The need for today's marketer to take the reigns of their own technology stack can be traced to three shifting tides that have transformed the industry. First, the increasing quantity and quality of marketing data has created a data-driven marketing culture, and CMOs are tasked with enabling teams that use data intelligently to improve campaign performance. Second, the technology needed to harness this ever-growing, siloed data must be mature enough to connect multiple, disparate data sources and speed time to insights. Third, many CEOs now expect marketing to fill a new role, one that is not merely about increasing visibility but also tied directly to the company's business objectives. Successful CPG brand managers must harness their own buying power to be able to invest in the right technology that will enable their team to work smartly, work efficiently, and meet key corporate KPIs.
If you're still relying on your company's IT department to handle your marketing technology needs, you may not be able to meet what is required of today's data-driven marketers. Most IT departments use business intelligence software in a rigid, flawed way when attempting to surface insights from marketing data. Choosing a marketing intelligence solution that shortens the report development and analysis timeline from days to hours, speeding time to strategic insight, can help brand managers marry their marketing to revenue.
Even if your company is too small to have a dedicated IT department, as the leader of your marketing team, you should feel empowered to purchase technology that allows your team to act more deliberately and intelligently. Here are three reasons why you should invest in the right technology to harness your marketing data:
(Photo by The Nigmatic.)
1. Because brand managers must show the business impact of marketing. Marketing is now expected to help close business further along the pipeline. Increasingly, marketers are being asked to answer specific business questions that are tied to their organizations' overall KPIs. For example, what is the relationship between the “customer lifetime value to customer acquisition” ratio and revenue? As marketing becomes more data-driven, awareness is not enough. Your CEO and COO want to see that their investment in marketing translates to something tangible. Most IT departments are known for providing reports that provide little value to answer specific business questions. IT tackles problems from the bottom up: they gather a large pile of whatever data they can most easily get their hands on, and pass it off to your team. It's not always the right data — and this brings us to our next reason ...
2. Because you need to focus on the campaign dimensions that matter most. To answer these very specific questions tied to both performance and revenue, you need to know where to look. To improve performance, you need to know which campaign dimensions must be interrogated, tested, and tweaked. Your IT department's analysts are not necessarily equipped to sift out the right insights for the marketing use case. A marketing intelligence platform like Velocidi's easily ingests marketing data from varied sources — whether in an Excel sheet from your sales department or social media data pulled from an API — and enables you to cleanse, prep, and edit that data for analysis. Here, your marketing data isn't being funneled into a dead-end data lake. Instead the platform ingests and cleanses your data and applies visual analytics, informing you where to look for performance outliers and helping you identify next steps in order to improve campaign performance.
3. Because you need to make quick decisions based on the right insights. As CPG brands navigate increasingly fragmented consumer audiences, products, distribution, and communication channels, the structural challenges created by this complexity — i.e., siloed data sources, multiple tools, uneven analytic capabilities, and competing and untimely insights and metrics — make it increasingly difficult to make rapid, intelligent, data-driven decisions around brand-building, delivering effective advertising, and improving customer relationships. While IT is worried about security and infinite flexibility, marketers want answer to their questions, ASAP. Infrastructure needs to be set up quickly. Investing in a self-service marketing intelligence solution that speeds time to insights can help marketers get to the "aha" moments that build their brand, sooner.