Before the rise of Big Data, marketers were able to handle a steady stream of incoming figures with ease, efficiently channeling valuable information down the appropriate paths, much like a levee system guides rivers safely through developed areas. When those rivers begin to swell at alarming rates, however, levees can buckle under the pressure, turning unyielding waters into serious problems.
For many digital analysts, the levees holding back Big Data broke a long time ago, leaving organizations drowning in a sea of terabytes and petabytes. While all this structured and unstructured data holds incredible value when it can be analyzed efficiently, today’s marketers are barely treading water.
In my previous blog post, I brought up a recent survey from CMO Council citing the fact that six of 10 marketers today view Big Data as a valuable yet intimidating commodity that organizations are struggling to get the most out of. One of the biggest challenges posed by Big Data is the immense amount of information marketers are expected to weed through to get to the root of what’s causing anomalies.
Another key point discussed in the survey was that a mere 15 percent of marketers feel like they have a solid grasp of the processes and tools needed to decipher incoming data streams. That means a very small minority of today’s marketers are ready to battle Big Data, while a huge majority remain apprehensive when facing the rising tide.
If Big Data is currently sinking your organization, you can’t afford to wait on the waters to recede—because they won’t. Big Data is here to stay, making it imperative for your company to have a buoy to keep your digital analysts afloat. That lifesaving buoy for today’s marketers is effective contribution analysis.
What is contribution analysis?
Imagine for a moment that your organization has run into a campaign hiccup, and now you’re scrambling to figure out what went wrong. Recent queries have indicated a decline in customer orders, yet you’re having trouble determining why it has happened. How can your company identify the people that have jumped ship and retarget them with a promotion or discount to bring them back on board with your offering once the issue has been resolved?
Enter contribution analysis. Contribution analysis is the buoy your digital marketing lifeboat, identifying causes for anomalies and trended data so your company can tackle causations topside. This platform allows your business to assess causal questions without spending countless hours scrambling to find the answers you need right away.
Contribution analysis can help organizations like yours by taking to task processes that used to involve what feels likes eons in today’s fast-paced reality of digital marketing, all while carrying them out in less time than it would take you to call the Coast Guard. Contribution analysis can also automate a multitude of reports before delivering statistically relevant conclusions that can give companies the information they need to dial-in their current marketing strategies.
How can contribution analysis help my business?
So you’re going to take on Big Data? Good—that means you’re in the minority, and you’re already a stroke ahead of the competition. But if your marketing department is going up against a storm surge that’s determined to inundate you with a never-ending stream of data flowing your way at every waking moment, then you’re going to need a way to process it effectively. Otherwise, you’re just storing squandered information in data warehouses instead of using it to enhance your enterprise.
This is exactly where tools like Adobe Analytics come to the rescue. Such tools allow businesses to build countless filtered metrics that will help organizations apply predictive marketing to their business strategy through the utilization of valuable automated systems trained specifically to address Big Data issues. Contribution analysis is an integral component of the Adobe Analytics solution, working behind the scenes as an automated algorithm designed to process endless waves of data to identify high-value customer segments that would normally be missed in day-to-day analyst processing.
Just think, your business could be saving countless hours spent treading water in a vast ocean of data ports and queries, tiring yourselves out and struggling to identify anomalies that are affecting your business, when you could be letting a contribution analysis system keep your business afloat.
Contribution analysis tools also allow your enterprise to take immediate action to confront contributing factors in trended data. That’s because today’s systems are designed to display intuitive results that are easy for organizations to interpret while identifying key customer segments that are actionable and can be addressed as soon as marketers rise to the challenge.
When it comes to weathering the Big Data storm in your enterprise, it’s important to have the right analytics tools to handle the swell. Contribution analysis is a system that takes your best marketers and turns them into Big Data scientists, ready to convert whatever information is flooding your channels into actionable results, all with time left to spare. It’s a tool that can make challenging Big Data seem like an unfair fight to the 24/7 information hurricane, but when the storm is unrelenting, your business will need all the help it can get.