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1. Avoiding the Sinkhole
Analytics is considered an essential marketing strategy today, but metrics and analytics alone are not silver bullets, and marketers are still struggling to measure the right values and leverage data to make decisions and drive results that are meaningful to the corporation. Marketers have to ensure analytics are providing value, uncovering actionable insights and aligning to the vision and goals of the overall organization, and also need to measure marketing performance in ways that are meaningful to corporate business goals. Marketers are frequently offered an expensive analytics application and a generic list of metrics to track. The marketers fall victim to measuring siloed marketing tactics --such as Web analytics, search or advertising -- without gaining a holistic view into overall marketing performance linked to indicators like profitability, customer retention and new product adoption. Further, many marketers say disparate analytics often report results, but fail to help them glean real insight or meaning from data. 2. Beyond Measurement: Strategic Opportunities
Analytics is must-have for companies that want to gather and interpret data to allow for strategic and actionable insights, and for making faster and better decisions and measure performance. Indeed, analytical capability separates high-performing companies from their low-performing counterparts. As former Harvard Business Review strategy editor Joan Magretta says, "Quantification helps, sometimes enormously, to depoliticize the difficult decisions about priorities that are critical to any organization's performance." 3. Six Obstacles that Prevent Creating a Successful Marketing Analytics Strategy 4. The Five Guiding Principles for Strategic Accountability Analytics is not a measurement exercise. It is about successfully aligning with corporate goals, and generating meaning from data to guide future business decisions. As Steve Wilhite, former COO of Hyundai Motor America said, "People are spending a tremendous amount of money to generate data, much of which is useless. At the end of the day, being able to measure what you're trying to accomplish is what's important in business planning and development -- and just as important when it comes to execution." In 2008, analytics has become the absolute, must-have essential for all marketing teams. Without an effective analytics tool that can measure and fine-tune all online marketing campaign channels, marketers will be left in the dark wondering if they actually reached potential buyers in the dynamic social networking world. Sapient felt analytics was so critical to its client's businesses, it has developed its own tool called BridgeTrack 5.0 (www.bridgetrack.com) - the only digital marketing suite that delivers real-time analytics, reporting and optimization across all media channels, including social networking and is designed to provide complete campaign management for clients, media or agencies. Whatever you use, building the way you approach the validation of your marketing strategy is becoming a critical part of the strategy.
Jim Magill - VP, Client Partner |
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