Marketing Analytics Software: Prove ROI To Management
A marketers’ technology stack is complex. One piece of marketing technology that can get particularly complicated is marketing analytics.
So how do you find the best marketing analytics solution for your business and how do you then get internal buy-in?
Here are 3 ideas on how to get internal buy-in when upgrading your marketing analytics stack:
- Highlight Decision Bottlenecks & Guesswork
- Set Objectives Everyone Believes In
- Think About The User
1. Highlight Decision Bottlenecks & Guesswork
If we take a step back, this problem typically starts to show itself when routine reporting gets tediously out of hand.
Building manual reports to get insights maybe used to take a few hours but now takes seven as new plafroms are added to the current stack.
Even though marketers and analyst experience this pain, it may not be as clear to those less involved, reluctant to change the way things have been done.
Being “data-driven” sounds great for many reasons, but it’s important to highlight efficiencies and results that will improve access to the right analytics and insights.
Data management, slow analysis and lack of insights are all parts of the complex problem. Highlight the increase in time and missing insights despite efforts to show how your current solution is falling short.
Typically, teams don’t have the internal resources or experience to truly address complex analytics problems. For a lot of companies, CRMs such as Salesforce and tools like Excel work enough to get by. But a comprehensive marketing analytics solution is backed by a marketing data strategy will dramatically increase decision velocity and solve internal debates much quicker.
Let’s take a look at the next way you can show your boss your marketing analytics software is providing results.
2. Set Objectives Everyone Believes In
Set objectives for the business and make sure leadership signs off on them. Business objectives in this case are what you want to accomplish as a business.
- Gain credibility
- Increase sales
- Engage current customers
Whatever it is, make sure they are written down somewhere easily accessible to everyone. We typically recommend doing this through a measurement strategy doc. Make sure to associate metrics and goals with each objective.
As you look for solutions on the market, see how they solve for your objectives and KPIs.
Never try to fit your measurement strategy into the limitations of your analytics tool. If you can’t get the KPIs from the tool, then find another.
3. Think About The User
One of the main reasons for implementing the right marketing analytics solution is that current members of the team have too much on their plate and an appropriate solution delivers what’s needed to each user on the team and limits overwhelm.
For instance, decide who on the team will see what data insights. Executives should not see the same insight as VP’s who won’t see what managers see. Everyone needs to have their own view of the data that pertains to their day-to-day decision-making routine.
PenPath Is Here To Help With Your Advanced Marketing Data Needs
At PenPath, we specialize in marketing data intelligence. If you’re a forward thinker and looking at how to prove the ROI of your marketing analytics software before buying it, we commend you!
If you already have a marketing data solution but are maybe not sure about whether it’s working for you, this article is for you as well.
We’re open to helping companies improve their marketing data strategy, and to prove that we’re offering a free consultation so our experts can take a look at your data.
We’ll also give you tips for improvement and offer options to make your marketing data strategy even better.
Data in marketing is here to stay, and marketers who are proactive about it will be successful in the long run.