NEW YORK, Nov. 29, 2017 /PRNewswire/ — According to the Gartner report CMO Spend Survey 2017-2018: Budgets Recede Amid Demand for Results, marketing budgets stalled in 2017 as market leaders were forced to justify previous expenditures and demonstrate how these investments benefitted business performance. As CMOs audit their marketing initiatives to gain clarity into their best ROI strategies, one thing was clear in 2017 – the highest percentage of marketing budgets were allocated to analytics.
It comes as no surprise that marketing analytics is now at the forefront of marketing priorities. As mentioned in the Gartner report, “The emphasis on marketing analytics comes as marketing leaders must eke every cent out of existing programs and refocus on ROI by centering efforts on the right customers.” With CMOs struggling to justify costs, marketing analytics provide measurable insights into marketing performance.
As companies invest in data analytics platforms, their next obstacle is in data analysis. Diving again into the Gartner report, it’s evident that “Investing in tools and talent alone will not ensure data-driven marketing success. Efforts must be focused on the right metrics and the prevailing marketing culture must be aligned with data-driven decision-making and optimization.” The report suggests CMOs designate a digital strategist leader to identify data trends and offer solutions thus maximizing the analytics investment. But how do companies identify the winning trends and best performing marketing strategies? With the right tools.
With the marketing analytics market growing at a CAGR of 12.46% to reach 2.41 billion by 2020, businesses are becoming increasingly reliant on analytics data from companies like SaaS web analytics leaders HubSpot and Fastbase, Inc. to drive efficient marketing campaigns and to augment sales performance.1 These tools provide marketers with insights, real-time dashboards, and built-in analytics to measure their entire marketing funnel. While HubSpot measures entire marketing funnel and customer lifecycle activity from anonymous visitor to closed customer, Fastbase, Inc. actually identifies website visitors allowing businesses to know their most active and loyal audience. Both companies save marketers time by providing powerful tools to help optimize marketing strategies.
Overall, marketers saw some interesting trends in 2017 with unexpected budget cuts and increased investments in marketing analytics. Using data to better identify customer behavior and provide the best customer experience is a trend that we see