As data is evolving and becoming more complex with each passing day, it is necessary to avoid making analytics strategy mistakes that don’t yield the desired outcome.
The rapidly evolving nature of the marketing environment has made it difficult for CMOs to develop evolving analytics strategies. Added to that, the pandemic and its significant negative impact on the marketing landscape have only made this task harder for them. The industry uncertainty revolving around the cookie ban and the remote work and hybrid environment has created issues around data reporting workflows, further resulting in poor analytics. Therefore, it is essential for CMOs to take steps to refresh their analytics and to avoid making mistakes that could create hurdles in creating the right workflow to conduct effective analysis.
Not being specific about analytics questions
Asking only general and broad questions surrounding analytics will lead nowhere. Therefore, CMOs should ask specific and relevant questions around the business problem they want their analytics to solve. This will also enable them to plan the right metrics and identify the best reporting structure.
Also Read: How Marketing Data Analytics Can Help Brands to Sustain the Evolving Marketplace
Not having a clear timeline
CMOs should clearly define and should have a timeline for short-term and long-term analysis. The short-term should be tied to the campaign’s current needs, while the long-term should focus on creating advanced models that support data connections. They should clarify a timeline to evaluate correctly where their resources are best deployed.
Testing everything the customer view online
CMOs can set timelines to simplify the creation of their A/B test schedule. Even though it can tempt the marketing team to test each element of the user interface, this can result in a huge waste of resources and cost. Instead, they should test factors that can truly influence the customer experience and help them reach more meaningful results.
Integrating latest martech solutions too early
Adding the latest marketing solutions to enhance the martech stacks is a compelling idea. However, if they are added without setting clear expectations on how the technology will solve data problems, it can create a significant technical debt, resulting in abandoning of the tools due to its uncertainty in the workflow. Thus, to tackle this, CMOs should clearly weigh the pros and cons of their present marketing tools before searching for a new solution.
Unhealthy Obsession with quick hits
Knowing the number of website visitors is fine when dealing with a website or media launch. However, as the campaign advances, instead of investing too much time reporting, such quick hits can get in the way of their time and discussions spent on advanced analysis. Hence, before relying on the visitor numbers to make the relevant decisions, CMOs should determine their business impact. They should allocate a specific time to pursue these insights and should encourage their team to make a deeper analysis.
Also Read: Three Martech Mistakes CMOs Should Avoid Making
Not discussing data governance with vendors
In the wake of concern over privacy, it has become increasingly important for brands to have data that doesn’t breach their users’ privacy. Therefore, CMOs should carefully review the vendor data policies to reduce some of their worries. They should get a sense of how data compliance is managed among their team and partners. Additionally, having discussions about data governance with vendors can open the door for APIs audits and ensure that data used by the business follows compliance.
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