Anticipating your customers’ needs depends on essential data you can interpret without a graduate degree in data science. Join VB analyst Jon Cifuentes and Bertram Capital’s Tom Long as they discuss the best data tools and platforms for marketers — and essential strategies to meet customers’ needs before even they know they have them.
Everyone wants to anticipate the next big consumer trend — or at least where your own customers are headed — but unless you were a data scientist or analyst, you wouldn’t be able to make heads or tails out of the big data. At least, that was the mentality a few years ago.
Now, thanks to advancements in software, you no longer have to be data science grad to make sense out of predictive analytics. Given the anticipated 2018 shortage gap of data scientists — between 50 percent and 60 percent in the United States alone according to McKinsey — it’s a good thing the restrictions on big data have decreased.
More approachable big data, however, does not mean a free ride in interpreting those numbers. There’s still an overwhelming amount of analytic data to sort through, such as customer data, log data, inventory data, search data, and more. As the annual Duke CMO Survey showed, 65 percent of marketers feel pressured to prove their worth by their board or CEO, and yet 65 percent said they lack the ability to really measure marketing impact accurately.
In our VentureBeat Insight report, The State of Marketing Analytics: Insights in the age of the customer, we surveyed over 1,000 marketing analytics professionals regarding analytic vendors and practices.
When we questioned marketers on the types of analytic roles they are responsible for at their company, nearly 40 percent sided with audience insights, while growth and conversion tracking lagged behind. When the question was narrowed down to roles they were primarily responsible for, most marketers utilizing analytics aligned with growth and conversion tracking. Cross platform marketing (attribution), customer experience, and big data were under-represented in the user interviews; demonstrating how marketers are only focusing on what they can clearly see and count and the huge opportunities they were missing because of it.
As to predictive analytics, marketers are overall comfortable on reporting on the past, without realizing the serious money they’re leaving behind in the process. 73 percent of marketing analytics reporting time is spent on evaluating the past and the present, while only 27 percent is spent on predicting and influencing the future. Meanwhile, future “industry leading marketing teams” are too busy focusing on tomorrow than contemplating yesterday.
Of course, to really get on top of all this, you need the right platforms to support you. Our report also dove into which vendors are leading the pack, and analyst Jon Cifuentes along Bertram Capital Head of growth and marketing Tom Long, will take you through the winners along with everything you need to know about analytic data to improve your marketing strategy.
The data is out there; you just need to reach out and grab it.
Don’t miss out.
In this webinar, you’ll learn:
- The importance of analytics to marketing
- How to integrate marketing professionals into your analytics programs
- How to measure ROI for analytics tools
- Cloud or on-premise: How to decide which is right for you
- Which vendors lead the way, how, and why
- What to look for in a vendor or analytics partner
Jon Cifuentes, Analyst, VentureBeat
Tom Long, Head of growth and marketing, Bertram Capital
Wendy Schuchart, Analyst, VentureBeat