Marketing Data Analytics – a look at the year ahead
Perhaps the most noticeable change in the field of data analytics is how rapidly it’s growing. Every year companies are able to gain more data from their customer interactions, and the lag time between feedback and insights continues to shrink. It’s also true that customers are often very informed, coming to your website already knowing what they want, and how much they’re prepared to spend. Data analytics is the means by which companies can better connect with those savvy customers.
In order to make use of growing data resources, companies will benefit from understanding how analytics and data capture works, and they’ll want to devise an effective analytics strategy for the near and long term.
Still some Automating, before we get there
In discussions about where the world of business analytics is heading, we talk a lot about the rise of predictive analytics — how companies are using big data to analyze trends in customer behavior. The goal is to identify your customer base with specific data points, and anticipate trends and changes in customer behavior as they arise.
But before we get there, a lot of the process for data capture and recovery will have to become more fully automated. Tools like Claravine, which helps to set up and verify data capture pre-launch, and ObservePoint, which catches errors that may have gone live post-launch, will become more important.
As machines get smarter, and as software systems get better at catching errors, analysts will not be forced to spend so much of their time doing cleanup and preventing data loss. So much of the system runs through human hands right now, and humans make mistakes. Machines are better able to analyze and sort data.
We’re at the doorstep of this change. Lots of companies are developing solutions to address these needs, but right now as we solve one problem, others come to light. Eventually every organization will have their own specific set of tools and guidelines — because no two companies have the same needs when it comes to data tracking. It’s the unique needs of each company that drives the quest for new solutions.
Small companies can still use big data
Big data has established itself as an important tool in large organizations. But even for small businesses like ours, there are solutions that give small organizations the opportunity to collect data they can act on. Marketers and analysts shouldn’t feel overwhelmed, or feel like they need a huge budget. There are lots of ways to have a cost-effective analytics program.
Those are some of the themes we’re thinking about, as we look ahead. How is your team planning for 2017 and beyond?