Marketers rely on tech solutions to help navigate the increasingly complex space of data and analytics, and while most believe analytics is a key component to their marketing organizations, there are still challenges facing data-driven teams.
According to the recent “2016 State of B2B Marketing Metrics and Analytics” report from Regalix, marketers are now able to better link analytics and ROI, which is a big step forward for this technology.
“What pleasantly surprised us were the findings in the research that seemed to point toward the fact that organizations were getting better at tracking ROI from analytics and this was having a positive impact on their bottom line,” Regalix senior vice president of marketing Nimish Vohra told KoMarketing Associates’ B2B Online Marketing Blog. “What was disappointing to note was that like in previous years, most marketers were still stuck with basic data points in tracking their programs, which is sub-optimal.”
The wide variety of analytics solutions available to marketers means that the need to research and vet solutions before committing to a tech tool is becoming more important.
“Just as digital channels have proliferated in the past few years, so have analytical tools,” Vohra told B2B Online Marketing Blog. “There are two key challenges that marketers are combating with – choosing the right tool to work with, and the fact that there is often need to invest in more than one tool to meet your requirements. Fifty-five percent of marketers we spoke with said they were able to only ‘somewhat effectively’ leverage their analytics data to measure their organization’s marketing performance. This will be an on-going struggle for marketers.”
Vohra added that marketers should remain flexible to the new opportunities that analytics solutions can provide for their organizations.
“Nothing remains constant in the digital space, so there is no time for complacency. You are learning all the time,” Vohra said. “Working toward getting more out of what they have already invested in analytics and adapting to the ever-changing digital reality should be an on-going task for marketers.”