If you’re like most marketers, you understand that big data can no longer be ignored. The companies that rise to the top in 2015 and beyond will be those that can both obtain data and process it in smart ways to extract meaningful insights. Still, making major improvements to your data and insights capabilities can seem like a massive task, and you may still be dragging your feet or trying to ignore the need for change.
Do any of these excuses sound familiar?
The amount of data available to marketers has grown exponentially in the last few years, and the sheer scale of information can be intimidating. What kind of data should we look for? How can we separate the meaningful metrics from the vanity metrics? What data should we start with, and once we get started, how will I know where to stop?
Our answer: You’re right that getting started with advanced data analysis can be overwhelming, but it’s all about setting smart priorities about the kind of information you want to obtain. We recommend asking your team to answer one simple question: “what do you see as the top three questions about our customer or industry that, if answered, would allow us to meet our biggest, most audacious goal this year?” Then, use their cumulative answers to decide on a short list of insights you’re going to work to obtain, and build backward, finding the right metrics, analytics tools and analysis processes to meet your needs.
We simply can’t afford to obtain data and process it the way other companies can.
Our answer: Yes, advanced data analysis comes at a price, but ask yourself: can you afford not to make the investment? Not if your competitors are finding ways to budget for big data.
If budget is a concern, start small. Rather than hiring a data team or experienced data expert to join your team full-time, consider bringing in an agency or independent consultant to help you build a data analysis strategy and system that meets your current needs. As your budget grows, they’ll be able to grow with you.
Our team is already busy, and meaningful data analysis takes time. I don’t know how we’d fit it in.
Our answer: Thanks to the advancement of analytics tools in recent years, many of the time-consuming aspects of data analysis are now automated, so the process may be less time-consuming than you expect. Still, extracting meaningful insights from data and applying them to your business does take a time investment. If your current team doesn’t have the bandwidth to handle the task, consider hiring someone who will be exclusively focused on data and insights, or work with a consulting firm that makes data and insights a central part of its approach. You’ll likely find that the return on this investment makes it highly worthwhile.
Yes, there are many reasons to put off getting smart about data, but the drawbacks of waiting far outweigh the benefits.
What will you do this year to start advancing your data and insights capabilities?
Photo credit: Ken Teegarden via Flickr Creative Commons
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