Marketers often do not have a holistic view of the insights, alignment and investments which they have made without a unified record of data.
Now, marketing organizations are forced to consider each and every aspect of their business model and pushing marketers to align their strategies. Marketing operation teams are trying to organize and handle data to avoid damage to the marketing organizations.
The three fundamental challenges mentioned by Hoffman against marketers based on unified source of data.
The first challenge is the absence of unified view across marketing investments that marketers are making, their performance and results.
The second challenge is, the lack of real-time data insights in order to optimize return on investment and results obtained in real time.
The third challenge is, lack of governance and alignment to enhance cooperation among teams, stakeholders and across other regions. These challenges were already forecasted and informed before Covid-19, but now businesses are in constant effort to bring changes in their strategies without having a proper view of their ROI, investments and performance.
The other major challenges stated by Hoffman are siloed systems which have affected the businesses and marketing organizations at large. Marketing efforts are being put into various social media channels, Google ads, emails, etc. without using technology or resources , for the integration of data across muti-channel campaigns. The marketing teams who deals with various data sets are being divided into marketing, customer service, business intelligence groups.
In the case of marketing analytics, marketing teams need to take the effort to de-silo data. CEO, Josh Alvernia, Clue, says his company de-silo most of the marketing activities i.e they break it down to something which is more digestable while his company works with their clients.
He says, by categorizing data sets into campaign objectives, implementation of channels and outcomes, marketers can easily eliminate data which overlaps while focusing on vital data.
Alvernia also emphasize on how to build data sets which are attached to actual goals and the marketers need to have a clarity on data which is vital versus data which lacks real-insights.