4 Ways to Overcome The Biggest Data Challenges
Data has revolutionized all things marketing over the past decade, from how marketers attract prospects and manage customer relationships to how they measure success and work more efficiently. No longer are marketers simply message-pushers with big television advertising budgets. Instead, modern marketers wear many hats, from strategist and analyst to technologist, researcher, writer, editor, designer and project manager. Data ties nearly every aspect of this fast-evolving role together.
However, the amount of data available to most organizations, from a wide variety of channels and sources, has exploded in recent years. Its sheer size and complexity can be unwieldy and challenging, leaving many marketers struggling to take advantage of the powerful potential of data. For example, according to a recent Winterberry Group study, the vast majority of marketers (74%) hope to grow revenue through the use of data — but less than half that number say they have been successful in reaching that goal due to challenges with harnessing and understanding available data.
To reach marketing goals, the first step is to get the most out of your data. But accessing that intelligence means overcoming some hurdles related to collecting and interpreting data. Here are four common data challenges marketers encounter — and how the right marketing automation platform can help you face them head on:
Gleaning the Best Insights
It’s one thing to have access to reams of data. Gleaning insights from that data to inform future campaigns, turn suspects into leads, and leads into customers is quite another. The latest research shows data-driven marketing fuels customer engagement and revenue growth – sometimes at a rate of three times that of non-data-driven companies.
But how can you get your arms around all of this data to make informed decisions? A platform with robust reporting capabilities allows you to define your most important metrics on engagement, conversion and overall campaign progress. At the same time, you’ll mine insights that help fine-tune future campaigns for maximum engagement and conversions.
Pinpointing the Right Opportunities
In a world where data is everywhere, marketers need a ranking system to pinpoint the leads most likely to convert so they can target marketing and sales efforts most effectively. That’s where lead scoring, an integral part of marketing automation, comes in. With lead scoring, leads are automatically ranked based on implicit buying signals such as email opens and related actions, form submissions and page views. Then, you can properly segment them based on their levels of engagement. You then have an ongoing pipeline report of prospects for the sales team, and can tailor campaigns specifically to where prospects are in the buying cycle.
Syncing Data for an Efficient Process
Every company wants to understand and engage with their best customers. One of the best ways to do that is to ensure the data gathered by your marketing automation platform and your CRM are able to be analyzed in one view. Syncing the data from those two channels together can help your campaigns become even more targeted and strategic. Marketing automation captures relevant data including how online visitors reached your website, which pages they visited, and their response to campaigns. Combined with CRM data, your sales team will gain even more insight into a buyer’s interests, actions and pain points so they can personalize conversations more effectively.
Tracking and Comparing Campaigns Across Email, Landing Pages and Social
Email, landing page views and actions, and social channels are a goldmine of data points. But the true value of this data emerges if you can understand how a single campaign performs across all channels, including creative design. With cross-channel analytics that track and compare campaigns, you’ll get a handle on how each campaign channel performs and in what way: For example, perhaps Twitter is better than email for webinar promotions, while Facebook is the best place to share blog posts. The best marketing automation platform also provides social analytics including engagement metrics; a schedule of deployed posts and tweets; and data on mobile usage and geolocation.
According to the Winterberry Study, there’s no question that data drives competitive advantage from a marketing perspective. Most specifically in the areas of revenue growth, identifying and targeting specific customer segments, and providing more in depth information about the needs and preferences of customers. Accessing and analyzing this data with an eye toward how it can be used to reach more prospects in an effective way is the key.
Marketing automation provides a single platform for collecting and storing data while offering invaluable insights into reporting and analytics. See how Real Magnet solves your data challenges and request a demo today: http://www.realmagnet.com/request-a-demo/