day tasks of the marketer simpler and more refined marketers have plenty of time to be sitting down to look at all of the analytical data they can get their hands on, right? Unfortunately not, as marketing analytics can take an enormous amount of resource, and 81% of organisations listed it as their primary analytic challenge (source). Add into the fact that there are plenty of different networks and platforms that marketers are using, it is easy to understand the challenges of compiling, collating and reviewing all of the analytical data available.
Over 40% of organisations do not track customers across different channels (source). By not understanding which customers are engaged on which channels, it puts your brand at a disadvantage and unable to provide customers with a relevant journey.
With the number of technologies available, this can also prove to be a confusing area for marketers. 54% of marketers are not sure if their marketing technology investments are producing tangible business value (source). If your technology providers are either not providing the right analytical data that you need or are purposefully making them too confusing to gain complete visibility, you should be looking for a new solution.
What to look out for?
We’re all selling to people, whether that be direct to a consumer, or to a business before a purchase can take place, you need to convince the buyer. That is why when looking at the analytics a technology provider offers, finding one who has a people-centered approach is a must. By analysing all users and customers individually, you will be able to create highly contextualised engagement campaigns across multi-channels that will resonate with the customer.
Understanding all of the engagement points along individual customer journeys will give you the visibility to deliver messages to your customers and users on the right channel at the right times. Additionally understanding where and why customers aren’t converting will provide you with the right insight to address the issue and allow for increased engagement opportunities.
If you are not putting data at the centre of your marketing and sales decisions then you risk losing out on a 15-20% increase in marketing ROI (source).
If you want to start your journey with a people-centered analytics and multi-channel engagement platform, talk to Xtremepush today and we will show you how our platform will give you the insights you need to revolutionise your analytics and gain true ROI.