If you are a marketer, you probably spend a good chunk of your time on analytics already. Brand and marketing professionals must measure, manage, and analyze marketing performance in order to control and maximize the effectiveness and ROI of marketing spend. Marketers spend much of the day monitoring marketing campaigns and outcomes, fine-tuning our strategies and tactics along the way. Marketing organizations look at pipeline, conversion, lead generation, diving into any and all analytics that can offer profound insight into customer preferences and trends. For all of it though, we may know “what” is happening, but usually not “why”.
The “why” is the other major thing marketers spend time on - understanding customer needs and how they buy. Marketers must aim to bring this knowledge to the organization to help drive product design and optimize product mix and establish partner strategies, messaging, go-to-market, content sharing and other strategic and tactical oriented perspectives. The more data-driven the marketing organization is in this area, the more impact it will have on the business.
This discussion on “why” brings to mind Simon Sinek’s famous Golden Circle and how it can be applied to the marketing world and what tools are needed to make this happen. Sinek’s premise is that once a business has clarity on why they exist, how they do it, and what they do, it becomes easier to communicate. According to Sinek, putting the why you exist in the marketing message will motivate customers to do business with you because they will be attracted to your vision and your message.
Applying this logic to the world of marketing, not understanding “why” customers buy and what customers really want, is tantamount to shooting in the dark with serious consequences. Plenty of studies show that customers buy on emotion, not on logic. Price is not necessarily the primary driver, even in a time of pandemic and recession. In the consumer world, the last few years have demonstrated serious hardships for legacy and retail brands, who try to rest on their laurels with existing distribution channels, larger share of shelf, more brand awareness, and often times better price. Yet, more than 90% of them lose market share in most cases to private labels and startups that are nimbler and more in tune with what their customers want.
Understanding “why” in marketing helps to think analytically and critically for how to approach a campaign. It acts as a check on making assumptions that may be incorrect. It provides in-depth knowledge on the type of person buying the product and what they view as its benefit relative to the competition. You can grasp the buying journey from the customer’s point of view, what their decision-making process is, and who and what influences that. Looking at why a campaign was successful yields more insights than just saying it exceeded expectations and helps frame future opportunities.
When you know “why”, you can let your customers know it through your communications and tactics and this brings them closer to you. You can tap into their sub-conscience (where most purchasing decisions are made) and also touch them in a more emotional way.
But how do we get there?
Enter advanced analytics for the marketer. Despite the fact that marketers spend a significant amount of time and resources on analytics already, leveraging the $2B marketing analytics software market, many marketers still feel like they are staring into a gaping hole. Market intelligence platforms are typically limited to social analytics based on pre-determined keywords. Search engines will surface competitor press releases and community-generated databases of company ratings and management reviews. A separate search yields signals of innovation, patent filings, and other business updates. HubSpot, Salesforce, and other tools give you an indication of your marketing performance.
Advanced analytics ties this all together. Connecting disparate and disconnected unstructured and structured data sets with new developments in Natural Language Processing and AI will extract context and surface real consumer sentiment, trends and predictive insights that can inform your marketing. A groundbreaking capability called product clustering, analyzes the performance of products that may have different names but are in fact the same, which allows you to connect the dots in ways that were not previously possible.
When it comes time to defining campaigns and online strategies, advanced analytics ensures better outcomes. Consider actionable intelligence that allows you to:
Schedule a demo with one of our solutions experts to learn how to boost your marketing success with advanced analytics.