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5 Reasons CMOs Should Be Talking About Analytics

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Despite the fact that 94% of Chief Marketing Officers believe Analytics will help them reach their goals, adoption has been sluggish. Only an estimated 15-20% of companies use data to drive marketing and business decision-making.

As a digital marketing firm specializing in web Analytics, we totally understand why so many executives are reticent to get started. It’s easier than ever to begin tracking data, given the new glut of software and built-in social dashboards. However, there are so many different data solutions providers that the task of choosing one in particular can be overwhelming. Futhermore, not everyone has the patience to sift through so much information to find the most actionable points. It takes a special kind of mind to make sense of the complexities associated with Analytics, and to demonstrate the tangible returns that corporate executives want guaranteed before they invest.

That’s where we come in! Mod Girl Marketing covers all the analytical research and delivers easy-to-understand reports, summaries, and strategic counseling to help your business take steps toward greater marketing efficiency. We help you continue doing what works and change the processes that are stagnant.

If you’re still weighing the pros and cons of making the shift to using Analytics in your day-to-day operations, perhaps these five points will sway your decision.

1. Analytics data answers key marketing questions.

We use data to determine just how effective your company website truly is. Ultimately, you want people to not only SEE your website en masse, but also to stay a while, learn, buy, and buy again. A good website stirs increased interest, builds credibility and drives action. The data we collect answers these common marketing queries:

– Acquisition: What brings users to your website?

– Behavior: What do users do once they arrive?

– Conversion: Did users perform the desired action?

2. You can use Analytics to improve your sales pitch.

Analytics is not only used to sell, cross-sell, and up-sell by illuminating the best marketing opportunities, but also to aid sales representatives. Ted Dunning, chief applications architect for tech company MapR, says that Analytics really helps for companies with big, complex product lines. “Predictive Analytics can really help by saying ‘here are the five products that this person is likely to be interested in this quarter’,” he says. Dunning adds that their automated CRM system also tracks when a person is most receptive to buying.

3. Cut attrition rates with the power of predictive Analytics.

As you know, it’s much more expensive to onboard a new customer than it is to retain one. Kissmetricsestimates that it could cost up to 7x more to acquire new customers. A recent CMO Magazine article explained how credit card company American Express used predictive Analytics to identify customers who were most likely to defect from their brand and to stage an intervention before it’s too late. After they began dabbling in Analytics data, AMEX was able to improve identification of attrition risks by 8.4 times and generate 740% better results.

4. Analytics helps businesses stay competitive.

At Mod Girl Marketing, we treat every business as a unique entity and develop customized business solutions tailored to the individual. That said, it is still important to keep a pulse on what the competition is doing in your industry. A recent survey conducted by Marketing Charts found that “CMOs expect to almost double the share of their budgets spent on marketing Analytics over the next 3 years (from 6.4% to 11.7%).” In fact, CIOs rank Analytics as the #1 factor contributing to a business’s competitiveness, according to IBM. So if your business hopes to compete with other players in the market, you simply have to start collecting data and using your findings intelligently.

5. Analytics lead to measurable financial gains.

A Bain & Company survey of 400 companies found that “companies who use analytics the best are 2x more likely to have top quartile financial performance.” MIT Sloan Management Review’s survey of 4,000 business executives found that companies did 3x better if they were sophisticated users of Analytics. Similarly, the Product Development Institute said new product success rates were 3x higher among businesses using advanced market research.

Market Smarter With Mod Girl Marketing

Venture Beat estimates that corporate data will grow 40 percent annually throughout the next decade. “Marketers need to get a handle on their data quality,” they write. Anywhere between 10 and 25 percent of B2B marketing databases contain errors, which could lead to poor lead generation and improper direct mail campaigns. For a company with 100,000 records, a dirty database could translate to $2 million of money wasted because of poor data quality.

Mod Girl Marketing can audit your data collection to ensure your information is accurate and well-maintained. We can also ensure that your web Analytics, such as Google Analytics, is set up properly and conversion tracking is installed. We can consult your team on how to properly interpret and use the data to craft effective marketing campaigns. We can establish automated systems that aggregate all your information in a streamlined fashion, and deliver succinct reports along with suggestions for change to make your marketing more effective.

Want to see how well analytics can work for your company?

 

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