The range of marketing analytics available to companies has grown over the years and companies are having a hard time choosing exactly which tools or agencies to use. Most of the decisions depend on how much time and resources they have available to them. For example, a company that doesn’t have time to use an analytics tool may prefer to go to A Data Science Agency for help with their marketing analytics. Every company is different with a wide variety of marketing methods so it’s down to what works best for each individual one. According to McKinsey & Company , “the best way for business leaders to improve marketing effectiveness is to integrate marketing return on investment (MROI) options in a way that takes advantage of the best assets of each.” McKinsey & Co. found that an integrated approach to marketing analytics could save 15 to 20 percent on marketing expenditure.
McKinsey & Co. outlines three steps to follow in regards to decision making for marketing analytics:
- Identify the best analytical approach
- Integrate capabilities to generate insights
- Put the analytical approach at the heart of the organization
Identifying the best analytical approach must coincide with the company strategy. Options can include marketing-mix modeling (MMM), reach, cost quality (RCQ), attribution modeling as well as other options. Having many results allows companies to use their marketing budget strategically, or ultimately save on their marketing dollars. Companies working directly with marketing data analysts have a better chance at understanding the specifics of the data and then in turn, implementing them. “The data to make smarter decisions is available, as are the analytical tools. We believe that taking an integrated analytics approach is the key to uncovering meaningful insights and driving above-market growth for brands.”