May 7, 2020

Marketing data and analytics

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Customer surveys remain the most popular way for collecting customer experience (CX) data. According to Gartner, 80% of organizations with positive revenue growth and 58% of non-growth organizations use customer surveys to collect CX data. Surveys and other tools like focus groups and usability testing have some limitations. Jessica Ekholm, research VP at Gartner, said: “Recognizing this, growth companies are beginning to use n…ear- or real-time analytics, to complement or build upon the data collected from surveys.” According to Gartner’s Marketing Data and Analytics Survey, market research and marketing analytics absorb around 13-16% of marketing operations budgets. At the same time these investments are mismatched with their output and this presents a significant risk to the ongoing investment. Standard analytics tools and methods would suffice to count conversions, report on what happened and calculate performance metrics on channels in isolation. The result of this simplicity is a myopic view of marketing’s impact. Joseph Enever, Research Director covering Marketing Data and Analytics in Gartner, suggested four marketing measurement methods which provide predictions based on complex analysis of different source data and metrics. He said that marketer’s choice of measurement methods would be based on different circumstances like the availability and quality of their data, the existing marketing mix, available skills, and budget. Better results would be achieved by using multiple methods because each provides unique insights and addresses different challenges.

https://marketingtechnews.net/news/2020/apr/06/analysis-the-four-key-methods-for-marketing-measurement-to-maximise-impact/

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