Master Growth Marketing with Modern Analytics Marketing Analytics in Periscope Data 201807
Content 5 7 8 10 11 12 13 14 Smarter Tools for Smarter Marketing Crunchbase Success Story Building a More Data-Driven Marketing Process Improved Segmentation/Targeting Instant Feedback on Experiments Increased Customization Attribution Conclusion Periscope Data: Master Growth Marketing with Modern Analytics 2
At Periscope Data, we view every company as a data company. Our customers have different products (technology, transportation, health care, education, etc.) but at their core, they re all doing the same thing analyzing data to translate metrics into decisions that will drive success. Data isn t a means of gaining information about their products; data is their product. The individual teams at those companies are no different. They perform separate functions, but at the core, every team is a data team. Each team has an output goal that can be measured and collecting data related to those goals is the best way to track progress and optimize results. As we see improvements in machine learning and predictive technology, there will be increasing separation between companies that do data right and those that haven t adapted yet. Data teams that work with marketing have a huge opportunity to take advantage of these new data tools to attract new prospects, customize their messaging approach and translate activities to dollars. Marketing in the age of big data looks far different than marketing in previous generations. It s now a real-time game of personalization and data-based optimization. With communication now heavily digital and so much information about consumers available, marketing teams are collecting and analyzing so much data that they ve practically been transformed into data scientists. 24% Increase Significantly Will Not Change Don t Know Decrease Somewhat Increase Somewhat 47% 2% 13% 14% Source: Forbes survey of 331 Marketing Executives in The Rise of a New Marketing Organization white paper Periscope Data: Master Growth Marketing with Modern Analytics 3
The current state of data-based marketing is exciting. Teams that use tools like Periscope Data to make marketing decisions based on a single source of truth, updated in real time, are giving themselves a huge competitive advantage. As marketing teams adopt these new tools and update their workflows to take advantage of the capabilities, a world of possibilities will open up. In this paper, we ll walk through the tools that modern data and marketing teams use and provide a few suggestions about how to update your processes to make the most of big data. Periscope Data: Master Growth Marketing with Modern Analytics 4
Smarter Tools for Smarter Marketing Before you can start building marketing processes that incorporate advanced analytics, you need to make sure you have the right tools. It s not enough to simply download information into an Excel spreadsheet and look for simple answers. That may have worked a few years ago, but data-driven marketing means connecting multiple inputs and running experiments across several channels at once, adapting as necessary in real time. Good data-centric marketing teams don t necessarily plan the best campaigns, but they analyze information quickly and respond to signals instantly. If your marketing team isn t making use of all the data you re collecting or if your analysis isn t efficient enough to let you respond in real time, it s time to look for new tools. Here are some of the most important qualities that you should look for in a modern marketing analytics platform: Integrated Your marketing team works best when it s collecting data from as many inputs as possible. You need information about email campaigns, advertising and other promotion performance, customer activity, sales activity, web traffic and behavior, spend by channel, customer acquisition costs vs. retentions costs and a lot more. It doesn t work to look at each of these input sources in a silo, your team can generate a lot more value when all of this data can be viewed in one place. A single platform that combines all this information in one place allows your team to make connections that were previously hidden and consider a range of new variables that can be correlated with KPIs. Automated Every minute your team spends copy/pasting data from one place to another is a minute you re not spending on data analysis. You need a data platform that takes all of the manual labor out of data collection and frees you up to slice and dice the data to look for insights. When new data is available, it should update automatically. Your data platform should be updating your metrics for you, not creating work for you to do. Accessible Modern marketing teams shouldn t need to request data from other teams to get their hands on analytics related to their work. Marketers should be able to use their knowledge of the business and their audience to explore correlations to key marketing metrics. It makes sense that the people who are planning marketing campaigns should be able to consult data before, during and after every campaign. Periscope Data: Master Growth Marketing with Modern Analytics 5
Real-time You can t make real-time decisions based on outdated information. For some short-terms marketing campaigns, you ll only have a short window to conduct a test and change messaging or spending strategy. You can t make those decisions unless you have access to the performance of the campaign so far. Comprehensive To be utilized best, data needs to be collected, cleaned, analyzed for discoveries and published to a platform that can easily share those insights. The best analytics tools allow marketers to perform that entire process from end to end in one place. Switching tools is an easy way to open the door for data inconsistencies and errors. Shareable Data discoveries aren t very valuable unless they can be shared beyond the individual marketer who made the discovery. To make the most of these insights, analytics tools need to have an intuitive way to create visualizations of data that can be used to tell the story to other important stakeholders. This is a great way to ensure the most valuable outcomes of marketing analysis. Predictive This is where a lot of traditional business intelligence platforms fall short. It s not enough for your data platform to just give you metrics about what s happening now. You need something that has enough power to build and test machine learning models that can start predicting what will happen in the future. Robust As your data needs mature, you re going to need a platform that can process more advanced data modeling. When your team creates more complex customer profiles and builds out more complicated attribution models, your data platform will need to store information from several different data sources and refresh as often as you need it. Make sure you have something that can handle that level of usage without sacrificing speed and availability. How do your marketing analytics tools stand up? If you want to see what Periscope Data can do, start your own free trial and explore for yourself. Periscope Data: Master Growth Marketing with Modern Analytics 6
Success Story Crunchbase Takes Their Analytics to the Next Level Employees 80 Industry Data and Analytics Customer Since February 2017 Customer Crunchbase is the master database of the startup ecosystem, with more than 500,000 data points profiling companies, people, funds, fundings and events. Challenge With over 31 million visitors to their website each year, Crunchbase collects and uses an incredible amount of data, and therefore needed a powerful analytics platform to aggregate all its data to ask the right questions. Solution With Periscope Data, Crunchbase is able to take analytics to the next level by leveraging all their data including their marketing stack, Salesforce, website impression data and more and building a comprehensive view of their business and customers. From this single source of truth, business users can access and understand data without needing help from analytics or operations specialists. With data analysis, visualizations and customizations all controlled on the same platform, data analysts have more freedom to add complexity to their analysis. Periscope Data has helped us understand what is most important and when, and bringing together our different teams on the same platform helps us to work better as a complete organization. Alexandra Mack Head of Marketing Periscope Data: Master Growth Marketing with Modern Analytics 7
Building a More Data-Driven Marketing Process More powerful data tools enable today s organizations to create faster, more customized campaigns for every target. Modern marketing teams use data to transform the team into a powerful growth engine. Marketing teams need to improve their data literacy and approach metrics with the same level of rigor that a data team would employ. Data-Driven Marketing At A Glance Marketers are investing in new data tools to help them make smarter decisions. There was a time when the marketing function at an organization was just a glorified reporting team. Those teams would track data about their activity, but that information was only used at the end of campaigns and did a better job of describing the campaign than it did of detailing the audience or assessing the value of different pieces of that campaign. Marketers increased their investment in digital data by 25.4% between 2016 and 2018. 1 30% to 42% increase in reliance on marketing analytics to make decisions. 2 1 - https://thedma.org/blog/data-driven-marketing/12-marketing-trends-you-should-know-in-2018/ 2 - https://www.forbes.com/sites/christinemoorman/2018/02/27/marketing-analytics-and-marketing-technology-trends-to-watch/#3a11c5bd1b8a Periscope Data: Master Growth Marketing with Modern Analytics 8
Now that the marketing landscape is based around digital marketing channels along with offline channels that can provide more data about the way content is consumed, there s a new rush to build more data-driven marketing processes. Present-day marketing has already moved past simply providing media air cover and building brand awareness. Today, these teams are the primary growth driver at a data-driven company. It s a function that uses real-time analytics to make decisions and engage with prospects at every stage of the funnel to drive revenue. These new abilities come with new responsibility. Because of the focus on data, marketing teams need to improve their data literacy and approach metrics with the same level of rigor that a data or operations team would employ. Clean, accurate, up-to-date information, when analyzed through the lens of an informed marketing team, is the difference between a company that grows and one that remains stagnant. Here are a few examples of ways that a well-trained modern marketing team can use modern tools to optimize growth. Periscope Data: Master Growth Marketing with Modern Analytics 9
Improved Segmentation/Targeting As you add more unique marketing inputs, the profile of your audience gets exponentially more complex. Not long ago, audience profiles were reliant on survey results and demographic or behavioral information that was too general to provide any significant value. Today s audience segmentation tools get to break down an audience beyond their demographic descriptors into much more valuable information: interests, habits, purchase history, location, language preference, etc. This type of information moves your marketing team beyond just understanding who is in your audience and into understanding how they behave. Part of that behavioral knowledge is pinpointing the channels that different segments prefer to use for communication. You can take all the time you want to create a perfect email to your customers, but if they d rather receive a text message, you might be wasting your time. Building out a profile of each audience segment s preferred channel will improve engagement with your marketing messages. Assigning new members to segments based on their personal information is also a great way to make sure they re receiving the right messages on the right channels and ensure that you re making the most of each opportunity to grow. Periscope Data: Master Growth Marketing with Modern Analytics 10
Instant Feedback on Experiments With improved analytics on web traffic, email interaction and content consumption, today s marketers can conduct A/B tests at light speed. Rather than compare metrics from two completed campaigns, marketers can test two options on a small sample of their audience and use the results to dictate strategy for the larger audience. Alternatively, they can use a different sample audience to compare another variable. These experiments are a great tool for marketers to monitor the actions of the customers and prospects to build up a base of best practices for their audience. With a better grasp on the segmentation of their audience, marketers can perform A/B tests on these smaller groups to generate learnings about how to engage each one. Maybe younger customers prefer one website design and older customers prefer a different one. Prospects from the Midwest might react differently to certain email language than prospects on the coasts. Marketers can create experiments using what they already know about their audiences and run tests to confirm or reject their hypotheses. Marketing teams aren t operating on hunches anymore, they re communications scientists and they re implementing the scientific method of marketing. They start with an educated guess then run a test, observe the results and adjust their hypothesis. This is the new era of marketing, treating each campaign as a laboratory to optimize growth and better understand the target audience. 87% of marketing executives say data is the most underused asset within marketing. 3 3 - https://images.forbes.com/forbesinsights/studypdfs/turn-the_rise_of_the_new_marketing_organization-report.pdf Periscope Data: Master Growth Marketing with Modern Analytics 11
Increased Customization At its core, marketing is about managing millions of one-on-one relationships between your brand and individual customers or prospects. The advances in segmentation and testing can be combined to tailor messages or campaigns that speak directly to certain types of people. Smart marketing finds a way to combine everything that a company knows about an individual into content that feels uniquely personalized. All that data you re collecting should ultimately result in the right messages going to the right targets at exactly the right time. Today s consumers are leaning away from one-to-many billboard-style messaging and embracing companies that demonstrate an understanding of what makes them unique. As a marketing team, this means putting more effort into designing your funnel to account of all of different ways different people can engage with your organization, but it also means you have an exciting opportunity to create relationships with your product that are deeper and more meaningful than ever before. Data should be opening doors for your marketing team, not causing confusion or holding you back. The result of all this data being collected should be an automated, but still highly-personalized approach to marketing. You don t have to be Netflix level good at determining an individual customer s tastes, but you do need to put yourself in your target s shoes for a bit and think about what will move the needle for them. When it comes to personalizing your marketing efforts, you should be looking for any opportunity to stand out; little things can go a long way toward building loyal customers. Periscope Data: Master Growth Marketing with Modern Analytics 12
Attribution The journey of modern customers can be extremely complex and finding a way to allot attribution to the stops along that journey can be a mess. While it s possible that someone sees a single message from your company and makes a purchase instantly, it s extremely rare. It s likely that today s consumers will need to see multiple messages across several different platforms before making a purchase decision. Even if you have a perfect view of every interaction leading up to a purchase, determining what role each played in the ultimate decision is a very inexact science. While it seems like improved data collection on digital channels would be a benefit to marketers, it turns out that most teams are so overwhelmed by the amount of data they collect that it ends up being a distraction. Instead of trying to make sense of all of the different touches across all the channels, marketing teams see that flood of information and either abandon attribution entirely or reduce it to an oversimplified model like first- or last-touch. This may have worked in the past, but if your approach to data is to throw out most or all of it, you re also losing most or all of the value that the data can bring. 70% of businesses struggle to act on attribution insights. 4 36% of companies are reducing their digital channel budgets due to attribution. 4 51% of responding companies in North America are carrying out attribution on most or all of their campaigns. 4 To do marketing data right, a good place to start is with your data team. Let them study the bigger picture of channels and the attribution model you currently have in place. From a data-centric view, maybe that team can zoom out and notice some larger trends that you might have missed. With a large dataset, a team of data professionals is uniquely suited to dig around and find valuable insights that can help your team connect certain marketing touches to value. Maybe they could even help you design some attribution experiments to begin building out your own set of best practices. 4 - https://www.adroll.com/assets/pdfs/guides-and-reports/adroll-state-of-marketing-attribution-2017.pdf Periscope Data: Master Growth Marketing with Modern Analytics 13
Conclusion Data should be opening doors for your marketing team, not causing confusion or holding you back. It s time to start taking advantage of all the opportunities for data to teach you about your targets and the best way to communicate with them. Start by setting up a data platform that can manage the complexities of today s marketing environment. From there, the direction of your team is a series of trials and campaigns to test hypotheses and learn new things. The marketing team is a data team, so treat your communications as a laboratory to see how fast you can grow. If you have any questions about how your marketing team can use Periscope Data to drive growth, you can also request a contact and one of our experts will reach out to you soon. About Periscope Data Periscope Data builds software that turns data teams into superheroes. Its Unified Data Platform is the industry s first to address the complete analytics lifecycle, allowing data teams to ingest, store, analyze, visualize and report on data all from one connected platform. This empowers them to collaborate and drive faster insight, while allowing businesses to foster a data-driven culture around a single source of truth. Periscope Data serves 1000+ customers globally, including Adobe, Crunchbase, EY, Flexport, New Relic, Supercell, Tinder and ZipRecruiter. Periscope Data: Master Growth Marketing with Modern Analytics 14