How often does companies relying on gut feelings to make decisions? We all rely on it more than we care to admit. But if the technology to help us exists and is not price prohibitive, then why are most marketing teams lagging behind other functional areas in adopting an analytical mindset?
Smart, planned change can have a huge effect on an organization and individuals. Adopting an analytical mindset have a big effect as we always wants to be more effective at measuring the value of our efforts, especially in measuring our impact on the sales pipeline and revenue. We wants to think differently about our marketing because we have a 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.
Design and implement data mart/data warehouse, a structured data source that pulls together all the data that resides in different sources. Once we had all of our data in one place and update them daily, we could begin to better engage with customers because we could now see how all of their behaviors connected.
Through your data mart/ data warehouse, you can begin to tie customer behaviors all the way back to the opportunity pipeline and use the data to tell you how many euros of pipeline will eventually turn into revenue.
Using Stories to Convey Data Insights
The stories that you tell inform customers and employees alike about your culture. When you add analytics (and data visualization tools) to your marketing toolbox, your organization can collect stories from the data that you diligently cultivate and harvest.
Companies can see how their narrative changes as they adopt changes. Your team can ask what-if questions to uncover other stories it can begin to tell. That’s how you can shift from being reactive to proactive, creating a culture focused on the future, rather than having one weighed down by the past. And as your organization becomes better at storytelling, you empower the team to ask more questions and explore data differently to expand on the themes you’ve uncovered.
Using Different Metrics
What kinds of efforts will support cultural shift? Marketers rely heavily on a variety of campaign metrics. The gold standard has been the response rate to a specific campaign. In the past, this metric gave something to react to. In the new marketing world, reacting to metrics isn’t enough. Customers now have greater expectations about what they expect us to know as marketers and how we interact with them.
Marketing organizations should focus on the insights that analytics uncovers and be more open to different types of campaigns they can run. An analytical approach helps a team avoid outcome blindness by being aware that gut feelings can lead you down rabbit holes. One of the cultural tenants should be to convey logical reasons why a particular decision was reached.
By establishing a common analytical culture, you will create a better ability to make adjustments on the fly. And you don’t need to wait months to see whether your campaign was effective. The data and analysis will tell you what’s happening, giving you the opportunity to make changes and tweaks in real time based on customers’ responses. That’s powerful and empowering for the entire marketing team.