Marketers, especially those in B2B, frequently say, “Data is our most valuable asset.” You’ll hear comparisons between B2B data and nearly every other valuable resource, including gold and oil. There isn’t much debate regarding its significance.
We also make significant investments in data. Every year, a large amount of our budget is spent on our MAPs, CRMs, CDPs, and countless martech products. In contrast to the good old days, when B2B companies advertised in trade publications and trusted it would deliver economic benefits despite little evidence either way, our reporting is now filled with metrics from digital campaigns. However, extra information hasn’t improved the clarity of decisions.
The marketing department has an abundance of data, but we haven’t yet converted it into insight. Making tables and graphs from our data is too simple. We employ automated techniques to generate this data-rich visual candy without requiring a marketer to look at the numbers; we even stuff presentations and reports with them.
But what can we learn from the data? How frequently have you come across a report that claims a measure improved last month without providing an explanation? Or one with a never-ending review of subpar metrics? It is a good thing if campaign X produced twice the CTR of campaign Y. However, it doesn’t really tell us which campaign was superior if we don’t know the cost of each click or what happened following the click.
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