We’ve talked about how Modern Marketing Analytics can help marketing teams elevate their game with more accurate data that yields better insights, as well as greater agility and productivity among teams. But we’ve also all heard about modernization projects that result in a faster way for data to accumulate and remain untouched and unanalyzed, collecting dust like sporting equipment in a really big state-of-the-art garage.
While even modern cloud data and analytics architectures can fail to live up to expectations without proper planning and strategizing, that doesn’t have to be the case. Here are the four things that absolutely, positively need to be considered and planned for to achieve success in Modern Marketing Analytics.
1. Trusted, shared data
You can’t understate the importance of having a centralized, integrated set of analytics-ready marketing data available in the cloud for the marketing team to access when and where they need it. This means data that has been ingested, transformed, and is available in the cloud data warehouse for analysis and visualization. If the data isn’t there, or there’s no trust in what is there, the foundation of your analytics strategy won’t hold up.
2. Analytics models for past, present, and future
Analytics used to be about reporting on and analyzing what happened in the past. That’s still true, but Modern Marketing Analytics can’t stay in the past; it needs to look forward. Many businesses employ predictive analytics to forecast what’s to come.
However, organizations at the forefront of modern analytics are going beyond predictions to prescriptive analytics, where all available data combines with AI/ML technology to tell marketing, sales, and customer service teams what steps to take to close a prospect, what experiences will delight a customer, and what products to add onto a bundle.
The right analytics models for the modern team are built for descriptive, predictive, and prescriptive analytics: If not at first, with a plan to implement all three in phases.
3. Data governance
Not every person needs access to every type of data. In fact, compliance and regulatory policies may dictate who has access to what. Every data and analytics program needs solid data governance rules in place and a way to ensure that people have the data they need, that sensitive data is protected, and that data lineage shows what changes were made to data and when.
4. Data Literacy and analytics training across the marketing team
The best analytics program in the world is useless if a team doesn’t know how to work with data. Data and marketing teams need to collaborate closely and make the time to ensure that every person understands how to be data-driven in decisions, and how to work with modern data and analytics solutions in the cloud. Even experts in working with data need to understand how to leverage modern tools and practices to be as productive and strategic as possible.
With Modern Marketing Analytics, the technology, people, and processes that you put in place will vary according to your team and your business goals. But with these four foundational pieces in place, you’re setting up your marketing team for success in the long run.
Learn more about Modern Marketing Analytics
If you want to learn more about why and how to move to a Modern Marketing Analytics program, download our ebook, Modern Marketing Analytics: The Essential Guide.
And if you’re ready to modernize, schedule a meeting with us to talk about solutions that may fit your needs.
As the Marketing Manager for Data Clymer, Emma brings a creative and results-driven approach to the marketing team. She is skilled at project management, strategic planning, and also at producing meaningful and engaging content. With a client-focused mindset, Emma is passionate about growing Data Clymer’s brand awareness and developing impactful marketing campaigns that contribute to overall business objectives and customer success.