Big Data analytics is a field that is advancing by the hour. In marketing, these insights have become the lifeblood of successful campaigns. However, while nearly everyone in the business world knows how important Big Data power is, only 44% actually trust it enough to make important business decisions.
As a small-to-midsize enterprise (SME), knowing how to use marketing analytics to properly fuel your game plan is one of the best things you can do to compete with the big enterprises. One of the major problems lies in the sheer amount of Big Data being produced these days for marketing purposes. As the concept refines itself and becomes more sophisticated, the task of simply keeping up is enough to make anyone’s head spin. The key is developing a smart and sustainable — yet simplistic — approach that your entire marketing department can commit to.
Here are three ways SMEs can do this:
Don't Go Overboard With Data Collection
Being as how there is so much data out there that can be used for marketing insights, one of the biggest mistakes businesses make is going overboard with their collection process. It’s surprisingly easy to get into the mindset that every single relevant dataset can be used. When you are drawing on too many sources, it gets harder to make sense of it all.
Over the past decade, the sophistication of marketing analytics has seemingly moved at light speed and many businesses struggle to adapt. In fact, in a survey of more than 600 companies and agencies, Ensighten found that 62% were completely overwhelmed by the amount of data they have.
If you are going to use public data on location demographics, you should have a plan for creating and distributing content accordingly. Start with the basic outline of the plan and have an answer for how the dataset will fit in.
The last thing you want is to be is a silo of random facts, instead of actionable marketing insights.
Hold Frequent Training Sessions
As the sophistication of marketing data is a concept that never stops, the process of keeping your team “in the know” should follow suit. Make it a point to hold regular sessions to assess your processes, the datasets you’re using and ways to refine your approach.
The goal is to make sure everyone is up to speed on the current state of big data analytics and how to use it to your advantage. For this purpose, you need to invest in the proper tools to make these sessions fruitful for everyone. A great way to do this is by hosting department-wide webinars. Moreover, make sure the program you use has a reliable screen sharing feature.
Remember, the effectiveness of marketing analytics is dependent on keeping your team on the same page.
Build A Cultural Mindset That Embraces Data-Backed Decision Making
Generally speaking, finding constructive solutions in the marketing world is rarely a black-or-white task. One of the most important characteristics of a marketer is the ability to read between the lines and make accurate assumptions — especially in the realm of Big Data.
As the sophistication of marketing analytics advances, the relentless task of keeping up requires a passionate mind with a certain distain for guesswork. To be successful here, these values need to be engrained in the company culture. When you are bringing marketers onboard, ask questions early on like:
- What were the results of your last campaign?
- How did you justify these results?
- How did these results influence your next move? Why?
Ultimately, to fully embrace marketing analytics, each person involved needs to possess the mindset of a student, cheerleader and teacher.
Over To You
Using marketing analytics to the fullest advantage comes at the crossroads of investigative thinking and creativity. As an SME, your ability to do this falls on the shoulders of your processes and the people involved. If you are relatively new to the implementation of marketing analytics, the key is to crawl first, walk, then once you have a firm understanding of what you are up against, you can start to run with it.
Manish Dudharejia is the President and Founder of E2M Solutions Inc, a San Diego-based digital agency that specializes in website design & development and eCommerce SEO. With more than 10 years of experience in the technology and digital marketing industry, Manish is passionate about helping online businesses take their branding to the next level.