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In a recent HBR article, Christine Moorman and Carl Mela highlighted the “Analytics Paradox”—company investment is marketing analytics increasing despite the impact on firm-wide results being relatively modest. Most companies and marketers understand the importance of analytics, yet most struggle to effectively convert technology, software, and human labor into better business decisions and outcomes.
However, recent research suggests that there may be some areas where marketers are making progress. Forrester, ANA, and Neustar conducted research with over 150 marketing decision makers from U.S. companies. Nearly all of the marketers who participated in the study agreed that data- and insights- driven decisions yield substantially better outcomes. Some of the highlights include:
1. The five factors that make up better analytics performance are: strategy, technology, expertise, organizational adoption, and the ability to put insights into action.
2. Gaining employee buy-in is difficult but the firms that employ a “top-down” approach are more effective as it drives alignment faster.
3. 43% of the firms with better analytics cultures reported significantly better performance against key metrics (i.e., conversions, engagement, and growth). These firms reported being able to link analytics to metrics—a key barrier for many firms.
4. More than 1 in 3 (35%) firms with better analytics cultures indicate that their analytics center of excellence is highly influential, as opposed to just 6% of those with less mature analytics cultures.
5. The arguably most important difference is that the more sophisticated analytics firms are in a better position to succeed because they prioritize measuring the metrics that impact the bottom line such as: ROI on marketing spend, incremental revenue, brand equity metrics, and customer lifetime value. Interestingly, the better analytics firms were nearly 2X as likely to be measuring some of these metrics compared to starting companies.
6. The more mature analytics firms are achieving superior outcomes on a number of different factors (see figure below), including: ROI, speed, revenue, etc.
Join the Discussion: @KimWhitler
April 6, 2019 at 10:41PM
Forbes – Entrepreneurs