One of the biggest data analytics challenges for brands in 2018 would be to manage so much of in-house digital marketing data and hope to see some meaningful insights from their agency partners.
BUT, most of the CMOs are starting to believe, that getting meaningful insights from their digital partners is almost like winning a sweepstake or ‘American Lottery’.
According to a recent global survey published by Adage:
- When it comes to measurement, 73 percent of marketers said that agencies are not equipped to measure programmatic advertising correctly.
- 86% of Brands Plan to Take Part of Their Programmatic Spend In-House
To retain their place in the marketing food chain, existing digital agencies must embrace all this new data, and become (not just behave) the resident expert on behalf of their clients in order to help them leverage the data.
Conferences give you Trends but not ‘Digital Insights’
There is a growing tendency within agency planners and strategists to accept almost everything which is talked about in industry conferences and seminars as a trend.
What we forget is that 90% of these events are sponsored by various Ad-tech startups or publishers.
Hence, most of the content served may have a certain bias attached to it.
Not everything appearing on Google is a ‘Digital Trend’
Google is full of 3rd party sponsored research, and apparently, most of that is branded content by various product startups.
Most of the content is curated by experts to sell a particular service or a product.
It is almost difficult to create a neutral POV, leave alone taking business decisions, based on these sponsored documents.
‘Obvious Facts’ are not Digital Insights
At times, the most basic and obvious information is presented as a “strategic insight”.
For e.g. to say India is becoming a “mobile first” market is no longer a trend. Its a fact!
One of the reason, as to why a lot of small & mid size digital agencies still depend upon third party reports for their digital pitches & client strategies is because of lack of understanding of marketing data.
According to the latest CMO survey by smart insights:
Marketers are aware of the potential of using data as what we call ‘actionable insight’.
To understand insights, understand your First Party Data Analytics
In one of his recent interviews to Business Insider, Pepijn Rijvers, Booking.com’s chief marketing officer said:
We have way more data than the media agency has. I’d make a very strong case that anything that generates data, you need to own as a business. You cannot have anyone else be the expert.
The new age digital first businesses are sitting on massive volumes of first party customer data.
While there is tremendous value buried in those massive data sets, but that data alone doesn’t mean all that much.
A power analytics tool could dig through that data and reveal more meaningful insights like:
- Who is their most relevant audience?
- Where are they losing customers due to bad experience?
- Which channel can drive maximum return for specific audience segment?
Data is more or less useless nonsense without analytics.
Analytics is how you make sense of your data and uncover meaningful trends.
Insights allow you to go further deeper into those macro trends and create action points to achieve specific goals & objectives.