Why Analytics is Key to the Future of Marketing
- AUTHOR Josh Rosenberg
- July 17, 2014
- No Comments
Harvard Business Review published a great piece by Jon Windsor yesterday called The Future of Marketing, as Seen at Cannes Lions. This blog went into detail about 3 key things that brands need to do to stay relevant and grow: adapt your business model to exploit new opportunities, take more control (strategically speaking), and seek out great ideas wherever they are. These points are all very important – in today’s rapidly evolving marketplaces companies (and more importantly their brands) have to be agile to stay relevant and profitable.
I want to introduce one other piece of the puzzle that is key for every company’s and brand’s future success – marketing analytics. This is critical whether you are in the B2C or B2B marketing space. Analytics is the engine that drives the proverbial marketing machine. Put it this way, without tracking and measuring important information like your demand generation funnels or the results of your marketing campaigns across all your different market segments it will be much tougher to find new opportunities to leverage and it definitely won’t be easy to become more strategic.
Analytics provide the insights marketers (and businesses as a whole need) to make informed business decisions such as:
Which products are selling the best in our key industry verticals?
Which marketing campaigns generate the most pipeline for our sales team and play a role in won revenue for our company?
How long is our average sales cycle?
These are just a few high level questions, but with the right analytics system in place you can find the answers to these basic questions and many more in depth ones. If you truly want to harness the power of marketing analytics the place to start is your CRM system (we use Salesforce). For us Salesforce is the one source of truth for all our marketing and sales data and because it contains all of our lead, contact, opportunity, and campaign information that is where we track all of our analytics (the added bonus here is that sales and marketing are much more closely aligned because they are looking at numbers in the same system).
The point is this – every successful company that wants to find new opportunities to exploit, take more control strategically, and become more predictive in its approach needs to start using analytics to measure the results of its marketing campaigns, sales processes, and as many other pieces of the business as possible. The insights that you find may completely change the way you think about certain product lines, marketing campaigns, business processes, and even how your company should position itself for the future.
If you want to take your organization into the future check out how to Turbo Charge Your Analytics in Salesforce.