As a member of the marketing team at a company who have developed an analytics solution I am well aware of the benefits analytics can bring to marketing departments, but before working at Connexica I had little or no knowledge of the subject, and it could be suggested that many other marketers are in the same boat.
Are marketers aware of the full benefits that these types of solutions can offer to their department?! Business Intelligence and Analytics software are used frequently in finance and operations departments but marketing teams may have been getting left on the backburner.
However research suggests that change is on the horizon, a CMO survey states that 5.5% of marketing budgets are currently spent on marketing analytics, but set to increase to 8.7% in the next three years. This is a significant increase and relatively unsurprising as marketers are hopefully becoming more aware of the advantages analytics can bring to their roles.
Marketing departments often associate ‘analytics’ with the standard web analytics tools such as Google Analytics, which measures website traffic, bounce rates and visitors behaviour, whilst this is useful and relatively quick and simple to do, using web analytics does not necessarily provide marketers with rich data that creates leads and truly measures the success and ROI of marketing campaigns.
According to a recent report *56% of businesses rely exclusively on google for analytics and 11% don’t use any kind of analytics tool at all! (Shocking!) A complete analytics solution would allow marketers to combine data from different marketing channels, such as Twitter, LinkedIn, and Corporate Blogs etc. and utilise this data to create more effective marketing activity. One of the great benefits of our tool CXAIR is the ability to analyse both structured and unstructured data.
Many companies use a variety of tools to collect marketing and customer data such as Hootsuite, Salesforce, Mailchimp etc. thus creating several data sets that are never analysed as a whole. But as more and more companies look to implement a business analytics strategy, perhaps 2014 is the year for marketers to take the plunge and create a marketing analytics strategy and execute the most successful marketing campaigns yet.