With the current state of marketing analytics and the tendency to have more data than we know what to do with, some of us may be wary to believe there is a solution that can connect, unify, and organize our data in a truly valuable way.
Is it possible for marketing intelligence software to bring together brand, media, and product data? Is there a way to make sense of our data, and as a result, make informed decisions in near real-time?
We break down this commonly asked question, and our answer may surprise you.
What Is Marketing Intelligence?
As brand managers, you are likely intimately familiar with marketing intelligence and the important role it can play in informing your decisions and what you report to your CMO. This information, including your company’s markets, penetration strategy, customer data, brand data, media data, and more, is gathered from a wide variety of sources and, ideally, transformed into actionable insights. Insights that are created from the patterns and relationships within your marketing data, that take into consideration all data sources, will help in successfully seeing and reporting on the whole story behind what’s shaping your marketing performance.
Unfortunately, that ideal outcome isn’t always the case. Data analysis and reporting on the marketing intelligence available are often cited as the primary challenges brand managers face. You are collecting more data than you can handle, and you don’t have the support needed to manage it, let alone analyze and extract actionable insights from it.
Without proper analysis and reporting, data sits uselessly in your queue. Making important marketing decisions with confidence becomes increasingly challenging with this information overload and lack of resources.
So, is there a solution? Is it possible to combine all of this data — brand, customer, media, and more — to make informed decisions more quickly?
Marketing Intelligence Software
Well-designed marketing intelligence software automates the collection of all of your marketing data, and provides tools to ingest, harmonize, analyze, and report your performance in a single, connected narrative.
With the right platform in place, your team can bring together brand, media, and product data from agencies, operations, finance, marketing, and more. Unifying and organizing your data unlocks its value and enables powerful collaboration across teams and partners. This process also provides actionable insights and foresights, and empowers you with the information necessary to make better brand, media, and product decisions.
The Impact of Marketing Intelligence Software for Brand Managers
By optimizing marketing performance and increasing the productivity of media spend, marketing intelligence software can have a powerful impact on the value of your brand.
The actionable insights collected from the analysis of your market intelligence can help guide and shape brand perceptions, engagements, and consumer and customer relationships.
Where Marketing Intelligence Software Dominates
There are specific situations that make marketing intelligence software more or less valuable. First, let’s discuss the situations in which marketing intelligence software can help your brand dominate in the market.
Marketing intelligence software is most powerful when your company employs diverse digital and non-digital marketing strategy, and your data strategy, teams, and technology are all integrated. Marketing intelligence software is most powerful when you’re:
Capitalizing on the Micro Moments
When leveraged correctly, the insights gathered from marketing intelligence software can help you to delight consumers in the micro-moments that matter most — when they want to know, go, do, or buy. Combining audience- and customer-level data, channel attribution, and digital analytics allows brand managers to segment, optimize, and personalize the consumer experience in these critical flashes in time.
Utilizing a Software That Creates a Single, Holistic View of Performance
With a single, holistic view of marketing performance, performance evaluation and reporting becomes increasingly powerful and radically simplified for brand managers. Collecting data from all sources tells the whole story, and combining these analytics and marketing data with advertising can turn those insights into valuable actions.
Collaborating and Sharing Information
To truly have an impact with marketing intelligence software, your culture and technology must be supportive of collaboration and shared information. According to research conducted by Econsultancy in partnership with Google, leading marketers are 1.6x as likely to believe that open access to data leads to higher business performance.
Aiming to Solve Marketing-Specific Problems
If your brand has set out to solve marketing-specific problems, then a marketing intelligence software can be extremely powerful. Mismatched metrics, complex reporting, and data silos are some of the most common problems marketing intelligence software can address. And if you aren’t aiming to solve these problems, you should be. 85% of senior executives agree that removing silos is critical to expanding use of data and analytics in reporting. Removing silos is essential to team success and meeting organizational goals, but also key to data and technology.
Is Marketing Intelligence Software the Right Fit for ALL Situations?
Not necessarily. There are specific situations where marketing intelligence software could fall flat. We’ve outlined two of the most critical indicators that a marketing intelligence platform may not work for your particular brand.
Your Culture Doesn’t Support Marketing Technology or Data-Driven Transformation
In a study conducted by Econsultancy, nearly 7 in 10 marketing leaders say that their companies use data to support decision-making at all levels. If your brand’s culture doesn’t fully invest in or support marketing technology from the top down, you’ll find your team struggling to see the value in a marketing intelligence platform.
Your Team Doesn’t Have an Analyst or Marketer with Analytics Skills
Without this key ingredient, your data will be useless. A lack of understanding in data and analytics is a top barrier for many marketers. Creating a data strategy that is led by an analyst who can also generally educate your entire team will empower employees to make more informed daily decisions in real-time.
The Pitfalls of Marketing Intelligence Software
All marketing intelligence software is not created equal. With the various platforms on the market, there are a few key items to be on the lookout for that will impact the value and accuracy of your insights and the speed at which you can analyze and act on them. Does the software:
- Truly connect all of your data sources — if not, you’re getting a fragmented story, not the whole picture.
- Create data visualizations — if not, you can easily miss patterns and relationships between different marketing and advertising efforts.
- Allow for easy collaboration and information sharing — if different departments are left in the dark, opportunities to act in real-time and improve marketing performance are lost.
- Enable you to edit data without technology support or programming skills — simplifying your work to map, cleanse and reconcile disparate and unusable data.
Marketing Intelligence Software Takeaway
There are critical elements, cultural tendencies, business goals, and specific situational factors required to truly see the value in implementing and utilizing a marketing intelligence software for your brand. However, when leveraged correctly, marketing intelligence software can allow brand managers to make faster, more effective marketing decisions with confidence and ease by combining your brand, media and product data into one single platform.