Hats off to the marketing departments for the Marketing Technology companies who do a fantastic job at selling the sizzle of their technology! Unfortunately for the many failed implementations, falling in love with a tool is just not the right way to bring marketing analytics and measurement into your organization. Forrester’s Liz Boehm* phrased this nicely “Don’t Put the Technology Cart in Front of the Business Case Horse”
A more practical, step-wise and sustainable approach can be pursued in three steps:
1. Conduct a Metrics Discovery - Conduct in depth interviews with managers working in the various marketing areas to determine:
- Key Definitions and Metrics:
- What are you currently measuring in the marketing area, and why?
- What consumer audiences are you selling to, or trying to reach, and how are these
- audiences defined?
- When using key metrics, how are these metrics derived? From what data sources and
- with what methodology?
- What kind of reporting frequency meets the needs of each area?
2. Complete a Data and Tools Inventory Creating sustainable metrics depends on the data as well as the tools that are currently available for building measurement reports
- Key Data for Metrics - what measurement data is available in the different systems that currently forms the basis for tracking key metrics.
- Key Tools for Measurement – what tools exist across the different departments and how deep is the use and dedication to existing tools?
- Gaps - identify the standard metrics that others are tracking and those that are unavailable due to lack of tools, data or resources
3. Identify Marketing Analytics Opportunities
At the conclusion of a discovery process, workshops, presentations and recommendations on metrics and measurements are a great way to build buy-in across the organization-- before a tools decision is made. Presentation should include findings on the current measurement and metrics processes from department to department, comparing them to other marketers-- and practical recommendations on sustainable metrics that will help marketers drive towards a repeatable formula for profitable customer engagement.
Building a solid business requirements plan before making technology decisions about Marketing Analytics or measurement tools is truly a best practice that can save time, massive headaches and time and cost overruns. It can spell the difference between a failed project and a career booster!
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