30 Nov The 3 Marketing Challenges You Need to Fix Today
Adverity’s Marketing Analytics State of Play report identifies the top three challenges for marketers and data analysts in the US, UK, and Germany. The company surveyed 964 marketers in total. Here is a summary of their findings and what marketers and data analysts can do to fix them.
Marketing Challenge 1: Time Wasted Wrangling Data
The top challenge for marketers and data analysts is the time spent manually wrangling data. Low-level employees and C- suite executives share this frustration — 41% of all respondents say this is their top pain point and 54% of executives agree.
Quit Wasting Time — Choose the Right Question and Model
A key to ensuring you don’t waste time cleaning data is choosing the model that answers the business question. Don’t gather data you don’t need! Once you know the business question, select the market model that best helps you answer it. Doing these things will minimize the likelihood of gathering irrelevant data.
Marketing Challenge 2: Measuring ROI
The second challenge for marketers is measuring the return on marketing investment, also known as ROMI. Thirty-eight percent of marketers in Advertity’s study said they have trouble calculating marketing ROI. I mentioned another study that found that 47% of marketers in North America struggle to calculate ROMI on the blog earlier this year.
Interestingly, data analysts do not agree with marketers on this obstacle. Calculating ROMI is the number five most challenging task for data analysts. Comparatively, the second challenge for analysts is obtaining good data visibility across all marketing channels.
The Solution — A Marketing Dashboard and Clear Communication
However, building a marketing dashboard will solve marketers’ and analysts’ problems because it tracks marketing performance throughout the customer purchase funnel. Eliminating communication barriers between both groups is also crucial so that both departments agree on how to track ROMI. Organizational silos hinder communication and productivity!
Marketing Challenge 3: Need Data-Driven Insights to Drive Strategy
Data analysts and marketers agree on challenge number three — they desperately need data-driven insights to drive marketing strategy. This frustration stems from not trusting the data, not having the right data, and not connecting the data to marketing operations.
Build a Marketing Machine
To connect data to operations and strategy, marketers and analysts must work together to build a marketing machine for their business. In truth, each component of a great marketing machine will address all three challenges.
Firstly, a marketing machine contains a marketing dashboard and marketing model that answers the business question and collects relevant data. It tracks marketing performance throughout the purchase funnel — connecting sales revenue to marketing investment. Finally, marketers can connect the data to marketing processes, leading to data-driven insights and strategy.
Need help building a marketing machine so you can solve your marketing challenges? Inquire about ProRelevant’s Marketing Machine training course today!