Master Growth Marketing with Modern Analytics
Smarter Tools for Smarter Marketing
Before you can start building marketing processes that incorporate advanced analytics, you need to make sure you have the right tools. It’s not enough to simply download information into an Excel spreadsheet and look for simple answers. That may have worked a few years ago, but data-driven marketing means connecting multiple inputs and running experiments across several channels at once, adapting as necessary in real-time. Good data-centric marketing teams don’t necessarily plan the best campaigns, but they analyze information quickly and respond to signals instantly.
If your marketing team isn’t making use of all the data you’re collecting or if your analysis isn’t efficient enough to let you respond in real-time it’s time to look for new tools. Here are some of the most important qualities that you should look for in a modern marketing analytics platform:
Your marketing team works best when it’s collecting data from as many inputs as possible. You need information about email campaigns, advertising, and other promotion performance, customer activity, sales activity, web traffic and behavior, spend by channel, customer acquisition costs vs. retention costs and a lot more. It doesn’t work to look at each of these input sources in a silo, your team can generate a lot more value when all of this data can be viewed in one place. A single platform that combines all this information in one place allows your team to make connections that were previously hidden and consider a range of new variables that can be correlated with KPIs.
Every minute your team spends copy/pasting data from one place to another is a minute you’re not spending on data analysis. You need a data platform that takes all of the manual labor out of data collection and frees you up to slice and dice the data to look for insights. When new data is available, it should update automatically. Your data platform should be updating your metrics for you, not creating work for you to do.
Modern marketing teams shouldn’t need to request data from other teams to get their hands on analytics related to their work. Marketers should be able to use their knowledge of the business and their audience to explore correlations to key marketing metrics. It makes sense that the people who are planning marketing campaigns should be able to consult data before, during, and after every campaign.
You can’t make real-time decisions based on outdated information. For some short-term marketing campaigns, you’ll only have a short window to conduct a test and change messaging or spending strategy. You can’t make those decisions unless you have access to the performance of the campaign so far.
To be utilized best, data needs to be collected, cleaned, analyzed for discoveries and published to a platform that can easily share those insights. The best analytics tools allow marketers to perform that entire process from end to end in one place. Switching tools is an easy way to open the door for data inconsistencies and errors.
Data discoveries aren’t very valuable unless they can be shared beyond the individual marketer who made the discovery. To make the most of these insights, analytics tools need to have an intuitive way to create visualizations of data that can be used to tell the story to other important stakeholders. This is a great way to ensure the most valuable outcomes of marketing analysis.
This is where a lot of traditional business intelligence platforms fall short. It’s not enough for your data platform to just give you metrics about what’s happening now. You need something that has enough power to build and test machine learning models that can start predicting what will happen in the future.
As your data needs mature, you’re going to need a platform that can process more advanced data modeling. When your team creates more complex customer profiles and builds out more complicated attribution models, your data platform will need to store information from several different data sources and refresh as often as you need it. Make sure you have something that can handle that level of usage without sacrificing speed and availability.
Crunchbase Takes Their Analytics to the Next Level
Crunchbase is the master database of the startup ecosystem, with more than 500,000 data points profiling companies, people, funds, fundings, and events.
With over 31 million visitors to their website each year, Crunchbase collects and uses an incredible amount of data, and therefore needed a powerful analytics platform to aggregate all its data to ask the right questions.
With Sisense for Cloud Data Teams, Crunchbase is able to take analytics to the next level by leveraging all their data — including their marketing stack, Salesforce, website impression data and more — and building a comprehensive view of their business and customers. From this single source of truth, business users can access and understand data without needing help from analytics or operations specialists. With data analysis, visualizations, and customizations all controlled on the same platform, data analysts have more freedom to add complexity to their analysis.
“Sisense for Cloud Data Teams has helped us understand what is most important and when, and bringing together our different teams on the same platform helps us to work better as a complete organization.”
Alexandra Mack, Head of Marketing
Building a More Data-Driven Marketing Process
More powerful data tools enable today’s organizations to create faster, more customized campaigns for every target. Modern marketing teams use data to transform the team into a powerful growth engine.
“Marketing teams need to improve their data literacy and approach metrics with the same level of rigor that a data team would employ.”
There was a time when the marketing function at an organization was just a glorified reporting team. Those teams would track data about their activity, but that information was only used at the end of campaigns and did a better job of describing the campaign than it did of detailing the audience or assessing the value of different pieces of that campaign.
Data-Driven Marketing at a Glance
Marketers are investing in new data tools to help them make smarter decisions.
Now that the marketing landscape is based around digital marketing channels — along with offline channels — that can provide more data about the way content is consumed, there’s a new rush to build more data-driven marketing processes. Present-day marketing has already moved past simply providing media air cover and building brand awareness. Today, these teams are the primary growth driver at a data-driven company. It’s a function that uses real-time analytics to make decisions and engage with prospects at every stage of the funnel to drive revenue.
These new abilities come with new responsibility. Because of the focus on data, marketing teams need to improve their data literacy and approach metrics with the same level of rigor that a data or operations team would employ. Clean, accurate, up-to-date information, when analyzed through the lens of an informed marketing team, is the difference between a company that grows and one that remains stagnant. Here are a few examples of ways that a well-trained modern marketing team can use modern tools to optimize growth.
As you add more unique marketing inputs, the profile of your audience gets exponentially more complex. Not long ago, audience profiles were reliant on survey results and demographic or behavioral information that was too general to provide any significant value. Today’s audience segmentation tools get to break down an audience beyond their demographic descriptors into much more valuable information: interests, habits, purchase history, location, language preference, etc. This type of information moves your marketing team beyond just understanding who is in your audience and into understanding how they behave.
Part of that behavioral knowledge is pinpointing the channels that different segments prefer to use for communication. You can take all the time you want to create a perfect email to your customers, but if they’d rather receive a text message, you might be wasting your time. Building out a profile of each audience segment’s preferred channel will improve engagement with your marketing messages. Assigning new members to segments based on their personal information is also a great way to make sure they’re receiving the right messages on the right channels and ensure that you’re making the most of each opportunity to grow.
Instant Feedback on Experiments
With improved analytics on web traffic, email interaction and content consumption, today’s marketers can conduct A/B tests at light speed. Rather than compare metrics from two completed campaigns, marketers can test two options on a small sample of their audience and use the results to dictate strategy for the larger audience. Alternatively, they can use a different sample audience to compare another variable. These experiments are a great tool for marketers to monitor the actions of the customers and prospects to build up a base of best practices for their audience.
With a better grasp on the segmentation of their audience, marketers can perform A/B tests on these smaller groups to generate learnings about how to engage each one. Maybe younger customers prefer one website design and older customers prefer a different one. Prospects from the Midwest might react differently to certain email language than prospects on the coasts. Marketers can create experiments using what they already know about their audiences and run tests to confirm or reject their hypotheses.
Marketing teams aren’t operating on hunches anymore, they’re communications scientists and they’re implementing the scientific method of marketing. They start with an educated guess then run a test, observe the results and adjust their hypothesis. This is the new era of marketing, treating each campaign as a laboratory to optimize growth and better understand the target audience.
At its core, marketing is about managing millions of one-on-one relationships between your brand and individual customers or prospects. The advances in segmentation and testing can be combined to tailor messages or campaigns that speak directly to certain types of people. Smart marketing finds a way to combine everything that a company knows about an individual into content that feels uniquely personalized.
All that data you’re collecting should ultimately result in the right messages going to the right targets at exactly the right time. Today’s consumers are leaning away from one-to-many billboard-style messaging and embracing companies that demonstrate an understanding of what makes them unique. As a marketing team, this means putting more effort into designing your funnel to an account of all of the different ways different people can engage with your organization, but it also means you have an exciting opportunity to create relationships with your product that are deeper and more meaningful than ever before.
“Data should be opening doors for your marketing team, not causing confusion or holding you back.“
The result of all this data being collected should be an automated, but still highly-personalized approach to marketing. You don’t have to be Netflix–level good at determining an individual customer’s tastes, but you do need to put yourself in your target’s shoes for a bit and think about what will move the needle for them. When it comes to personalizing your marketing efforts, you should be looking for any opportunity to stand out; little things can go a long way toward building loyal customers.Watch a demo Start a Trial