There is a lot of misunderstanding over role of digital data analytics in modern day marketing.
Most of the people in digital industry (especially the agencies), put the data, ahead of the consumers and audience.
While the data analytics tools have made rapid advancements in the last 5 years, understanding different data types in marketing, and how do we use those data types for making real business decisions, is something which gets sidelined .
‘How can we use the data for marketing?
As David Porter, VP of Media AAR for Unilever, says in one of his interviews:
Consumers are after all people, not numbers. These aren’t just hands that need washing or stomachs that need feeding. These are real people who need real communications. Data is just the way to help us get there.
Data analytics FOR simplifyING DIGITAL STRATeGY
Too much of data can really complicate the matters for the brand.
According to a Google Insights Report:
61% of marketing decision makers said they struggled to access or integrate the data they needed last year.
The report also mentioned, that the issue of data integration isn’t going away, as the amount of data being created continues to grow.
What’s the point of capturing and collecting so much data which makes us lose our focus?
A clear strategy around managing your data analytics systems is the most fundamental aspect in every digital strategy.
But alas, the idea is not as obvious to many people in our industry (that includes the clients and digital agencies)
DATA ANALYTICS FOR Choosing the DIGITAL METRICS
We live in divided times, both politically and commercially. You either believe in the power of digital metrics or you don’t. Sitting on the fence is no longer an option.
With so many different platforms, marketing channels and complex ad-tech systems, understanding or selecting the right metric has become a never ending nightmare.
For beginners, even before you choose metrics, you must create a measurement plan matching your business requirement.
In a world, where there is infinite data sets available at our fingertips, it can be tempting to go crazy and analyse the whole lot, but fine-tuning and being precise is vital to ensuring that ROI remains high and time is not wasted.
Data Analytics For FINDING MARKETING Insights
Neither data, nor analytics can be called sexy.
For a marketer, the sexy side of data analytics is called ‘the insights’.
Also read : Difference between Data, Analytics & Insights
No wonder the presentations are not done on Microsoft Excel.
Needless to say, marketing teams love insights.
And not just any insight, insights which are actionable.
Hence, role of data analytics is not just to spot trends but convert them into meaningful insights.
Data Analytics for CUSTOMER JOURNEy MAPPING
According to a study conducted by MarTech company Signal, just 6% Of marketers have a single view of the customer (see above graphic).
With so many marketing channels influencing the purchase decision, customer journey is no longer linear.
Thanks to social media channels, customers can connect and interact with the brands in real time.
More often than not, Marketers have to deal with a moving puzzle due to lack of inter-operatability between various digital marketing platforms.
Role of data analytics is also to track & optimise marketing communication at every touch point and provide best possible channel attribution for maximising ROI.