Marketing analytics consulting can help shift your marketing into a new level. There are a few reasons to hire someone from the outside to look into your business. Here are the top 5 reasons to hire a marketing analytics consultant:
- Establishing Gaps in your Analytical Strategy: It is easy for a company or an analyst to continue to look at the same metrics overtime. Looking at the same KPIs and Metrics overtime can be very useful for trending. However, by focusing on the same metrics you maybe missing key insights just by looking at data a slightly different way. For example, one of your KPIs can include looking at sales by product type well a consultant may recommend looking at sales by product size, product color and so on.
- Analytical Models – With so many projects and so little time most companies do not have a dedicated person, let alone team to build out models on their marketing data. Hiring an outside marketing analytics consulting company can bring the much needed models to your team and improve your performance. Some of marketing models that you may wish to build includes doing a segmentation model to help identify groups of prospects and customers that will benefit from a specific promotion or product offering. Building out a basket analysis can help identify complimentary products and services that customers maybe interested in buying therefore increasing their average spent. Finally, building a lead score model can help sales focus on the right leads.
- Identifying gaps in data – When you are dealing with a lot of data or with data that has been collected over a long period of time it is hard to identify what other data can help your business. An outside marketing consultant can identify data gaps to help improve your analytics and future marketing capabilities. For example, if you are running a B2B Marketing you maybe collecting industry but missing company size. By appending company size from third parties or adding a field to forms for future data collection you can help your sales team with pricing strategies as well as your marketing team to establish a better strategy.
- Benchmarking – It is hard to know how well you are doing unless you benchmark against other companies. While, most benchmarking data is available from different sources, what is missing is their interpretation. You may be able to benchmark CTR but to analyze why your company’s CTR is below the average can have executives completely confused. An outside consultant can help identify the root cause of your performance and come up with ideas on how to fix it in the future.
- Combining all data sources – It is important to look at your marketing data from multiple perspectives. By combining data from all areas it can help identify opportunities that were easily missed in the mountains of data that is available to analysts today. For example, by looking at social media, email marketing and sales you can identify trends by product, using demographics and seasonality which normally would be overlooked. Most companies have different individuals working on different marketing channels which makes it difficult to see the big picture.
These are just some reasons to bring in outside help with your marketing analytics. Lack of knowledge internally, lack of resources and time are the more obvious reasons. If you are looking to hire an outside marketing analytics company, StrategicDB can help.