R.O.EYE’s latest survey identified that recording and acting on performance data was the number 1 priority for marketers right now; however, our findings showed that some marketing managers are still not leveraging the power of data. A large amount are not understanding the customer journey on the path to sale, nor are they using attribution or apportioning marketing spend effectively.
Below are the key take outs from the survey:
- Only 20% of marketers last year attributed sales to the correct source
- 50% of clients surveyed didn’t invest in data analysis
- 37% cited time and resource as being the reason for not scrutinising the data
- 57% of those surveyed said they only record sales on the final click.
What does this mean?
This means that there’s a large amount of brands that have the inability to cope with the increasing complexity of customer journeys. This raises some challenges for even the most seasoned marketer.
Below are five key takeouts to make the most of your data:
- Use the right platform to record data. Google Analytics is free and easy to use, but can be largely cumbersome and time consuming to carve up the correct data sets
- Learn the optimal number of customer touch-points to maximise basket value. Every business is different, but on average 7 interactions was the ideal number of touch-points for a number of R.O.EYE clients
- Don’t focus just on the last click. Learn how to feed into the top of the funnel too and consider using some test budget to learn what works best for the products you’re selling
- Latency – know your consideration period. We know for example the time spent researching furniture versus insurance is up to 300% longer. This can have a dramatic impact on marketing costs through paid channels; it may sound obvious but a shorter customer journey means more efficient sales
- Record data, map out different attribution models and learn the best way to apportion sales across the marketing mix.
If this is on your radar but like the 37% you’re finding it difficult to find the time and resource to give this the right attention, feel free to email Chris.firstname.lastname@example.org for more information about what we have done for our clients.