Marketers everywhere know they need to increase their analytical and accountability prowess. However, this effort is only worth the investment of time, people and money if you can use these capabilities to drive strategic decisions, actionable recommendations, and improve and prove marketing effectiveness. In fact, we believe the line between marketing analyst and marketing strategist will increasingly blur. Strategists need the analytics to stay ahead of emerging opportunities, respond quickly to unexpected threats, and make timely decisions. Analysts need to think about how they build their models and leverage their analysis for the same purposes.
The challenge according to recent research from Econsultancy and Lynchpin, is a majority of marketers worldwide say that less than half of all the analytics data they collect is actually useful for decision-making. Their studies found that just one in 10 companies thought a strong majority of analytics data was helpful, and less than a third said somewhere between half and three-quarters of all data was useful. Over a third of study participants said analytics were not integrated at all with their business plans. The results of our recent metrics, data, and analytics study are similar. Best-in-Class Marketers embrace analytics and leverage the insights they derive to both improve and prove the value of marketing. Access the executive summary the MPM Path to Better Marketing Results for free with registration.
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