What are the biggest opportunities in marketing analytics for SMB?
The opportunity is huge… and it is completely a custom-solution per enterprise as the KPIs and goals for one company may not serve another for example. Understanding the difference between reported analytics and actual analysis is one big differentiator.
The biggest opportunity in marketing analytics is combining the Business and Marketing Analytics into a centralized location. This means consolidating to 1 web analytics tool and 1 business intelligence tool that speaks back and forth to one other. These tools should be integrated with other systems like CRM, marketing automation platforms, etc. Another opportunity that connects my previous point is in creating a “Center of Excellence” around analytics. When combining the data into one location or department you can then push out the insight and results company-wide, making a bigger buy-in for upper management and investing more into the analytics department.
The biggest challenge with that and the way things are now is that in large, medium, or small companies these analytics activities tend to be siloed. There can be 4 different departments with 3 different web analytics tools all having meetings with different numbers. Due to the expense of BI tools, companies tend to have one, but its thought of as its own analytics department. The Business analytics team does their insight separate from the Marketing analytics team, none of that insight is shared or cooperated on and you wind up with multiple departments with their own idea of the truth. This effects marketing teams because their blind spots are the things the Business team looks at which are customer touch points away from the web. It effects the business team because their blind spots are what is happening on the web.
Integration of data sources is the second biggest opportunity, specifically around closing the feedback loop from impression to lifetime sales data in a CRM.
There are literally billions of dollars a month spent on advertising that is not tracked back to actual sales data. Some of the largest advertisers in the world today can outspend their competitors 10-1 just by integrating CRM data into their advertising efforts.
In other words, find a way to solve the technical challenges of making marketing data portable and integrated, and solve the technical challenges of installing and tracking events and phone calls and offline conversions like store visits…and suddenly you create a goldmine for anyone using your products.
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