Make the most of your data. VB Insight’s Jon Cifuentes chats with TaskEasy’s CEO and Upstart’s CMO about how to build a solid analytics powerhouse that drives killer results. Register here for free.
Data mining has become indispensable for organizations — it’s how leaders are making the best business decisions to connect with customers and increase their lifetime value. However, acquiring a large collection of data from a variety of sources has become a double-edged sword. Yes, the tremendous wealth of data provides a great opportunity for marketers to extract meaningful insight, but trying to make sense of it all can be an overwhelming experience and many are simply not up to the task. If this sounds familiar, you’re not alone.
In our VB Insight report, The State of Marketing Analytics: Insights in the age of the customer, 65 percent of marketers said they lack the ability to accurately measure marketing impact. This is significant news, as no matter how much data you’ve sourced, it’s meaningless if you don’t have a team well-prepared to analyze it. It’s not for the lack of trying, though, as 55 percent of the marketers we surveyed said they’ve undergone some kind of formal evaluation for their analytic quality.
However, when we asked how effective their marketing analytics and organization were in generating insight and turning it into action, their responses fell between “somewhat” and “not very” effective. More than 33 percent of growth marketers, mobile/app analytics marketers, ad effectiveness, cross platform, and CX were not at all or not very effective at generating insight. 46 percent of marketers thought their business partners were not at all effective or not very effective at translating their team’s insights into actions or results.
When we asked marketers how they were spending their time generating analytics reports, 38 percent said they were comfortable reporting on the past, 35 percent analyzed the present, while only 27 percent focused on predicting the future. By focusing solely on past reports and allowing it to impact their future decision-making, marketers are leaving serious money on the table.
How are other companies succeeding in vacuuming up data and turning it into meaningful action? Those business aren’t sucking up any and all data they can get their hands on; they’re looking at what will really move the needle for their company.
“Data for data’s sake is really not valuable. It’s all just overhead,” Astea’s VP David Giannetto said in a previous VentureBeat webinar. “You have to have the ability to translate data, or analytics, or data science into something that can impact the business. Find that right moment or that right demographic or that right segment that you can really capitalize on.”
Find the right vendor that matches your brand and will measure data that matters the most to your business. In our insight report, we reviewed hundreds of vendors to outline the best for every use case.
By signing up for this webinar, you’ll discover more successful steps that lead to effective data analysis for your business. With brands planning to increase their budget on marketing analytics by 73 percent in the next three years, it’s more important than ever to ensure all the data you’ve collected doesn’t go to waste.
Don’t miss out!
This webinar will help marketers wade through the tech-speak and discover how to:
- Determine your organization’s primary objectives for analytics
- Winnow down your options to a handful of appropriate platforms
- Come up with ways to measure success
- Generate meaningful business insight from data
- Plan for the future by the ability to add new data sources and tools
Jon Cifuentes, Analyst, VB Insight
Mike Osborn, CMO, Upstart
Ken Davis, CEO, TaskEasy
Wendy Schuchart, Analyst, VentureBeat