Google Analytics: Actionable Business Insights & Custom Reporting
Got Marketing Data? Use Analytics to Make it Actionable!
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Transcript of Got Marketing Data? Use Analytics to Make it Actionable!
Got Marketing Data? Use Analytics to Make it Actionable
Laura PattersonPresident & Author
@LauraVEM
Creating Centers of Excellence to Improve and Prove the Value of Marketing
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
On The Agenda
• What data is most essential
• Analytics and models for every marketer’s library
• Analytics Maturity and Analytics Competitors
• Techniques for syncing content, channels, and the
customer journey
• Wrap Up & Q&A
Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
You could use data to inform strategic decisions such as
1. what market and customer provide growth opportunities
2. which products to market to which customers
3. which channels, touchpoints, and offers are most effective
4. what is and isn’t working
Improve and Prove the Value of Marketing
Smarter, more relevant, influential, credible and strategically-minded marketing orgs
More valued, effective, and measurable Marketing
Improve market and product competitiveness and growth
Make fact-based decisions regarding customers, markets, products and
competitors
Optimize marketing processes
As the global pioneer of MPM, VisionEdge Marketing has a vision to transform marketing into Centers of Excellence.
100+ Customers, 250+ Engagements
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Welcome to the Intelligent Enterprise
Companies with a data-driven culture are 3X more likely ahead of their peers in financial performance
“Fostering a Data-Driven Culture,” Economist Intelligent Unit and Tableauhttp://www.tableausoftware.com/economist-fostering-data-driven-culture
The usage of analytics and adoption of a data-driven culture tend to lead to business success
“Analytics, Data-Driven Culture Bring Business Success: Survey,” eWeek.comhttp://www.eweek.com/it-management/analytics-data-driven-culture-bring-business-success-survey/?mchk=1
60% of global businesses believe that big data will improve their decision-making and competitiveness
“Data Driven Leaders Can Create a Big Data Payoff.” Business News Dailyhttp://www.businessnewsdaily.com/7218-data-driven-leadership.html
IDC predicts that by 2020, there will be more than 40 zettabytes of data, 37% of which will be considered useful for analysis (up from 22 percent in 2013)
“EMC Digital Universe Study,” IDChttp://www.emc.com/leadership/digital-universe/index.html
Only 28% of businesses believe that they are generating strategic value from the data they collect, and nearly 40% admit that they need a better data management plan
“Data Driven Leaders Can Create a Big Data Payoff,” Business News Dailyhttp://www.businessnewsdaily.com/7218-data-driven-leadership.html
…our review of more than 400 diverse client engagementsfrom the past eight years, across industries and regions, found that an integrated analytics approach can free up some 15 to 20 percent of marketing spending
“Using Marketing Analytics to Drive Superior Growth”, McKinsey & Companyhttp://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/using-marketing-analytics-to-drive-superior-growth
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Does Data Matter?
“Firms that emphasize
decision-making
based on data and
analytics perform 5-6%
better than firms that
rely on intuition and
experience.”Economic Intelligence Unit
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Need Both Structured and Unstructured Data
Most traditional business data
is structured- rows, columns,
etc.
Big Data adds complexity:
“the voluminous unstructured
data that is collected from
nontraditional sources such
as blogs, social media, email,
sensors, photographs, video
footage, etc.”
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
5 Basic Customer-Centric Data Categories
1. Demographic, psychographic data (who are they, why do
they buy, what triggers purchases, etc.)
2. Spend and financial data (which customers buy, what do
they buy, how often, etc.)
3. Interaction and engagement data (how they interact,
when, how often, through which channels, etc.)
4. Consumption and usage data (how are they using what
they bought)
5. Relationship data (satisfaction, loyalty, advocacy,
sentiment related data)
@lauravem
Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Select Data That Matters: Start with these 5 Questions
“To get the
most out
data "you
need to know what you
want to
know.“Bernard Marr, Advanced Performance Institute
Use data and analytics to answer these questions!
1. Which markets and segments to pursue? How
do we gain access?
2. How to best acquire new customers? keep
existing customers?
3. Which existing markets and customers to
grow?
4. What new products to develop? How do we
accelerate adoption?
5. Which channels create the greatest response
lift?
@lauravem
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Top 6 Most Important Data Sets
1. Market/ Business/Customer
Activity Data (mostly structured)
2. Social Media/Comments/Reviews (mostly unstructured)
3. Transactional data
4. Website data
5. VoC/Telecom/Call Center data
6. Images/Graphics (unstructured)
@lauravem
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Key Challenge: Making Data Actionable
85% of study participants “the biggest hurdle
to unlocking value from data was not
grappling with the sheer volume, but
analyzing and acting on it.”A survey of 600 executives by the Economist Intelligence Unit
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Analytics: Your Bridge from Data to Insights
The term analytics as early as
the late- 1500s or early-1600s
Applying logical analysis to
discover and communicate
meaningful patterns in data.
Today when applied to
marketing-
The practice of
measuring, managing
and analyzing market,
customer, and
marketing performance
data to maximize
marketing effectiveness.
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Build Model Muscle – Basic Library
Segmentation Models
Persona Development
Buying Process
Models
Touch point
Allocation
Pricing Models
Opportunity Scoring
Models
Campaign Lift
Attribution/Mix Models
Predisposition to
Purchase Models
Likelihood to
Defect/Customer Risk
Models
Portfolio Management
Models
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Visualize the Patterns
Present analytical results
visually
Enables you to more easily
see what's relevant among all
the variables, capture and
communicate important
patterns, and even support
predictive models.
Exposes trends and patterns
that you might not have
otherwise noticed @lauravem
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Assess Your Analytics Maturity
Create a Your
Plan to Move
to the Next
Level!
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
For Faster Better Business Decisions Strive to Compete on Analytics
Thomas H. Davenport & Jeanne G. Harris
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Marketers Who Can Do It Earn Better Marks!
Source: MPM Studies, Demand Metric, ITSMA, and VisionEdge Marketing.
Full reports available in the VEM Store
https://visionedgemarketing.com/product-category/marketing-
performance-management/
@lauravem
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
What Makes these Marketers Different?
Create and Extract Value
Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com20
Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
First Things FirstDevelop an evidence-based insights-driven culture (starts at the top)
Build the skills and add data scientist, analyst and leadership talent (build or buy)
Know you data
What data you have and understanding the format you need. You may be amazed at what data is available (or not).
What are all the market, customer, competitive, business, program, product data currently captured
Which systems are they in
How frequently is the data updated and by whom
Who in marketing has access or should have access
What data do you wish you had that’s not on the list and why it is important (what business questions will it help answer)
Prioritize your data wish list
Create a roadmap to move from descriptive to predictive to prescriptive
@lauravem
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
1. Creating and Extracting Customer Value is Marketing’s Job
2. You need to know what you want to know
3. Collect, organize, analyze, synthesize
4. Look for “actionable” patterns to improve customer experience and marketing
5. Incubate Insights
6. Make Decisions/Take Action- Strive to Compete on Analytics and Improve Your Analytics Maturity
7. Develop Customer-Centric Models
8. Test, Measure, Learn, Revise
Key Takeaways
@lauravem
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Thank You, Q&A, Resources Review your “Learnings”
Identify 1 takeaway
Identify1 thing you will do
differently
Register and Download the white
paper Intuition To Wisdom:
Transforming Data Into Models and
Actionable Insights at
www.visionedgemarketing.com
Request a copy of this
presentation email
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Creating Marketing Centers of Excellence™ | © 1999-2017 VisionEdge Marketing, Inc. All rights reserved. |Not for redistribution or reproduction without prior written permission.| www.visionedgemarketing.com
Stay in Touch!
Creating Centers of Excellence
to Improve and Prove
the Value of Your Marketing