Building a Marketing Analytics Strategy

We live in an age of big data and superior analytics. This gives you an opportunity as a marketer to understand your audience in a never seen before manner. However like with all challenges involving big data you get meaningful insights only if you ask the right questions. So today we highlight a few pointers which would help you setup a good marketing analytics strategy.

  • Inside and outside view – in order to be able to identify the right goals for your marketing analytics you need both an in organization and an outside world perspective. As part of the inside view you need to ensure that your approach aligns with the goals of the organization. An outside view would help you align your efforts in line with industry standards and common benchmarks
  • Identify key questions– once you have both the views in place you need to utilize that to determine key questions that could be answered using big data and BI. Some common questions that organizations often look towards answering include:
    • How to identify which marketing activities led to creation of a given lead?
    • How do we gauge increase in brand awareness?
    • What is our cost of acquisition across our various marketing efforts?

Identifying questions for your marketing analytics makes it easier to select the right tools to get the job done.

  • Know your tools– once you have gathered inside and outside views and used it to nail down key questions the final step is to identify tolls available and certain prerequisites towards creating a marketing analytics strategy. A couple of major points here include:
    • A consolidated data strategy
    • Investment earmarked for analytics

Big data analytics isn’t easy to setup and requires serious, continuous commitment from a firm to help understand where it’s been and what’s next. A balance of internal and external brains, a holistic set of tools and resources, and defined goals that push up towards insightful questions will certainly help your firm move towards better understanding of its marketing efforts and audience.

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