[Free Takeaway Inside – Ready-to-Use Analytical Techniques Across Marketing Life-Stages]
Is it time to bring advanced data and digital analytics into the strategy boardroom?
Over the decades, analytics has transformed the way businesses operate. From campaign management to decision-making to sales and customer service, analytics is now central to several marketing functions.
However, one function where analytics have not played a pivotal role (at least not yet to a complete extent) is strategy.
While strategy formulation will require creative thinking to set aspirations and bold choices, analytics can help you guide those choices. When creativity and analytics join hands, you can work wonders and formulate strategies that are realistic and easy to implement.
67% of leaders believe their organization is good at crafting strategy but only 47% believe their organization is good at implementing strategy.
What this indicates is that it’s harder to implement strategies than to formulate. But with analytics-driven strategies, turning ideas into an implementable plan is something you can manage, track and evolve.
The Advent of Analytics-Strategy Paradigm Shift
Analytics has evolved beyond implementing tracking codes on your website and capturing basic traffic metrics. Successful brands implement digital and data analytics far more than their website and analytics is poised to become the keystone of strategic business decision making.
The overarching role of analytics in marketing has created a paradigm shift. From surface-level web analytics to comprehensive digital analytics terrain, it has paved the way for creative data-driven decision-making.
Here’s how analytics can be applied to formulating strategic objectives and translated as analytical use cases to solve real-world business challenges:
1. Uncover Innovative Opportunities
Advanced analytical solutions can aid strategic planning by identifying new growth opportunities that could otherwise be hard to spot. Whether you want to identify new customer target segments, ideate new products or services, set new acquisition targets or find new applications for existing products, analytics can help you uncover hidden opportunities.
This is made possible by machine learning algorithms and sophisticated technology that parses through varied sources of data to spot new clusters of opportunities.
2. Bias-Free Decision Making
Commonly referred to as the inside view – often intuitions and emotions tend to overshadow important decisions. However, it’s vital not to let intuitions dictate strategic decisions. This is when you can rely on analytical insights to provide an outside view and back up your gut instincts to make reliable decisions.
Making a detailed study with actuals and estimates of your strategy’s chance of success before you allocate the required resources is a better approach than heuristics-based interventions. For instance, if your goal is to meet a certain sales target over the year, wouldn’t it help to assess its feasibility based on previous sales and forecasts than just set an unrealistic target blindly?
3. Identify and Capitalize on Trends Proactively
You may have an increase in organic traffic to your portal, but are you making the most of it? Or you may be running digital campaigns, but what are you doing to increase campaign responses and conversions? Digital analytics tools and platforms can help you tap into emerging patterns and trends so that you can make prompt and timely decisions before your competitors do.
4. Navigate Complex Market Dynamics and Make Agile Course Corrections
Advanced analytical modeling and statistical simulation can help to make near-accurate predictions of competitive responses or customer behaviour, thereby estimating real-time market dynamics. This can help you craft a well-informed plan of action or make quick course corrections if things aren’t going as expected.
For instance, you may predict that customers consume information in a specific sequence and don’t make purchases impulsively. Analytics can help you plot such different customer journeys so that your strategic interventions and communications are targeted according to the same sequence.
5. Advanced Attribution Capacity
With different teams working in the marketing domain, how can you attribute credit to the right team whenever there is a success in terms of achieving acquisition targets? Using analytics, leaders can decipher what moves the needle and maximizes ROI.
Since no single marketing effort is responsible for a sale you can determine the value of each touch by starting with the actions that created a sale and working your way backward to attribute credit.
Here’s a free download of an easy-start guide to take the plunge in your marketing analytics journey and formulate strategies across marketing life-stages.
The Dawn of Creative Analytics
Strategists and business leaders that combine the value of creativity and analytics can drive utmost value from their business plan. It’s not just about putting raw data on a spreadsheet; it’s also about how you can take a complex business problem and translate it into an analytical use case to come up with innovative solutions that work.
Turns out that 44% of marketers don’t have a well-defined strategy and are missing out on opportunities toleverage analytics. It’s time to formulate a lucrative digital marketing strategy driven by analytical insights and creative instincts. Let creative analytics open new doors for your business to generate revenue streams!
Have you explored creative analytics to make strategic moves for your business? Let us know your thoughts by dropping your comments below or writing to us at firstname.lastname@example.org.