Marketing teams nowadays collect plenty of customer data. However, the data itself is useless unless it is analyzed the right way. Marketing data analytics is what helps businesses get customer insights and make data-driven decisions.
Every year marketing specialists need to aggregate more and more data, and therefore analyzing it becomes more difficult. Read on to find out 4 biggest challenges of modern marketing data analytics.
Problem of identifying and tracking meaningful analytics
This is one of the toughest challenges for marketers. The metric identification process must begin with something other than looking at whatever metrics are available or just following existing marketing processes. Instead, this process has to start with understanding the strategic objectives marketing is pursuing. There is often no easy, direct path to getting the best metrics for an analytics process. Marketers might find themselves juggling different sets of data, blending and calculating numbers to arrive at something that truly indicates how a process is performing.
Businesses need more resources to utilize data analytics properly. Staffing up employees who are trained in analytics will take priority. In addition, marketing data analytics requires time and money, but many businesses do not have the budget or staff to dedicate to data analytics, which can limit its usefulness.
Abundance of marketing data
The modern marketing landscape is diverse and complex. Most channels are digital, and campaigns produce content people consume across many devices. While this sheer volume of data is good, marketers find themselves overwhelmed in a data overload situation.
Lack of expertise
Many marketing organizations need more skills to use data analytics effectively. Marketing data analytics requires a specific set of skills, including statistical analysis, data visualization, and technical skills. Understanding the customers and products well is also important. These skills and knowledge are necessary to make sense of the data and glean actionable insights.
How to overcome these challenges?
Despite its difficulty, marketing data analytics is a powerful tool that can help you improve your marketing strategy. Thankfully, as the challenges of marketing analytics rise, so too are the BI tools that make marketing analytics more effortless to manage. Click here to learn how to use marketing data analytics in practice.
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