[Posted by Christophe Kuhner, Senior Product Marketing Manager, Neolane]
Customers are increasingly demanding more personalized interactions with brands, forcing marketers to adopt cross-channel efforts that leverage customer data to craft relevant, timely messages. However, the latest CMO Insights Report indicates, “Nearly four in 10 CMOs say they do not have the right people, tools, and resources to meet their marketing objectives,” and “consumers’ expectations for relevant experiences are having the longest-term impact on marketing strategy (65%).”
Marketing analytics allows marketers to glean insight from customer interactions across multiple channels in order to better understand customer expectations. Without this customer information, marketers are blindly delivering messages that likely don’t speak to the interest of their customers. According to the CMO data, 40 percent of marketing executives will increase budget spend on web analytics and 39 percent will spend more on marketing analytics in 2013.
Let’s take a look at exactly what those who aren’t incorporating marketing analytics into their campaigns might be missing out on this year and beyond:
Leveraging Data from Social
It’s no secret that customers are willing to express themselves through social channels, and this willingness to share interests and behavior via social can offer a great deal of value to marketers. Effective marketing analytics will have the capacity to collect social interactions and behavior that can be added to an existing database. In fact, research shows 53% of survey marketers plan to make greater use of real-time data in their 2013 marketing campaigns, indicating there is some real value to making use of social data.
Effect on Mobile
By the end of 2013, mobile devices will outnumber people on the planet. Mobile Internet usage is also expected to overtake desktop usage as early as 2014. What this indicates for marketers is that it’s time to fully understand the mobile market and learn what devices, apps, sites, are being used at a certain time or location in order to get the most from mobile marketing efforts. However, without marketing analytics, these insights will go unrealized, budgets can be wasted, and opportunities will be missed.
Once a preferred customer mobile device has been detected by the marketer, it’s then time to leverage all data (including geo-location) to deliver timely messages that will have a better opportunity to convert. While these campaigns are being executed, marketing analytics will allow the tracking of their success, so the marketer can then move forward with the campaign or take a different route.
Tying All Analytics Together to Deliver Targeted Messages
Marketing analytics strategies cannot be used in siloes. Data gathered through social, mobile, email, direct mail, etc. needs to be brought together to provide a true understanding of the customer or prospect, so messages can be created through appropriate channels at the right times. Otherwise, all the marketer is left with is a mess of data that doesn’t provide the cross-channel insights needed in today’s marketing world.
Econsultancy research proves analytical data’s positive effects on marketing efforts. Marketers reported the following data has high impact on engagement rates:
- Social graph data: 88%
- Behavior on your web properties: 74%
- Purchase history: 74%
- User preferences (explicit customer preferences, interests etc.): 72%
- Personalized data (including name, gender, location): 71%
- Browser history: 55%
Higher engagement rates generally indicate customers are pleased with the campaigns being executed by marketers. Each of the pieces of data above couldn’t be fully analyzed and used for success without marketing analytics.
More Analytics Expertise
As marketers become familiar with analytics and the software being used to gather and interpret data, fewer resources will be needed to create efficient campaigns across channels. More analytical expertise will not only benefit he marketer as an individual, but could save the marketing department money by not having to hire a data specialist.
Marketing analytics is becoming a necessity for marketing departments. There are many different channels customers and prospects use to interact with brands, spawning valuable customer data by the second. What separates the most successful marketers from the pack is having the ability to gather data across all channels in a way that can create a single customer profile; such a profile can then be used to determine the right message to send through a customer’s preferred channel.