According to the State of Marketing Technology Report 2017 by Walker Sands Communications, “It’s impossible for any single marketer or company to keep up with the rapid pace of change in marketing technology these days. Since the first Walker Sands State of Marketing Technology study was published a year ago, the number of martech vendors has nearly doubled, more than $1 billion in venture capital investment has flowed into the space, and marketing technology budgets surpassed advertising budgets.”
BI is Crucial to Data-Driven Marketing Initiatives
The unprecedented rate of change in marketing technology, coupled with an elevated demand for better customer experiences, is a daunting challenge for even the most tech-savvy marketers. As a result, an agile approach to marketing has become best practice. Testing the engagement level of each marketing campaign on each platform is critical, and making quick adjustments based on data is the key to achieving a healthy ROI.
Marketing in today’s environment makes BI tools invaluable for digital marketing agencies and corporate marketing teams. Marketing has become a bit more of a science in the past five years, and BI enables marketers to analyze results from all inputs in a single view and determine where to make tweaks and when. Having all marketing analytics in a single view is vital, as omnichannel marketing campaigns create challenges in compiling data from disparate systems and applications.
Don’t Shy Away from Negative Results
The value of obtaining BI information is the knowledge it provides marketers to make data-driven adjustments. This is why it is so important to remain open to what the data says. It can be tempting only to share positive results, yet the real value is derived from analyzing the negative data. Understanding what didn’t work, and why it didn’t work, is how marketers learn and improve.
It is essential to have a culture where negative results do not reflect negatively on a person or team, but rather the information is looked at as an opportunity to improve. A safe and collaborative environment is most productive so that whether results are positive or negative for any specific initiative, viewing the data honestly and openly makes the team stronger and more productive in the future.
Investments in Marketing Technology is Growing
The number of marketers who feel their companies’ current marketing technology helps them better do their jobs increased from 58 percent to 69 percent year-over-year. This increased investment is a trend likely to continue for the foreseeable future. If your company has not yet invested in the tools needed to effectively combat your competition, take the time to research the statistics and find case studies on the true value these technologies bring to a company’s bottom line.
ClicData has marketing expertise, and a focus on marketing analytics that help build strong marketing machines. Take a look at the pre-created marketing dashboards available today and contact the team to learn more about methods for implementing BI solutions that provide data insights to improve marketing initiatives.