This is part 2 of our 2 part blog series, Creating An Analytics Culture. In part 1 (you can read it here) we identified the real problem with creating an analytics culture within your marketing teamexcellent you don’t have the right marketing technology in place.
In your organization, how long does it typically take an analyst to answer a data-centric question? Three days? A week? More than tough? If you are using a method that does not allow you to receive timely, flexible and accurate analytics, then it may be normal for it to take that long or longer. However, this is not helping your team or helping to drive an analytics culture within your team.
When you use marketing technologies that gather data from all your sources, can visualize the questions and answers your team is looking for and provide responses when they are needed, your team will start to trust the analytics function of your organization and use data to drive decision making.
How It Helps Dive An Analytics Culture
Below are just three ways using marketing dashboards and analytics tools can help drive an analytics culture within your organization.
1. Faster & Better Solutions
When using the right marketing technology, we are seeing analyst provide better results in a faster turnaround. This is important because speed to results matters when it comes to making better business decisions.
Imagine your organization is trying to determine if a significant marketing investment is going to yield the returns warranted. Maybe even having to decide between an influencer, celebrity endorsement or sponsorship? So you and your team are now tasked with giving executives a rapid way to evaluate the markets and impact of this potential investment. If you are using the right marketing technology, you can deliver a dashboard with the ability to view a variety of metrics, from all the data sources and systems needed to summarize the thousands of records that are needed to make this type of decision. Even better is the ability to build and deliver this dashboard in less than a day to top executives.
With other or older analytics systems you might have to tell a different story. Spending days or weeks gathering and preparing data for a presentation. Not to mention the prep work that would go into creating binders and decks full of potential questions that might come up in the meeting. After all, there is nothing worse than having to say “we’ll have to follow up with that…” and not have the answers they need readily available.
That doesn’t have to be the norm when it comes to using analytics within your organization. Now analyst can make adjustments during the meeting, rerun the data and answer those new questions quickly. Giving you the ability to keep decision makers in the room and the analytics flow going, where they are asking the right questions, looking at data in the right way and driving towards decisions based on that data.
This really is the speed and results the right marketing technology can bring to decision making.
2. Take Dashboards To The Next Level
Having a dashboard is a significant first step when it comes to supplying your marketers with tools. But if all your dashboard does it report the numbers that is not enough. If analytics is going to be a part of your culture you need to include two more things:
- Give your audience context– This could be done by providing relevant historical data or model benchmarks, just some point of comparison within the dashboard.
- Guide them to action– Prescribe the next steps they should take if they are not meeting goals.
This model of:
- So What
- Now What
works excellent for analytics and dashboard design, it makes marketers see how easy data can be to understand when it is visualized and how useful data is in improving results.
An example of this model would be using a dashboard to monitor your email marketing:
- Answering the “what” would be providing standard email metrics like open, unsubscribe rate and click-through rate.
- The “so what” would mean including model benchmarks specific to the email type and objectives in your dashboard so marketers can quickly and easily assess their performance.
- And the “now what” would be answered when you provide action steps within the dashboard if their performance is falling below benchmarks.
The result of this type of dashboard is that your marketers can quickly identify what is working, where there is room to improve and find out what they need to do to improve. When a dashboard like this is available for them to use, they will see that using data to make marketing decisions is not only easy but also impactful.
3. Build Better Relationships
A healthy analytics culture lets you form better partnerships with your IT departments. Although this may not seem like a goal of yours when implementing marketing tools it does have an impact on that overall organization.
For organizations that might be in the finance or the banking sector, every function (even marketing) is subject to multiple levels of oversight to ensure you are operating properly for shareholders and customers.
For analytics, the implication is that you need to have reliable documentation and traceability of where you are getting data and what you are doing to it before you are delivering it to decision makers. Before, when you were not using marketing technology that gathered data for you, you had to go back to IT and the programmers and have them document their code. From there you probably realized that it is tough to review and understand their documentation so you had to go back to IT again and ask them if they can make a chart or graph documenting their code so you can understand their workflow.
Now that you have the analytics tools in place that can gather all your data sources and build the data workflow with charts and documentation, you don’t need to worry about adding extra work for anyone else. When you have a culture that embraces analytics, people will use the tools provided because they can do everything they need to do in one place.
Wrap It Up
As someone who wants to create an analytics culture, you need to consider marketing technologies that are able to help your team. Marketing tools that gather data from all the systems and sources you use and create visualizations and reports within a dashboard so you and your team can actually use data to drive key decisions. Getting there is not always easy, but once you have the proper tools in place, analytics will become a part of your marketing culture and the benefits are plentiful.
What has been the biggest setback for your team when using data? What was the biggest improvement once you got the right marketing technology? What are signs you have a strong analytics culture?
Don’t forget to check out part one of this post, Creating An Analytics Culture: The Problem here!