Digital Marketing: Why Marketing Analytics Doesn’t Always Deliver Results

I was interested to see two recent articles in FierceBigData about the struggle that companies face when turning Big Data into action.  While both of the articles where on slightly different topics, it was interesting to see that they both mentioned common issues that stopped organizations from making uses of Big Data and that many of these issues were applicable to marketing. These issues mentioned were:

 

  • Data Poverty
  • Data Overload
  • Insight Paralysis
  • Inaction

Each one of these is a major issue, though some are more challenging than others. Let’s examine the underlying causes and see how we can tackle them.

 

Data Poverty

 

Having poor quality data or data that isn’t collected frequently enough can sink your ship before it even sets sail. Poor quality data can only be tackled by working with your cross-organizational peers (including IT), to set standards for data hygiene and formatting (boring, but essential). For example, by agreeing with customer service and web teams on how customer data should be populated in your CRM.  Failing that, you can work with a marketing services provider, who can provide data hygiene services to help you clean and fill in missing data.

 

For digital marketers, infrequent data collection points to a lack of integration between your marketing systems. Work with you IT team to integrate your systems and only invest in technology that uses industry standards and is easy to integrate.

 

Data Overload

 

With so much data coming in from so many sources—web, email, CRM, social, purchase history, and offline—having too much data and not knowing what to do with it is a much more likely scenario in today’s environment.

Traditionally, there has been two ways to tackle this: hire a data scientist, who’ll take all your data, merge it and use statistical analysis to produce insights, or settle for traditional marketing analytics solutions, such as web analytics, which are easier and quicker to use, but produce limited insights. An emerging third way is to use solutions that are able to use advanced statistical analytics, but are geared towards marketers. HP has recently embraced this third option with the recent release of the HP Digital Marketing Hub.

 

digital marketing post kam.jpg

 

Insight paralysis

 

You now know why your customers behavior a certain way…so what should you do with the information?  This is where predictive analytics and testing exist to provide an analysis of what outcomes can be expected from certain outcomes, or test different hypothesis to deliver the best outcome.

 

Inaction

 

Once you have insights and you know what you need to do, inaction is the next barrier.  These can come in the following forms:

 

  • Lack of coordination – Not everyone has access to the insights they need to take action. Marketing dashboards are one way to overcome this
  • Political inertia – action often involves several departments to work together. Some of the best organizations have a committee that meets weekly to coordinate improvements
  • Lack of ability – Know what needs to be done can sometimes be trumped by the amount of effort required to implement that change.  Traditional approaches to doing this has been to hire technical specialists or invest in marketing technology that is more useable to business users.

So how can marketing technology companies help marketers overcome these issues?  At HP, we believe the HP Digital Marketing Hub, our new multichannel analytics solution, will help marketers turn insight into action, so their analytics deliver results. It tackles each of challenges in the following way:

 

  • Data Poverty – Collects real-time information not just from our HP’s own marketing stack, but also integrates data from partners in the HP Digital Marketing Hub ecosystem
  • Data Overload – automatically creates insights on customer segments, channel attribution, and recommendations that are tailored to boost KPIs selected by users
  • Insight paralysis – automatically ties insight to action by not only identifying the position and themes that resonates with each customer, but also identifies what content shares those attributes and enables instant targeting of that content to appropriate audiences
  • Inaction – Provides a central, easy-to-use location for all insights and action that can be shared by cross functional teams

If you’d like to learn more about the HP Digital Marketing Hub, visit our web page or contact us.

 

#HPDMB

 
 

 


 

 

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About the Author
Kam has over 15 years' experience in marketing and technology, primarily involved in the marketing software industry. Prior to joining H...
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