If you are a CMO, chances are that you have a bunch of ‘analytics’ being thrown at you from different parts of your team.
Your challenge is not that there aren’t ‘enough’ analytics. Your challenge is that you need ‘accurate’, ‘timely’ and ‘meaningful’ analytics.
After all there is a growing trend that indicates marketing analytics are contributing less now than they were in the past few years:
You have probably approved multiple requests from your team in the last few years to add technology solutions to help them answer specific pain points. Don’t look now, but your ‘marketing stack’ is probably a mind numbing mix of various software systems that each serve a specific purpose.
However, what you as the CMO get as ‘analytics’ suffers from 3 challenges:
3 Challenges Facing Marketing Analytics Today
Despite the money that your team has invested in these various solutions, chances are that there is an analyst (or three) in the team whose primary purpose in life is to manually combine the data from these solutions into an Excel spreadsheet.
This is not just a terrible waste of resources but also gives rise to multiple chances of errors creeping in.
How do you know that the results you are looking at are a 100% accurate?
Due to the disconnected nature of the different solutions in your stack, it takes time to stitch their disparate outputs together into a report that they send to you. How many times have you asked for a specific metric and got the results, not immediately, but ‘next week’?
Can you truly afford to wait to find out how your business is doing?
Every CMO that we speak to is frustrated that many of the metrics that are pushed upstairs regularly are quite meaningless for a senior executive.
It’s great to know that you got 200 new Likes on your Facebook Page or 20 Retweets. But, what does this mean for your business?
Employ the ‘So What’ rule when examining each of the metrics that is delivered to you and you will find that many of them don’t pass the sniff test.
So, what’s the solution?
There’s no silver bullet available, but what is possible is for you to ask your team to embark on the below journey:
- Inform them about which metrics are really meaningful for you to understand your business
- Let them understand the current state of data across the different systems in your ‘stack’. Figure out what data is missing, incomplete, incorrect or redundant
- Deploy a solution that helps extract data from across these solutions, cleans the data and assembles the metrics that you really need
- The solution should not only help provide the metrics but because it is automated, should be able to do it in a timely and accurate manner
- Finally, the solution should be able to help you create a culture of transparency and discipline about the analytics that you and your team need to perform as a modern, forward thinking marketing organization.
We have helped our customers implement the above process in a relatively short time frame. If you’re interested in learning more, please let us know.