In today’s increasingly digital and data-driven world, marketing teams are turning to technology to navigate and thrive. With the creation of advanced analytics platforms, these teams are witnessing the tremendous benefits such tools bring to building a successful marketing plan. However, under-equipped teams face new challenges in the absence of proper marketing measurement tools.
To gain a deeper understanding of how top-performing marketing teams leverage advanced technology, Keen recently surveyed full-time marketers at mid-market or enterprise companies. In this blog, we will share the findings of the 600+ respondents about how these high-performing teams are leveraging technology for measurement and forecasting. We will also share how it is shaping the skills necessary for success, and the impact it is having on the revenue generated by their marketing efforts.
Advanced analytics and campaign effectiveness
According to our survey, 86% of marketers who use technology for these purposes turn to analytics platforms, which have proven to be increasingly valuable. Here are some key findings:
- Enhanced Campaign Effectiveness: A staggering 91% of marketers reported that integrating advanced analytics platforms into their campaigns contributed to their overall effectiveness in the past year. By leveraging data-driven insights, marketing teams are able to optimize their strategies and make data-backed decisions.
- Facilitating Personalization: With the decline of traditional cookies, marketers are finding personalized targeting a challenge. However, 81% of marketers believe that analytics platforms are essential for facilitating personalized experiences. These tools enable teams to understand customer behavior, preferences, and demographics, thereby creating tailored campaigns that resonate with their target audience.
Yet, challenges arise when marketing performance measurement tools are not properly implemented. Teams lacking these tools face data limitations in various areas:
- Interactions Between Marketing Channels: 66% of teams without suitable measurement tools struggle to track and understand interactions between different marketing channels. This opacity hinders the ability to optimize marketing strategies for maximum impact.
- Budget Management: 45% of under-equipped teams lack sufficient data for effective budget management. This creates inefficiencies, as marketing spend is not accurately allocated to the most lucrative channels or campaigns.
- Precise Allocation of Spend: Similarly, 41% of marketers lack the ability to precisely allocate their marketing spend due to insufficient measurement tools. This prevents them from optimizing their budgets and maximizing returns on investment.
Challenges in marketing measurement implementation
It’s worth noting that senior leadership (37% more likely than average) recognizes the importance of proper marketing measurement tools for accurate budget management and spend allocation.
Unfortunately, implementing these measurement tools is not without its challenges. 80% of marketers surveyed found integrating these tools into their overall strategy to be moderately or highly challenging. This complexity may arise from integration issues with existing systems, skill gaps, or resistance to change.
High-performing marketing teams are embracing technology and harnessing the power of analytics platforms to optimize their campaigns. These tools provide the necessary insights for effective measurement, personalization, and budget management. However, under-equipped teams face challenges in leveraging these benefits, resulting in limited data on marketing channel interactions, budget management, and precise spend allocation. Overcoming these challenges and implementing measurement tools effectively is crucial for marketing teams to excel in today’s competitive landscape.
Download the “Mastering Measurement: The CMO’s Guide to Building High-Performing Marketing Teams in 2024″ eBook of complete survey findings here.