Becoming data-driven is a key priority for many brands. With the rising need and importance for data, next-generation technologies and data processing tools are more readily available to organizations of all sizes and across industries.
While we all do a gut check every now and then, it is usually in conjunction with other information we are using to make a decision. A study by the McKinsey Global Institute reports that organizations which utilize data driven decision making are 19 times as likely to see profitable results, 23 times more likely to acquire new customers, and 6 times as likely to retain their customers.
MarketsandMarkets forecast that the multichannel analytics market will grow from $3.61 billion in 2014 to $9.89 billion by 2019. So, what exactly is it?
Isolated data points and vague, vanity metrics don’t really tell you how your marketing campaigns are performing. Clear objectives and measurable goals are essential to understanding the performance of your marketing efforts. Because businesses need to use data insights that can influence strategy, utilizing key metrics to measure performance has become an essential part of marketing.