“I’ve got the data, but I’m just not getting actionable insights out of it”, “I’m not able to get the data together across my systems to build the full picture of my customers”, “The number of conversions is down, but we haven’t changed anything” – do any of these sound familiar?
If so, you’re probably not the first, and I’m sure you won’t be the last. While all these issues might sound like they could have come out of any company, often the high level problems faced by marketing in leveraging the data to gain valuable insights are often systemic, and like a comic book hero, your problems are often due to your analytics department’s origin story.
We have broken down possible analytics issues based on where Analytics was born, and more importantly, how to fix the issue.
Marketing Vision, but no Tech-sperts
Very much X-Men’s Rogue, you can get any power you want, it’s just you don’t have the skills and experience to get the full potential out of your powers.
It’s sad to say, but many marketing issues can come straight from the marketing itself. The marketer is fully aware of the user journey, and know that understanding it analytically can provide huge insights and help improve the customer experience, increasing loyalty and therefore profits. In the current technology ecosystem, it’s possible to use analytics to look at details of the user journey that marketers could only dream of years ago. The data marketeers can create campaigns based around what perspective clients care about and are more likely to engage with.
Marketing is very good at creating a great analytics vision, but are often poor at the technical implementation of the analytics solution and the subsequent use of tools to leverage the data to get the full power out of their vast amount of data they have on their customers.
Having the proper skills required to manage tools and effectively market, will make all the difference when it comes to strategic planning. Remember the information analytics provides is nothing if you don’t know how to put it to use!
Good Tech, Bad Tech
Tech is like Dr. Octopus, he has developed the right tools, but never quite knows how to use them to win, in short, good use of tools, bad analytics skills!
It’s all too often the case when tech is the problem that companies aren’t making use of all the key features that are available on the software. Not much thought is given to marketing insights and how they can provide a deeper look into your customer’s needs.
Being able to read and use data is half the battle. Train, train, train! Keep employees and yourself up to date! It’s a shame to ignore all the insights you could be gaining because you lack knowledge on how to read them.
When analytics were first created they were deployed as a way to monitor the efficiency of the website, with not much thought for the marketing insights they could provide. As analytics software has increased many businesses have upgraded to the latest technology, but still have no clue how to use them.
Finance – Show me the Money!!
Lex Luthor, interested in the green stuff, but never has an over-arching strategy.
Great at numbers, considering the bigger picture needs to be improved.
Analytics are sometimes placed as an extension of finance, perceived as an accountancy tool, rather than an across channels tool. To only use analytics to chart your financial gains and losses is basically throwing your money down the drain and sinking your business along the way. Your company should be a partnership of Marketing, Tech and Finance rather than a battle of all three. Even now, some businesses focus fully on the bottom line of making money without considering the user journey, customer experience, and overall brand morals behind it. When finance is the main business pull, other areas of your business will suffer, the idea of, “if we are making money we should do it,” just isn’t cutting it anymore. Yes, making money is always good, but should it be the main metric you focus your business on? Absolutely not!
This can often lead to analysis paralysis.
How can I fix my issue?
To get the most out of Analytics, you very much need a Ménage à trois between, Marketing, Tech, and Finance.
The obvious solution is right in front of you, view your business as a marriage of all three areas rather than as a competing force! Your marketing should be influenced by your tech, your tech should feed into the finance and your finance should drive your marketing. Just like art, all the pieces should work together and create a beautiful image of what your business does. Strike a balance rather than focusing heavily on one department, the strategy of the marketing department, the experience of the tech team and the profit/loss ROI skills of the finance department are all needed, one is not more important than the other. The greatest way to leverage the power of web analytics is to blend all three departments.