Today, marketologists have more options to personalize own message by analyzing consumer's interests. But this led to a number of issues, including the assessment of ROI new tools to work with the audience. This post describes the study of New York American Marketing Association (NYAMA), devoted to adaptation of marketologists to the era of large data sets.
The survey involved 253 top-managers in charge of marketing in large companies (about 90% have more than $ 50 million in profits each year, 45% – more than $ 1 billion). 42% of respondents work in the field of B2B, 28% – B2C, 30% – in B2B and B2C mixed company). The study was conducted from January 27 to February 8, 2012.
The main problems with data analysis
Today a lot of content generated by customers and business representatives. Its volume continues to increase rapidly. Growth already has inspired a large number of analytical companies. These firms seek to help businesses interact with a new tool to analyze data in real time. The study showed that such companies are not always successful and effective, and not all of them know how to work with huge amount of information.
Almost all the leaders in the field of corporate marketing (91%) believe that successful brands have to use the information about the users when building campaigns. The main obstacle in the way is that this information is not enough (29% of respondents agreed with this statement).
39% of marketers said they can't properly analyze the available data, as they accumulate too often and not in real time.
36% of respondents stated that they have “a lot of customers' data,” but they “don't know what to do.”
That is why most marketers prefer traditional data collection, such as demographics (74%), brand attitude (54%). For comparison, social media monitoring engaged only 35% , the data from mobile devices analyze 19%.
In this case, the bigger the company, the greater interest in social networks is. Among the companies with the volume of sales of over $ 25 billion in social media are analyzed only 42% of respondents.
One of the obstacles оn the way of converting an array of data in a clear analytical report – is the lack of effective communication between departments and business units. In the past, existing departments (marketing, customer service, public relations) had their own clear set of objectives and separate management. Today, in order to better understand client's mood, they should pool their efforts but not all are willing to do so. 87% of marketologists agree that combining departments enable them to build a target during the campaign, effectively analyze data and measure ROI. But still more than half of companies (51%) don't intend to this interaction.
NYAMA experts offer some advice on how to overcome difficulties in processing information:
1. Should be collected only reliable customer data from several reliable sources, including optional – information in real time.
2. Link these data with metrics to calculate ROI.
3. Exchange data across the entire organization, not just its individual units.
The study found that not always when planning marketing campaign ROI is taken into account. Thus, 57% of respondents said that their campaign budget doesn't depend on this parameter. For 37% – much more significant is brand recognition.
New environment: how to adapt to it?
Emergence of social networks, digital content (from YouTube videos to e-books) have had a serious impact on consumers' behavior and discovered new opportunities for marketing. For example, there are forms of interaction with clients, as branded smartphone applications and fan pages on social networks. However, measurement of their effectiveness is still difficult. In particular, recent research has focused on Adobe Digital Index.
According to NYAMA, 85% of respondents are marketing campaigns in Facebook, Twitter, Google+ and Foursquare, 87% - generate digital content in one form or another, 51% of mobile ads are placed.
The market situation is rapidly changing and we must be able to interact with it. Here is the algorithm of action, which is analysts suggested to follow:
1. It's important to clearly define the goals. Experiments – are good, but still the basic objective is to achieve the highest KPI.
2. The choice of metrics and tracking their relevance. You must define the set of tools that allow you to track campaign success. However, it should be borne in mind that the situation is changing rapidly and the metrics that worked fine last year, now can't be relevant.
3. Collect the necessary data. Having defined metrics, you should understand what kind of information to work should be collected.
4. Informing employees about current goals and objectives.
5. Employee performance evaluation and rewarding the best ones. Bonuses to those who worked well, will motivate other employees to compete with the leaders and improve their performance.