Conquer the four biggest challenges in marketing analytics
“The most important commodity in the market is data”
As per a report from Statista, out of the total population, 59.5% are active internet users, clearly making marketing a big game in the virtual landscape.
Digitalization has made every business adopt an online marketing approach and astound them by giving access to a tremendous amount of data. The data, if used optimally, provides marketers unlimited opportunities to woo their target audience and make a lasting relationship with them.
But such opportunities are difficult to seize when you don’t have the right analytics solution in hand. This is when the term “Marketing Analytics” comes into play.
So, what is Marketing Analytics?
Marketing Analytics is the process of integrating and studying the data generated through marketing campaigns and getting insights into customers’ behaviors and preferences.
Effective marketing analytics help you know all the ins and outs of your target customer group and makes it easier to retain customers, boost sales, and increase profitability. With marketing analytics, savvy marketers find a way to better decision-making. But still, some struggle to concrete the foundation on which they can turn their data into insights.
The reason can be the velocity at which the voluminous data is generating. What adds more to the misery is that the data is stuck in silos. Additionally, there are multiple other challenges that restrict marketers from using the available data to the best potential.
The article will talk about the four biggest challenges in marketing analytics and how to conquer them.
Marketing Analytics: The challenges and how to conquer them
Challenge 1: Data is stuck in silos
Data Silos are one of the most consistent and infuriating challenges that marketers have to deal with. When data is stuck in silos, it fogs your vision for crucial insights, making it difficult for you to optimize your marketing campaigns.
The challenge usually occurs when the teams across your organization are using technologies that are not compatible with each other, restricting them from sharing data.
Data silos hinder the marketers’ ability to assess marketing performance comprehensively.
Marketers can break down the data silos by using a single data integration tool across all departments.
DataChannel offers a data integration platform that brings together data from several sources into a centralized location. The solution filters the data and removes errors to make all your data speak the same language.
Challenge 2: Making data ready for analysis
The tools we have been using for a long time fail to analyze the increasing volumes of data in real-time. To analyze data efficiently and make it market-ready, we need the support of advanced technologies and knowledge of each marketing platform. We need a dedicated solution that combines & cleans all your marketing data and aggregates it into a model that supports all our data sources and business logic.
Every data, irrespective of which category it belongs to, requires a lot of work and conceptualization to become market-ready.
DataChannel offers you more than 100 pre-built connectors that allow you to connect to all popular marketing platforms and fetch your customers’ data in real-time. With this solution, you can load all the information into your preferred warehouse (be it on-cloud or on-premise), which can be further used for analysis. We provide you a cost-effective solution for getting the truth out of your data.
Challenge 3: The missing data
Even after you combine all the data generated in your organizational systems, you will still find gaps in data reporting. This may include:
- Incomplete customers’ records
- Lack of attribution
- Improper tracking of all marketing & buying activities
With these gaps, it becomes difficult to predict which marketing strategy will work over another. But don’t worry, this challenge is easier to overcome.
To ensure the great performance of your marketing campaigns, this challenge needs to be addressed properly. You can use an effective data integration tool that will aggregate every byte of your customer data safely and securely.
DataChannel is one such open-source cloud platform that facilitates you to integrate all your data in one single data warehouse. Connect all your data sources to DataChannel and move all your crucial data directly to your preferred warehouse.
Challenge 4: Trustworthiness of your data
Analytics is critical when you want to use data to its best potential. Every organization is investing in data and analytics to understand its customers and make effective marketing decisions. But there are scenarios where marketers do not trust the analytics generated from their business operations.
The trust gap can be based on the lack of transparency in data sourcing and analysis.
To eliminate the trust gap, organizations need a solution with the capability to create governance policies for data and analytics management.
DataChannel offers a cloud-based solution that can help any size organization shift from ungoverned data to data governance. With our solution at your fingertips, you can meet your data governance needs with efficacy and get trustworthy data in hand to boost your business growth.
The fiercely competitive market has made marketing analytics a priority for marketers who want to earn customers’ trust. By getting a tailored solution from DataChannel, you can enhance your ability to derive meaningful insights from the big data silos and get going with making your marketing strategies more successful.