According to the Marketing Data and Analytics Survey by Gartner in 2020, senior marketers were not impressed with the results of their data and analytics investments. There were several contributing factors to this, not least because of the difficulty of measuring the impact that analytics teams are having on the bottom line.
There is also a widespread belief that critical insights are simply not being provided, and when they are, they are neither clear nor actionable enough to make an impact. Interestingly, respondents to the survey were more likely to hold this view if the results from the analytics team conflicted with their intended course of action.
This highlights the need for complex and contentious questions to yield simple suggestions that are easily explainable, and critically, for data professionals to be able to prove their worth. For this reason, the BOSCO™ team is committed to performing ongoing case studies with our clients using straightforward, evidence-based recommendations from our budget planner.
As a result of this negative view of marketing analytics, only 54% of business decisions in 2020 were being influenced by recommendations from data and analytics teams. In fact, 44% of companies reported an expectation that they would be reducing the capacity and size of their analytics teams in the next two years. Interestingly though, 73% intended on increasing their investment in data and analytics in the next fiscal year.
Many companies likely moved towards more automated reporting processes which could reduce the demand on the time of the data teams. There can be a lot of value in outsourcing complex analytics questions to highly skilled and specialised teams without having the need to employ a team specifically for these problems. Our purpose at BOSCO™ is to provide comprehensible data expertise to augment the industry-specific knowledge of our clients to empower them to make optimal budget decisions for their goals.
In Gartner’s Customer Data Survey in January of 2022, 82% of companies claimed they aspired to achieve a 360-degree view of their customers.
Whilst this is an admirable cause, it is also very important that only data which is both pertinent and reliable is actually used in any modelling. Collating this data and using expertise to sort the wheat from the chaff is instrumental to any providing helpful analysis. Interpreting and conveying key results from these analyses requires skill and a working knowledge of contemporary data analytics.
In fact, Gartner recognised this in their 2020 study “Measure the Impact of Marketing Using These Four Methods”, where they recommend using third-party services to help glean insights from data if in-house teams do not have the resources or skill set to provide the necessary results. Here at BOSCO™, we are all about empowering businesses to take their marketing decisions in-house without the need for a large data science team. We use our expertise in data science combined with clear and effective communication to give marketing professionals the data and insights they need in order to maximise profit for a fixed budget.
If you’d like to save tonnes of reporting time, better predict how your ad spend will perform and have a clear view of your ad performance, book a 15-minute demo with one of the BOSCO™ Team. Or drop us an email on firstname.lastname@example.org if you’d like to receive more digital marketing insights like these.