What Is Causing Your Data Roadblock?
2023 FUTURE SCOPE – Martech leaders speak about the biggest challenges marketing teams face when utilising data to drive decisions and how they can overcome them. When it comes to data, it’s a problem of plenty. Everywhere you look, incoming streams of information are waiting to be analysed. Marketers can get lost amidst this massive […]
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2023 FUTURE SCOPE – Martech leaders speak about the biggest challenges marketing teams face when utilising data to drive decisions and how they can overcome them.
When it comes to data, it’s a problem of plenty. Everywhere you look, incoming streams of information are waiting to be analysed. Marketers can get lost amidst this massive ocean of data.
We asked experts about the primary challenges marketers face when attempting to make the most of their data and how they navigate the data avalanche.
Analysis Over Access
We now live in a world where users’ actions on a platform can be measured and analysed, says Ishan Singh, Director of Engagement and Retention at OSN. “The challenge today is not data availability but how we look at it,” adds Singh.
“As a marketer, I focus on the levers that drive growth and help me understand what critical data points are to be looked at and at what frequency,” Singh advises marketers not to get overwhelmed with the availability of data but rather prioritise their goals, focus on associated meaningful data points, and act fast.
Tarek Barakat, Marketing and Ecommerce Director at Beside Group says interpreting data and segmenting it correctly is a huge challenge. Marketers must be agile to be able to adapt to data quickly. Barakat suggests focusing on the first data sources: surveys from the database, real customers, in-store and via email lists.
“Ask real people real questions to understand more about their motivations, what they think about the brand, what and why they purchase, and record the information—feed this back into digital strategy—connect the offline and online rather than relying on third parties such as social media platforms and search engines,” he adds.
Build Sensible Pipelines
An organisation can have a strong team of data professionals and an efficient data platform, but it could lack in ranking the projects that are data-driven. Vilhelm Hedberg, Co-founder and CEO at ekar, says the biggest challenge facing marketing folks is prioritising the projects that bring the best and fastest ROI.
“Considering the constantly changing environment and shifts in consumer behaviour, it is challenging,” adds Hedberg. Sourav Dey, VP of Growth at Wego, says the solution is to build a healthy pipeline which involves working on accurate and meaningful data. “For the pipeline to be healthy, it must flow. So, moving from one phase to another is essential,” he adds.
Dey says CRM can help companies track this flow and review it regularly to ensure they have reliable data. Further, setting up the right metrics in CRM, including the prospect details, help keep the data consistent.
Track The Right Metrics
Explaining another challenge marketing teams face, Dey says marketers need to collect the right data and adapt it to get meaningful insights and decisions. This collection and analysis are essential in providing a better user journey and a seamless booking experience.
“The MarTech stack requires more than one platform to capture all the findings, and it is difficult to find the one platform that fits all,” he adds.
Barakat agrees that the absence of a single view of all your marketing metrics can become a significant roadblock in data analysis. “At Beside, our strategy is to focus on quality over quantity when it comes to metrics. Many organisations fall into the trap of trying to understand every data point. Considering we are not a large-cap organisation, we opted to focus on a handful of metrics,” adds Barakat.
Personalise To Win
There is a large array of brands to one customer—a highly imbalanced ratio. In the race to win over your customer, it is essential to focus on how to reach out to them. ”Consumers are overwhelmed and bombarded with ‘targeted communication’, and it’s hard to stand out in the noise,” says Barakat, expanding on the issue of targeted dialogues.
He explains that as privacy protection becomes more paramount, the ability to target customers more accurately will become more challenging; so will measuring the campaign’s success in the funnel without tracking owing to new policies by regulators, companies, platforms, etc.
Dey says that at Wego, studying users’ behaviour and preferences and offering a personalised travel experience with the right data is key. “Our collaboration with WebEngage has enabled us to deliver personalised experiences to each traveller around the globe. We are now able to engage with our customers and maximise conversions,” he adds.
Dey adds that with the help of automated user engagement journeys, they’ve been able to plan, execute and amplify campaigns at scale.
Read Martechvibe’s Retention Learnings From Martech Power List Awards.
