Ever more complex multi-device, online-to-offline journeys mean that there are more opportunities to capture data. The problem is now what to do with it all.
Rakuten Attribution recently hosted a roundtable discussion with senior marketers from some top UK brands. We discussed some of the challenges they face when using data and how they’re working to overcome them. Here’s what we learnt:
What do you want?
With such a broad range of data available, you shouldn’t try and do everything at once. In order to make the best use of time and resource, approach data with your objectives and desired outcomes in mind, rather than trying to wade through it looking for interesting stuff. The most important step is using the data to drive real change in your marketing performance.
Quality, not quantity
Having a smaller amount of accurate data is more important than volume. For example, when joining user journeys online-to-offline and across devices you’ll never be able to join 100% of all touchpoints, but the insight gleaned from analysing the subset of fully-joined journeys is invaluable. The importance of the quality of your underlying user journey data should not be under estimated.
Focus on quick wins
Sometimes measurement and attribution can be seen as an academic exercise. To stop this from happening, focus on areas where you can deliver value quickly. For example, cutting spend from expensive PPC keywords that aren’t driving value can free up a significant amount of budget to spend elsewhere.
But hold your nerve
Be careful not to rush in. When looking to make changes to marketing spend and channels, it’s vital to take buying cycles into consideration. If your reports are created after four weeks, but your buying cycle is six to eight weeks, you need to wait before making any changes.
Exercising some caution is important. Cross-device data is a great example. There’s no doubt about the exciting potential of this data, however, with the number of companies selling it increasing, marketers need to understand the legality of the source and its quality.
The amount of data available to marketers will continue to grow. It’s exciting, but it presents challenges and risks. Ultimately, it’s the marketers who approach their data with focus, rigour and discipline who will win.