Develop a Marketing Analytics Process

1. Develop a Marketing Analytics Process DEVELOPING A MARKETING ANALYTICS PROCESS HOW-TO GUIDE

2. 2 Developing a Marketing Analytics Process How-to Guide Marketing analytics, if used correctly, are a tremendous decision-making tool. They can help marketing executives increase their understanding of critical business functions like customer interactions and market campaign performance. Develop a repeatable marketing analytics function to improve decision-making and project selection.   Use Demand Metric’s downloadable Market Research Report to organize your next Analytics project. HOW-TO GUIDE Developing a Marketing Analytics Process Benefits Marketing analytics programs are comprised of processes, tools, and techniques for analyzing & converting business data into usable, decision-making information. See this map on the different types of business analytics. Predictive Modeling — deploying statistical modeling techniques to predict customer behavior, supporting business decision-making & forecasting. Customer Segmentation — classification or other techniques to categorize customers into groups, enabling campaign customization. Strategic Data Analysis — analysis of key data trends to conclusions with significant business meaning and strategic impact. Many analytics project fail because their focus is not on the results they are supposed to deliver. Develop a standardized marketing analytics process to increase visibility and support business decision-making. Bottom Line 2 Developing a Marketing Analytics Process How-to Guide Marketing analytics, if used correctly, are a tremendous decision-making tool. They can help marketing executives increase their understanding of critical business functions like customer interactions and market campaign performance. Develop a repeatable marketing analytics function to improve decision-making and project selection.   Use Demand Metric’s downloadable Market Research Report to organize your next Analytics project. HOW-TO GUIDE Developing a Marketing Analytics Process Benefits Marketing analytics programs are comprised of processes, tools, and techniques for analyzing & converting business data into usable, decision-making information. See this map on the different types of business analytics. Predictive Modeling — deploying statistical modeling techniques to predict customer behavior, supporting business decision-making & forecasting. Customer Segmentation — classification or other techniques to categorize customers into groups, enabling campaign customization. Strategic Data Analysis — analysis of key data trends to conclusions with significant business meaning and strategic impact. Many analytics project fail because their focus is not on the results they are supposed to deliver. Develop a standardized marketing analytics process to increase visibility and support business decision-making. Bottom Line

3. 3 Developing a Marketing Analytics Process How-to Guide Action Plan 1 3 Understand Information Required Standardize Analytics Process Determinewhichdecisionsyouneedtosupport, and identify which metrics can provide insight. Action Plan STEP 1 - Understand Information Required 7 Stay Proactive 6 Deployment of Analytics Program 4 Ensure Clean & Accurate Data 2 Determine Frequency of Reporting 5 Apply Techniques & Evaluate Results Managing Static and Dynamic Data Use our Market Research Report template to document your research problem. Next, ascertain if the information you require is accessible. Data often resides in disparate silos of an organization, so check with Sales & Customer Service to determine if you can take existing data and convert it to insightful information. Discern which format the raw data will arrive in, and decide whether you will require tools to slice and dice it. Will the data be static or dynamic? V I E W R E S O U R C E Market Research Report 3 Developing a Marketing Analytics Process How-to Guide Action Plan 1 3 Understand Information Required Standardize Analytics Process Determinewhichdecisionsyouneedtosupport, and identify which metrics can provide insight. Action Plan STEP 1 - Understand Information Required 7 Stay Proactive 6 Deployment of Analytics Program 4 Ensure Clean & Accurate Data 2 Determine Frequency of Reporting 5 Apply Techniques & Evaluate Results Managing Static and Dynamic Data Use our Market Research Report template to document your research problem. Next, ascertain if the information you require is accessible. Data often resides in disparate silos of an organization, so check with Sales & Customer Service to determine if you can take existing data and convert it to insightful information. Discern which format the raw data will arrive in, and decide whether you will require tools to slice and dice it. Will the data be static or dynamic? V I E W R E S O U R C E Market Research Report

4. 4 Developing a Marketing Analytics Process How-to Guide 1 3 Understand Information Required As there are hard costs associated with marketing analytics, select an optimal frequency for delivering decision-making information. Steering committees provide a great forum for reporting; consider delivering analytical insights at these regularly scheduled meetings. Action Plan STEP 2 - Determine Frequency of Reporting 7 Stay Proactive 6 4 2 Determine Frequency of Reporting 5 Standardize Analytics Process Deployment of Analytics Program Ensure Clean & Accurate Data Apply Techniques & Evaluate Results Steering Committees Meet to Share Insights & Analytics Steering Committee Charter V I E W R E S O U R C E 4 Developing a Marketing Analytics Process How-to Guide 1 3 Understand Information Required As there are hard costs associated with marketing analytics, select an optimal frequency for delivering decision-making information. Steering committees provide a great forum for reporting; consider delivering analytical insights at these regularly scheduled meetings. Action Plan STEP 2 - Determine Frequency of Reporting 7 Stay Proactive 6 4 2 Determine Frequency of Reporting 5 Standardize Analytics Process Deployment of Analytics Program Ensure Clean & Accurate Data Apply Techniques & Evaluate Results Steering Committees Meet to Share Insights & Analytics Steering Committee Charter V I E W R E S O U R C E

5. 5 Developing a Marketing Analytics Process How-to Guide Action Plan 3 Standardize Analytics Process Document a consistent process for using analytics so business partners understand their role. Consider industry-standard data- mining application methods such as CRISP, but start with the business problems to maxi- mize value for your efforts. Action Plan STEP 3 - Standardize Analytics Process 7 Stay Proactive 6 4 2 5 1 Understand Information Required Deployment of Analytics Program Ensure Clean & Accurate Data Determine Frequency of Reporting Apply Techniques & Evaluate Results Choosing Your Analytics and Application Methods Marketing Analytics in a Week eWorkshop W AT C H V I D E O MARKETING ANALYTICS IN A WEEK eWorkshop 5 Developing a Marketing Analytics Process How-to Guide Action Plan 3 Standardize Analytics Process Document a consistent process for using analytics so business partners understand their role. Consider industry-standard data- mining application methods such as CRISP, but start with the business problems to maxi- mize value for your efforts. Action Plan STEP 3 - Standardize Analytics Process 7 Stay Proactive 6 4 2 5 1 Understand Information Required Deployment of Analytics Program Ensure Clean & Accurate Data Determine Frequency of Reporting Apply Techniques & Evaluate Results Choosing Your Analytics and Application Methods Marketing Analytics in a Week eWorkshop W AT C H V I D E O MARKETING ANALYTICS IN A WEEK eWorkshop

6. 6 Developing a Marketing Analytics Process How-to Guide Action Plan STEP 4 - Narrow Down Options 3 Data quality and selection are more critical than the analytical technique for establishing superior results. To ensure your results are not skewed, audit the data your technical resources are using. Action Plan STEP 4 - Ensure Clean & Accurate Data 7 Stay Proactive 6 4 Ensure Clean & Accurate Data 2 5 1 Understand Information Required Standardize Analytics Process Deployment of Analytics Program Determine Frequency of Reporting Apply Techniques & Evaluate Results B2B Data Management How-To Guide V I E W R E S O U R C E B2B Data Management How-To Guide 6 Developing a Marketing Analytics Process How-to Guide Action Plan STEP 4 - Narrow Down Options 3 Data quality and selection are more critical than the analytical technique for establishing superior results. To ensure your results are not skewed, audit the data your technical resources are using. Action Plan STEP 4 - Ensure Clean & Accurate Data 7 Stay Proactive 6 4 Ensure Clean & Accurate Data 2 5 1 Understand Information Required Standardize Analytics Process Deployment of Analytics Program Determine Frequency of Reporting Apply Techniques & Evaluate Results B2B Data Management How-To Guide V I E W R E S O U R C E B2B Data Management How-To Guide

7. 7 Developing a Marketing Analytics Process How-to Guide 3 Rather than evaluating everything, select a few key areas to apply an analytical approach such as the tried and true logistic regression predictive modeling technique. Produce reli- able results before expanding scope. Analytics to Guide You Action Plan STEP 5 - Apply Techniques & Evaluate Results 7 Stay Proactive 6 4 2 5 Apply Techniques & Evaluate Results 1 Understand Information Required Standardize Analytics Process Deployment of Analytics Program Ensure Clean & Accurate Data Determine Frequency of Reporting 7 Developing a Marketing Analytics Process How-to Guide 3 Rather than evaluating everything, select a few key areas to apply an analytical approach such as the tried and true logistic regression predictive modeling technique. Produce reli- able results before expanding scope. Analytics to Guide You Action Plan STEP 5 - Apply Techniques & Evaluate Results 7 Stay Proactive 6 4 2 5 Apply Techniques & Evaluate Results 1 Understand Information Required Standardize Analytics Process Deployment of Analytics Program Ensure Clean & Accurate Data Determine Frequency of Reporting

8. 8 Developing a Marketing Analytics Process How-to Guide 3 Establish a communications plan and inte- grate your analytical techniques into your business processes. Don’t discuss how the analytic technique itself works; instead, quan- tify the financial/customer impact of changes made based on decisions supported by analytics to grab stakeholder attention. Action Plan STEP 6 - Deployment of Analytics Program 7 Stay Proactive 6 Deployment of Analytics Program 4 2 5 1 Understand Information Required Standardize Analytics Process Ensure Clean & Accurate Data Determine Frequency of Reporting Apply Techniques & Evaluate Results Show Stakeholders Analytical Data for Positive Growth Marketing Measurement Assessment V I E W R E S O U R C E 8 Developing a Marketing Analytics Process How-to Guide 3 Establish a communications plan and inte- grate your analytical techniques into your business processes. Don’t discuss how the analytic technique itself works; instead, quan- tify the financial/customer impact of changes made based on decisions supported by analytics to grab stakeholder attention. Action Plan STEP 6 - Deployment of Analytics Program 7 Stay Proactive 6 Deployment of Analytics Program 4 2 5 1 Understand Information Required Standardize Analytics Process Ensure Clean & Accurate Data Determine Frequency of Reporting Apply Techniques & Evaluate Results Show Stakeholders Analytical Data for Positive Growth Marketing Measurement Assessment V I E W R E S O U R C E

9. 9 Developing a Marketing Analytics Process How-to Guide 3 Action Plan STEP 7 - Stay Proactive 7 Stay Proactive 6 4 2 5 1 The best companies continuously reshape the processes for requesting analytical support and optimizing how this work can help their business. Remind key stakeholders of your capabilities and keep abreast of their unique challenges. Understand Information Required Standardize Analytics Process Deployment of Analytics Program Ensure Clean & Accurate Data Determine Frequency of Reporting Apply Techniques & Evaluate Results Stay on the Cutting-Edge of Best Practices Lessons Learned Knowledge Base V I E W R E S O U R C E 9 Developing a Marketing Analytics Process How-to Guide 3 Action Plan STEP 7 - Stay Proactive 7 Stay Proactive 6 4 2 5 1 The best companies continuously reshape the processes for requesting analytical support and optimizing how this work can help their business. Remind key stakeholders of your capabilities and keep abreast of their unique challenges. Understand Information Required Standardize Analytics Process Deployment of Analytics Program Ensure Clean & Accurate Data Determine Frequency of Reporting Apply Techniques & Evaluate Results Stay on the Cutting-Edge of Best Practices Lessons Learned Knowledge Base V I E W R E S O U R C E

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