Customer Data Analytics Needs a Fresh Perspective

    Customer Data Analytics Needs a Fresh Perspective

    Not fully satisfied with the results of marketing analytics, experts ask companies to focus on selective data and right tools.

    There is no dearth of customer data, which sometimes gets overwhelming. Meanwhile, customer demands continue to move up several notches. Brands must hope that their team can process the data without inaccuracies which could destroy B2B transactions and future relationships.

    Read More: Downstream Intent Data Can Get Brands Ahead of Competitors

    According to a Gartner report, many C suite executives believe that their marketing analytics has not met their expectations. At a time when CMOs prioritize marketing analytics as their vital commander, statistics reveal that only 54 per cent of company decisions are determined by marketing analytics.

    At this rate, it is predicted that 60% of CMOs will let go of half their marketing analytics departments by 2023. As a cause of concern, executives must rethink their strategy and be selective with their data and use accurate tools. This reconsideration will help bridge the gap between customer insight and business goals.

    While companies look to use various strategies, they are always at the risk of being overwhelmed by the possibilities and result in a big pile of confused insights. Industry experts recommend companies to invest their time and resources only after a thorough understanding of their shortcomings.

    AI is the go-to solution for technical issues, and rightly, it can decipher customer purchase patterns, budget projections, and the emotional triggers that the brand or its competitors encounter. As a result, Forrester predicts that over 60% of B2B sellers will utilize AI and automation in 2021. Several companies are using the technology to customize their account-based marketing strategies as well.

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    Location intelligence has been a part of every brand’s marketing stack, but experts recommend the increased addition of big data to gather insights. Research also indicates that complex omnichannel marketing strategies of investing in translating massive data into insights could also help.

    Forty-four per cent of the survey respondents reckon that their analytics team will grow in the next two years as brands prepare themselves to address the data challenges and increase their ROI with the right data and tools. On the other hand, most companies believe that the analysis team will shrink in the coming years with automation taking over 50 per cent of data scientist activities. Also, 79 per cent of respondents expect to have a CDP deployed in a span of 3 years.

    While automation can undoubtedly address the nitty-gritty of customer data analysis, the highly skilled analytical team must be involved in business decisions. Experts believe that brands invest in automation purely on the basis of the benefits of the investment and not because they are hopeful about the future of the particular technology.

    Companies must look to invest in their core analytics team could build on the available automation. Analysis specialists recommend skill development in advanced modelling, persuasive communication, and consultation.

    CMOs understand the dire importance of customer data analytics but the dichotomy of their expectations and results taints their perception of the analytics department. Without clear recommendations and actionable guidance, mere automation analytics cannot offer expected results.