Just Global’s EVP of Analytics, Emilie Lee, argues why budget constraints don’t need to get in the way of the ability to deliver fast results.
These days, key decision makers in enterprise organizations – senior marketing directors, VPs of marketing, and CMOs – are regularly asked to do more with less. We hear it all the time—they need to deliver quick results without the significant budget that used to be available. This is the new normal in the marketing world.
But this shift doesn’t have to result in a slowdown regarding reporting results – not if you’re maximizing most of your data. Data has suddenly become a buzzword for success, yet many are still uncertain how to infer and mine it to help propel their business forward.
Gaining insights is pivotal. Can you answer ‘yes’ to the following?
- Does everyone understand how to interpret data and tell a story with it?
- Is there a desire to embrace insights objectively?
- Is strong data governance in place with proper tagging and structuring of marketing activities?
If the answer is “no”, then read on!
When we talk to organizations, we often find they’re focused on short-term performance results, sometimes forgetting to leverage the wealth of data and insights available to drive long-term strategic decisions.
That’s why it’s vital to adopt a ‘sight, clarity, guidance’ framework:
Sight
Sight of what data you have and what it means.
Clarity
Clarity on how insights tie back to business goals.
Guidance
Guidance on how to achieve goals based on insights.
To effectively audit goals and platforms, organizations need to understand current performance across channels and how creative executions are performing. That involves analyzing what’s working well and what’s not while identifying emerging patterns and behaviors that provide a baseline for understanding the current state of play.
Once an evident picture emerges, avoid the temptation to reactively jump in to fix any initial areas where the tactics aren’t hitting the performance goals. Taking a step back is essential. Doing so allows the team to reach statistical significance and then comprehensively analyze the underlying data to gain credible insights that can lead to better long-term solutions. Implementing data governance with a structured process for tagging and categorizing all marketing activities methodically will mean that the data is properly connected and can tell a cohesive story. Marketing teams should know how to interpret this data and extract meaningful insights beyond just observations of performance metrics so they can understand how to tie these insights back to the organization’s broader business goals.
Success depends on the alignment of marketing and analytics teams, making it essential to eliminate siloed operations and centralize performance data. Our team at Just Global has been leading the way with a connected experience approach, resulting in our newest analytics solution, Theia.ai. This cutting-edge platform reinvents how B2B marketers approach data by providing visibility across the entire marketing funnel, from brand awareness to revenue generation.
Our team is on hand to advise and help organizations maximize the most from their data.
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