Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: 96% of Companies Are Failing Miserably When it Comes to Marketing Data Insights
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > 96% of Companies Are Failing Miserably When it Comes to Marketing Data Insights
AnalyticsExclusiveMarketing

96% of Companies Are Failing Miserably When it Comes to Marketing Data Insights

Lbedgood
Lbedgood
8 Min Read
marketing Data Insights
Shutterstock Licensed Photo - By marketinggraphics
SHARE

At a time in our history when there is more data than ever before, the overwhelming majority of companies have yet to see the full potential of better data insights. PwC and Iron Mountain recently released a survey on how well companies are gaining value from information. The results showed a huge disconnect in the information that is available to companies and the actual insights being derived from it. According to survey findings:

Contents
1. Establish an ROI2. Mid-Sized Retailer3. National Financial Institution4. Get Your Data Together5. The Overlooked Step of Data Enhancement6. Better Analytics through Visual Data Discovery
  • Only 4% of businesses can extract full value from the information they hold
  • 43% obtain very little benefit from their data
  • 23% derive no benefit whatsoever
  • 22% don’t apply any type of data analytics to the information they have

The potential of utilizing data can equate intro very big wins and even greater revenue. Take a look at this statistic based on research by McKinsey: A 15-20% increase is huge! So why aren’t companies taking advantage of this and implementing the necessary solutions to derive value from information? A Marketing Analytics Report from the Technology Marketing Community on LinkedIn conducted a study to determine what the biggest challenges were to turn their data into usable insights. The study revealed that the biggest problems centered around a lack of systems integration, poor data quality, and the time required to collect and analyze data. Historically, CMOs have relied on gut instinct to make decisions. But marketing has now become a science, and data management tools and solutions are now critical for competitive survival. Here are four steps you can take to transform your data chaos into real information that will drive revenue.

1. Establish an ROI

Establishing a strong return on investment (ROI) will help get new data projects off the ground. Begin by documenting any problems caused by incorrect data, including missed opportunities, and wasted marketing spend. This doesn’t have to be a time intensive project, but gather as much supporting documentation as possible to justify the investment. Check out the following two examples of companies who encountered data problems and correlated a data management project to increased ROI.

2. Mid-Sized Retailer

Numerous errors in billing and shipping were causing frequent product returns, inaccurate deliveries and queried invoices. The problem was tied back to inaccurate customer addresses. The customer database contained approximately 100,000 customers. If addresses were improved by 5% or 5,000 customers, product redelivery costs would be reduced, cash flow would increase when invoices are paid in a timely manner, and customer service representatives would become more productive when they no longer need to spend time resolving customer invoicing issues.

More Read

Big Data Wisdom Courtesy of Monty Python
ML is a Vital Defense Against Thwart Digital Attack Surfaces
Some Thoughts on Pushing BI Beyond Business Managers
Incorporating MapReduce in the Analytics Environment
Dell Offers VoC Advice to Other Companies

3. National Financial Institution

Customer data was stored in different systems, spreadsheets, and databases. The marketing department had no way to access a 360-degree customer view in order to identify new revenue opportunities. By integrating each of these data sources into one database, unified household views can be established and analyzed to make informed marketing offers. For example, using common identifiers, the “Smith” household can be linked together. By discovering that the Smiths have a college-age son, an offer can be made for a student savings account. To further help establish an ROI, many vendors offer a complimentary data analysis to quickly identify discrepancies, inaccurate data, missing information, and other problems that may be affecting productivity.

4. Get Your Data Together

Hopefully once you have established a strong ROI, you are ready to move forward and get your data together. A data integration solutions provider will work with you to identify the data you want to integrate and your goals for the project. While many companies believe they need to have a data scientist in place to do this, a data consultant and technology provider does the heavy lifting to seamlessly guide you through this process. In our experience, we have worked with clients to integrate data and establish a marketing database in as little as 8 weeks.

5. The Overlooked Step of Data Enhancement

Once your data is gathered, cleaned and available in one marketing database, you will probably be ready to dive head first into using. Unfortunately, you may still be missing a lot of valuable information on your customers and prospects. Customer records may be missing phone numbers or email addresses. At this point, you also have the opportunity to add valuable demographics to better understand your customers. Example of additional data you can add to your database includes age, income, occupation, presence of children, lifestyle, interests, and more. If you can think of it, the data is probably out there.

6. Better Analytics through Visual Data Discovery

Analyzing data through visual data discovery is becoming more prominent. Research has shown that when data is represented graphically, people are able to retain the information better, which in turn, speeds up the time to insight. Traditional methods of analytics, based on reports and static graphs, are no longer enough to support quick decision-making. Visual data discovery allows a user to interact with data to explore multiple data sets, visualize correlations in data, and apply filters to quickly identify patterns. For example, a marketer may want to better understand which products are being used by high-value customers. By viewing the data as a Venn diagram, a marketer can gain a better understanding of each customer group and which products may have an opportunity for up-sell. The user can then drill down into each segment for further analysis or to export the query for a CRM initiative or marketing campaign. Companies using visual data discovery are more apt to find the information they need, when they need it, according to Aberdeen’s survey of organizations using visual data discovery. Companies using visual data discovery are also able to get analytics into the hands of 48% more employees, compared to those companies that depend only on reporting tools and spreadsheets for business intelligence. Information is being generated every moment of every day. The flow of data never stops; however, by implementing measures to capture, cleanse, and analyze this data, you can extract meaningful insights to power your business to greater heights.

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

blockchain for gaming
BlockchainExclusive

Blockchain For Gaming May Rebuild Trust In The UK Video Game Industry

6 Min Read

Archiving Strategy: Data Relevance

6 Min Read
data-drive marketing tactics
Big DataExclusiveMarketingSocial Media Analytics

Integrating Data-Driven Network Marketing And Social Media In 2019

8 Min Read

Volatility vs. Leverage

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?