We frequently hear from marketing organizations that want to better understand their marketing investments and returns — and ultimately measure how their efforts are driving business results within their organization.
But depending on their roles and responsibilities, marketers need different insights into what’s working and what can be improved. Marketing executives need visibility into performance and progress toward goals. Marketing operations wants to align its programs to the overall corporate strategy. Field marketers need to easily understand campaign performance.
Here’s a deeper look at the must-have insights for every marketer to run things more effectively.
Customer Data is a Critical First Step
“ ‘Experience has shown that utilizing customer insight can help transform a business from a secondary player to a significant market leader. The key is channelling the findings into the marketing strategy in the right way,’ says [Edwina Dunn, co-founder of Dunnhumby and chief executive of consumer insights firm Starcount]. Insight is powerful, but only when turned into action by creating relevant responses to customer needs. A growing abundance of data, in part thanks to social media, means the challenge for many businesses is how to demonstrate they’ve listened to customer needs.” —Read more at Raconteur.
CMOs Want to Measure the Business Value
“For me, adopting an analytical mindset had a big effect on my career and shifted the focus of my team. We wanted to be more effective at measuring the value of our efforts, especially in measuring our impact on the sales pipeline and revenue. We had to think differently about our marketing because we had lots of new data and metrics that would allow us to be more effective and enable us to identify new approaches. Measuring your marketing efforts quantitatively is crucial. Using analytics for predicting what could work and using the insights to improve the customer experience were even more powerful motivators.” —Read more at Harvard Business Review.
Marketing Operations Has to Understand the Why
“ ‘When I arrived, I had a bunch of marketers who said: ‘Oh, yes, we’re doing really good things with data and analytics,’ [says Katie Avon, former head of marketing and insights at Pearson]. But they were general marketers who had been trained up on Google Analytics. They could show me loads of presentations that told us the ‘what’ but there was nothing in there that was actionable or that was going to take the business forward. The challenge I found was expecting generalist marketers to try to do analytics.’ ” —Read more at Marketing Week.
Field Marketers Need Real-Time Performance Insights
“Josh Aberant, CMO of SparkPost, says that data has enabled marketers to measure performance in real-time, which means ‘the pace of decision making has become much more rapid.’ It helps inform almost instant optimizations, and marketers no longer have to wait long periods of time to make important judgement calls. And if marketers aren’t leveraging analytics tools, or are simply taking data at face value, it’s a waste of resources. ‘AdWords is a great example here. You can spend money on auto-pilot, but without connecting the dots to how that traffic plays out in subsequent activities to advance your goals, you might as well be throwing away your money,’ he says.” —Read more at CIO.
Everyone Benefits from Social Insights
“Social consumer market insights (social CMI) derived from market research and consumer insights teams are designed to support every team outside of the boardroom — including customer service, product development, human resources and beyond. Isolating social listening inside one department — usually marketing — is an outdated practice. Through the use of this social data, consumer insights analysts and department heads are advancing customer journey propositions that not only address the desires of new and existing customers but also anticipate future needs.” —Read more at Marketing Land.