CMO audit series, Part 6: Analytics
In Part 6 of a series, columnist Scott Rayden walks you through the top areas you should focus on in marketing analytics and how to implement them.
No marketing department has an unlimited budget. The money question for us (pun intended) is “How can we best allocate budget to convert and keep the highest-value customers?” Marketing analytics is rapidly evolving to answer the money questions and help marketing leadership make better investments.
Over the last few years, analytics has grown in sophistication in a lot of ways. On the customer side, it’s changing in terms of how much data we can capture on our customers, our ability to connect them across devices and channels and visibility into what drives them through the funnel.
From an internal standpoint, marketing analytics is evolving to require less technical heavy lifting: Where we used to rely on engineering or IT to add tags that could take up to six months, depending on workload, now there are new tools that, once implemented, allow marketing teams to facilitate changes unassisted.
Let’s break down the top areas of focus for analytics. I’m going to walk through what they are, how you can benefit from them and what phase one and two of implementation should look like: