Going beyond traditional KPIs | Tech News
Today, marketers have access to more data than everthousands of data points across multiple channels generated multiple times every second. With that increase of data has come more sophisticated tools to store and measure it. But while the data and tools have exploded, marketers’ ability to develop meaningful insight and solve business challenges hasn’t improved at the same rate.
In our recent study with Advertiser Perceptions, a survey of 152 marketers in the US and UK conducted in April 2018, we found that although 93% of marketers agree that applying data science and analytics to marketing processes is important, fewer than half (45%) actually consider themselves advanced in their implementation and use of data science. Most troubling was that even among these advanced marketers, nearly half (43%) said their biggest barrier to the further use and investment in data science was a lack of accurate measures of business impact.
This is an all too common challenge in our industry: More technology hasn’t led to more insight, nor to a clearer picture of how marketing is helping accomplish business goals. As a result, rather than applying customer data to drive real business outcomes, digital marketers have remained reliant on traditional KPIs such as clicks, time spent or conversions, despite knowing betterthat clicks are as worthless as they are easy to measure, that time spent is just a proxy for other useful metrics and that not all conversions are of equal value.
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