Your ultimate guide to
READ MORE INSIDE:
MAKING SENSE OF THE NOISE
INSTANT DIAGNOSIS... WHEN YOU NEED IT
GETTING BUY-IN FROM TOP-LEVEL EXECUTIVES
FIGURES TO KEEP YOU ON THE RIGHT TRACK
â&#x20AC;&#x153;A marketing analytics dashboard allows you to use just one system instead of chasing around like a busy fool.â&#x20AC;? B | STATWOLF.COM
FORGET EVERYTHING YOU KNOW ABOUT ELEPHANTS H
ere’s a thought experiment for you. Imagine you’ve never heard of an elephant. For whatever reason, you have never seen, heard of or otherwise encountered an elephant. And you’re then blindfolded, put into a darkened room and only allowed to touch the animal once before you have to describe it. If you happen to touch the elephant’s tusk, you might imagine you are feeling a spear; if you touch its tail, it could be a rope. If you touch its trunk, you might describe something akin to a snake. This theory first came about in India centuries ago and was made famous by the poet John Godfrey Saxe almost 200 years ago in a poem called The Blind Men and the Elephant, which ends with the verse: “And so these men of Indostan [India] disputed loud and long, Each in his own opinion exceeding stiff and strong, Though each was partly in the right and all were in the wrong!”
In the long-standing theory of the elephant, the issue is with a lack of information – and making an incorrect decision thereafter. The same thinking applies to marketing analytics: if you focus on only one thing, you don’t get the full picture.
Grad Conn, General Manager and CMO for Microsoft U.S., recently expressed a similar sentiment when explaining his work process: “[Marketers are] frustrated and challenged… by the number of systems that you have to work with. “As well as our own systems – there are also a lot of other systems I have to use to traverse the entire customer experience journey from anonymous-toknown-to-opportunity-to-customer. And there are many other systems. I’ve got, probably at any one point in time, about 100 systems that I am working with. “The challenge is, if you are trying to get a consistent view of how your customer experience system is working – it’s very difficult when you’ve got a bunch of different systems. “They’ve all got reporting in them – but they are just reporting on what they do. Unless you can see how each part of the journey was working – it would be impossible to optimise and make it work correctly overall.” That’s exactly where a marketing analytics dashboard comes in. It allows you to just use one system instead of chasing around like a busy fool.
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MAKING SENSE OF THE NOISE
hat’s where an effective marketing dashboard comes into play. Instead of chasing your tail trying to streamline data from a whole host of sources, you can get all your insight from one place. It gives you the power to actually analyse the patterns of the data – not just spend all your time collating it. And there is a hell of a lot of data out there to analyse.
MANAGING THE UNMANAGEABLE
According to IBM, “2.5 quintillion bytes of data is created every day.” Indeed, 90 percent of the data that exists in the world today has been created in the last two years.
In 1980, it would have cost upwards of €1.5 million just to store that amount of data. Now, some Internet of Things (IoT) enabled refrigerators have a similar amount of computing power.
Almost every industry is trading in data – and it’s not just the obvious ones. For instance, General Electric make huge wind-turbines for wind-power, complete with data-generating sensors. Bill Ruh, the VP for Software at GE Research said, “the amount of data generated by sensor networks on heavy equipment is astounding. A day’s worth of real-time feeds on Twitter amounts to 80GB. One sensor on a blade of a gas turbine engine generates 520GB per day, and you have 20 of them. Per turbine.”
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It’s not just on wind farms either – the data you generate is pretty staggering too. The average worker creates around 1.8 million megabytes of data every year, according to experts at MIT. That’s not too far off 5,000 megabytes a day – for example, email and the Microsoft Office Suite account for 72 percent of our daily data output.
bytes of data is created every day.”
INSTANT DIAGNOSIS... WHEN YOU NEED IT
and imagine a scenario whereby all the important parts are presented to you daily.
Predictive analytics looks at the future. It uses the trends and patterns in the data you’ve produced and makes predictions on the areas that should be concentrated on. It might tell you that Facebook is generating a lot of leads for your company, therefore the platform is worth investing in.
Noted marketer, Lincoln Murphy, advises that, “people don’t buy from you because they understand what you do. They buy from you because you understand what they do.”
wo popular topics in marketing right now are business intelligence and predictive analytics (and many people use those terms interchangeably). Business intelligence looks at the past and examines why certain things worked. So in the case of marketing, it could look at why certain campaigns worked and others didn’t.
Marketing spend on data analytics is expected to increase by 83 percent in the next three years, and yet, only 23 percent of companies have a concrete strategy for turning analytics into decisions.
THE POWER OF AN ANALYTICS DASHBOARD
Again, that’s where a combined analytics dashboard comes in. Take all your marketing data
You can dig into the analytics whenever you want. So whether it’s an instant diagnosis of how a campaign is going or an in-depth look at your overall marketing efficiency, the information is at your fingertips whenever you need it.
WHAT THE STATWOLF DASHBOARD CAN DO FOR YOUR MARKETING
Instead of logging into the myriad different reporting tools you have, you can seamlessly integrate your data sources into the Statwolf dashboard.
So instead of trawling between Facebook, Google, LinkedIn and Twitter and then collating all the data – you get everything in the one place.
You can see what percentage of your social views came from each channel as well as generating charts and progress reports at the click of a button.
Manage your SEO and SEM integrations. Statwolf automatically pulls everything together and matches it up, offering a simple, complete overview of your digital performance.
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GETTING BUY-IN FROM TOP-LEVEL EXECUTIVES
n your ideal dashboard, you can input data from a wide range of sources, including ad servers, social media, landing pages, mobile apps and other digital components – for fast, reliable campaign evaluation. Even better: your data will be presented in simple interactive charts and visualisations so it’s perfect for sharing with clients, CFOs, or higher-ups. And that’s where Statwolf’s offer can help. The rise of social media brings the chance to drive behaviour through content creation – so brands are increasingly becoming publishers. This makes fast, efficient tracking and the management of content creation essential. The insights don’t just apply to marketing – they apply to the whole business. When thinking about the analytic dashboard you need, don’t just think about your marketing team. A good dashboard will be relevant to a whole host of upper management too.
CREATING EXECUTIVE BUY-IN
The C-suite want to see the contribution that marketing is making towards the business. An effective analytics marketing dashboard can show even the least-tech savvy executive the areas that marketing is excelling in.
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“An effective analytics marketing dashboard can show even the least tech-savvy executive the areas marketing is excelling in.”
HOW THE BIG SHORT MIGHT HELP YOU OUT THE THREE EXECUTIVES YOU MIGHT NEED TO CONVINCE ARE: The CFO: The Chief Financial Officer is usually all about the money. They are a handy ally to have on your side when it comes to arguing the case for implementing a combined analytics dashboard. They can see the value in the data – and the insights you can gain. When it comes to CFOs, efficiency is key – so a platform to save time while still presenting on what matters is a no-brainer. The CIO: The Chief Information Officer (or CTO if it’s Technology) is concerned with making sure their company has the necessary IT infrastructure to succeed. The CIO needs to see that an analytics dashboard allows both the marketing teams – and the strategic leadership of the company – to gain the insights they need. 20 years ago, marketers had to make the same business case for Excel. They might have had all the information in old-fashioned accounting ledgers, but Excel gave them their time back. The CEO: The head honcho – or the Chief Executive Officer, to give them their formal title. While the monetary savings are still an important factor in convincing the CEO, the real bait here is the strategic insights data can offer. The CEO’s job is to chart a passage for the overall success of the company. An effective marketing analytics dashboard can help them along that journey. They can see the areas of the company that are doing well when it comes to sales; they can see the products that sold well and the products that are expected to sell well. With this information, they can plan the resources they need to allocate to each department – which is the cornerstone of their job, after all.
So, what’s the ultimate value of having all of this marketing knowledge at your fingertips? Consider the book (and now movie) The Big Short. Michael Lewis tells the story of trader Michael Burry. He looked at the mortgage market and ignored the hype and bubble-logic. Instead, he dug deep into the numbers and saw that the entire thing was set to collapse. In the face of considerable opposition, Burry took a position against the banks giving out the mortgages. When the market collapsed, as he predicted, Burry made a personal profit of $100 million and over $800 million for his investors. And it was all because Burry looked at the facts. With a Statwolf combined analytics dashboard you’ll have all the data you need to crush your competition too.
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FIGURES TO KEEP YOU ON THE RIGHT TRACK
nly 11 percent of companies consider their use of data and analytics to be ‘cutting edge’. That’s where a combined analytics dashboard comes in. It allows you to use the data you have to your advantage. In a couple of years’ time, there’ll be even more data to wade through – so major inroads need to be made now. One study carried out by the University of San Diego estimates that, “by 2024, the world’s enterprise servers will annually process the digital equivalent of a stack of books extending more than 4.37 light-years to Alpha Centauri, our closest neighbouring star system in the Milky Way Galaxy.” An effective data analytics marketing dashboard allows you to track the five key indicators needed for business success. But what are those indicators?
media. Once you start identifying the patterns and trends, you can focus your attention on strategically aligning your budget with the sources that convert best. 2. Engagement Reach is most useful as a baseline comparison tool: i.e. we have a reach of 50,000, but two percent of these people regularly interact. However, engagement should be the by-product of that reach. Engagement shows that your audience is getting value from your marketing. That can take the form of blogs they enjoy or relevant social posts. If you notice a bump in traffic or site views, you can dig deeper. You can analyse exactly what works, what doesn’t, and why.
The core KPIs you measure will vary depending on your business. For example, an ecommerce site will be focused far more on sales than a brochure website – though there are five universal KPIs every marketer should track.
3. Action Step one is engagement. Step two is action. That can take the shape of further browsing your site, becoming a follower of your company on social media, or signing up to a marketing offer through the form of a call-to-action (CTA). Your analytics can tell you which CTAs are working – and from there you can figure out why they perform well (or not).
1. Source The source is a measure of where people are coming from. You can expect, at the very least, your dashboard to show you your organic reach, referrals, paid search, direct traffic and social
4. Bounce We all know that a high bounce rate is a sign that customers are not engaging with the content you offer. Your aim should be to reduce your bounce rate via insights from your marketing dashboard.
KPIS FOR MARKETING SUCCESS
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For example, if you see that customers come to your site via LinkedIn but then the bounce rate is high, you can conclude that the tone of the LinkedIn content is appealing to potential customers but the tone of your website is not. 5. The overall goal Perhaps this is an overly obvious one. But it’s worth emphasising nevertheless. All of the above metrics are only indictors towards the overall goal. So let’s say that your company’s overall goal is to deliver 2,000 extra leads to your marketing team this year. Those 2,000 leads need to convert into ten sales per month. Your dashboard should show you how close you are to achieving your goal of ten sales per month. If you’re falling short of your goals, you need to know why – and how to fix it. We are in the age of analytics – but marketers are being hampered by too much data and a swathe of noise. And sure, Google Analytics and social dashboards are effective, but – as with the elephant allegory – marketers need to see the whole picture. The days of marketing in silos are long behind us.
“By 2024, the world’s enterprise servers will annually process the digital equivalent of a stack of books extending to Alpha Centauri.”
A combined marketing analytics dashboard allows you to see the whole elephant – and that’s how you can make your most effective decisions. Turns out those ancient Indians knew a thing or two!
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ARE YOU ARE READY TO JOIN THE REVOLUTION? Statwolf’s innovative combined marketing analytics dashboard integrates seamlessly with all of the major web platforms, including Google Analytics, Facebook and LinkedIn, displaying results on one easy-to-use dash. Data can be visualised instantly, helping you quickly see what’s working. You’ll also gain powerful insights into consumer behaviour, which can be applied to future campaigns. If you think you’re ready to try the ultimate analytics dashboard for marketers, get in touch. We’d love to hear from you.
Want to see more ROI from your efforts? Get in touch today > Statwolf 51/52 Fitzwilliam Square Dublin 2, Ireland
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S TAT W O L F. C O M
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