5 Important Marketing Analytics Lessons from Forbes' Survey

As many business owners and executives know, business technology increases significantly every year. While it is hard to keep up with technology changes in marketing, Forbes’ recent survey demonstrates how businesses are building integrated technology and marketing systems.

The survey focuses on the use of data and marketing in business and industry. Businesses are integrating marketing analytics and big data more than they have in the past, while business executives seek to increase their use of big data in marketing plans. The following are the five most important lessons from the Forbes survey of CEOs, CMOs, and other executives:

 1. Big Data Has A Big Impact

Without the ability to store and process large amounts of data, computer analytics are limited. Without big data, there’s simply not enough information available to create reliable statistical models for analysis. Modern data and analytical technology is advancing quickly, and the majority of business leaders surveyed all agree that data-driven marketing should play a bigger part in their business overall and in the general market.

Big data has drastic effects on marketing because it gives businesses the ability to produce more demonstrable results than in the past.

2. Data-Driven Marketing Gives Demonstrable Results

One of the greatest advantages of data-driven marketing in the survey was the delivery of demonstrable results. Anyone with experience selling—or being sold to—knows the power of demonstrable results in advertising. Through proper tracking, you can manage your advertisements, and find the numbers, like your ROI and CPC, that tell you how your marketing efforts are performing. Advertising companies have been using this to their advantage for awhile Now you can easily build your own data-management and data-analysis systems with the latest advances in technology.

Monitor your entire marketing funnel to find an accurate ROI. Strategic business and market planning now means tracking people on your website, tracking phone calls, and tracking customer information.

3. Big Data Improves How You Do Business

Marketing systems are often given a budget and left to themselves. The executives in the Forbes survey showed that with proper information management, marketing systems are essential. Because of how important your customers are, this integration can produce powerful results.

With advanced analytics and big data integrated in your marketing system, you reduce human error in managing customer accounts, and you give yourself the tools to make accurate and timely decisions. Big data improves the way you do business.

Many business leaders are building systems that meld the analytics and tracking of marketing with the information controls of accounting to produce highly efficient technological business systems.

4. Information-Technology Training Is Imperative

One trend that the survey found was that laggards in data-driven marketing did not use training to benefit their information systems. Many business executives stated that the need to integrate their information systems throughout their organization was because of lack of training.

In order to use the best software and technology to produce accurate and profitable results for your business, employees and management must use the system well.

5. Data-Driven Systems Need Business Leadership

Many CEOs in the survey did not claim to take part in the information-analytics systems that were used in their marketing efforts. And yet, the survey showed that businesses that were able to successfully take advantage of data-driven marketing trends had complete involvement of management.

Businesses who are leading their industries in marketing, in data management, and in using technology to increase profits all use the best training and involve the right decision-makers at every level.

Those businesses that utilize data-driven and marketing analytics show the beneficial results of market leadership.