CMO Challenge: Making the Most of Big Data and Analytics
Chief Marketing Officers today face numerous challenges, from choosing the right platforms to advertise on and hiring good talent to choosing the right CRM and analyzing ROI. Luckily, no matter what you’re up against, there are always ways to improve and optimize your strategies in order to become more effective and make your department a scalable revenue generator.
In the case of today’s CMOs, one major issue is the large variety of advertising platforms, which require the CMO to be able to see the big picture as accurately as possible in order make data-driven decisions. This means there is a need for implementing technologies that enable all sorts of data tracking, from expenditure on the different platforms, to sales, upsells, remarketing and offline activities, to name a few.
Collecting and storing data securely from a variety of sources is one thing, but also having the tools to capture the right insights is the winning combination you’re after.
Choosing the BI solution that best fits your business deserves some of your valuable time and should not be a decision taken lightly. Collecting and storing data securely from a variety of sources is one thing, but also having the tools to capture the right insights is the winning combination you’re after. In general, the more data points you have over a longer period of time, the more likely you are to gain serious insights. With the right tools, these data-driven insights could develop into algorithms, and thus the beginning of machine learning process of sorts, elevating your decision-making process to a whole new level.
At Covercy, an online platform handling cross-border business payments, the need for a powerful BI system is fundamental for its operation, similar to other online businesses. Understanding the customer behavior funnel from various traffic sources, the behavior of returning clients, and the purchase cycle—among many other elements—are key to your business success. Covercy is using Microsoft’s Power BI for exactly these reasons. With the assistance of the Power BI team and a successful and easy onboarding process led by a Microsoft product manager, we now have insights from Power BI that extend to other departments in our company as well.
The product and R&D departments, for example, can easily see how changes they’ve implemented affect customer behavior. In an article published by Microsoft earlier this year, Covercy’s CTO said: “If we see a drop at a certain step of the transfer, we can optimize it to get better results. Power BI really ties the whole team and the company together to make better decisions faster and more efficiently.” At Covercy, Power BI helped us to further understand the different behaviors of our customers, and in turn, enabled us to take a new approach in which we created new strategies aligned to the different types of clients. This turned out to be very beneficial for us.
Big data, data analysis and analytics are widely used terms in marketing with one clear message for you, the CMO: Data is king. To be more precise, it’s the combination of data and data analysis that should help your business grow. As a startup CMO with much responsibility on my shoulders, here’s my advice to you:
- Implement a BI system in your business. Finding the right one might take some time and cost some money; however, having all your data in one place will save you significant time and money in the future. Your time is valuable, make sure it’s not spent on connecting different reports from different channels and systems.
- Collect as many data points as you can on your customers’ behavior. With the right analyses, you will acquire game-changing insights and gain a deeper understanding of your customers’ needs. This will enable you to be more cost-effective in your marketing strategies.
- If you are not a numbers person, get one. Having an analyst on your marketing team is fundamental to getting on track to making high-level data-driven decisions, which is ultimately what you are after.
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