Marketing executives planned to spend more of their 2018 budget on marketing technologies than on any other category, including labor and paid media. According to a recent survey of CMOs, executives dedicated 29% of their budget to marketing technologies, a 7% increase from the previous year. The largest spend within martech went to data, ad tech and marketing automation technologies. Why? Because marketers know that having powerful systems that can collect, clean, crunch and analyze data is table stakes today, required just to stay in the game. Many marketers have found, however, that to truly put the technology and analytics to work for them and their customers is easier said than done.
The few leading marketing organizations that have succeeded in using analytics technology to its full potential, seem to have a few common elements in their strategy, says Google. These marketing leaders have:
- made it a priority to integrate their disparate systems of record so they deliver full-cycle metrics and analytics that inform smarter marketing decisions
- merged their mobile and app teams to deliver a seamless brand experience regardless of where consumers choose to research, compare and shop
- invested in new technologies, such as machine learning, to help them react faster to their customers’ changing needs, wants and tastes.
Two technologies often mentioned together or interchangeably, machine learning (ML) and artificial intelligence (AI), have the most potential for audience targeting and segmentation, simply because of their capacity to “tame” the avalanche of demographic, location and search data users leave behind online. An overwhelming majority of organizations that have implemented AI for these tasks already report a positive return on their investment.
Net Conversion is one of the organizations that have experienced first-hand the tremendous boost analytics technologies can give to the speed and quality of insights. If you are one of our clients, you have, too. Conversionomics, our internal data tool, which we built with direct inputs from the analysts that live and breathe marketing analytics here, has enabled our agency to produce the high-quality and high-frequency dashboards and insights that our clients (you!) rely on.
We believe that Conversionomics’s data integration and analysis capabilities can compete with some of the commercial tools offered on the market today, and we are eager to get your opinion on its value. If you are interested in using it in your own analytics organization, please let us know.