How to Ensure Data Accuracy With the Right Marketing Analytics Tools

May 31, 2018

Access to large volumes of customer data has never been as widespread as it is today. Of course, marketers can rejoice in the fact that customer data is so available. However, the omnipresence of data is a double-edged sword. It has become increasingly difficult to not only ensure the data itself is error-free and relevant to the overall campaign, but also to interpret it accurately. In this three-part blog post, we want to highlight how high volumes of data required for marketing analytics poses a challenge for modern-day marketers, how to approach this challenge, and how to ultimately ensure that you’re using and understanding data the right way using marketing analytics tools.

Part I

There are plenty of reasons why marketers today are struggling more than before with data analytics. We’d like to trace them all back to these 2 big root issues:

1) Faulty Data Collection

One of the most evident reasons for the challenge of accurate data is a flawed data collection process. Customer information and key marketing data has become easier to acquire (and the process has also been diluted significantly). Forbes recently interviewed data company CMO Sara Spivey, who aptly noted that as marketers, the rapid rise in our ability to collect data hasn’t been matched by our ability to support, filter and manage the data. The broken system of data collection and application has led us to this point of data saturation in 2018. With so many companies fighting to keep up with an influx of data but lacking the structure to clean, organize, and manage it, the state of data-backed marketing is in jeopardy. This is why it’s critical to aware of the problems that need to be dealt with rather than being in denial of the data crisis, and continuing to rely on data that is hurting businesses more than helping them.

2) Faulty Data Application and Interpretation

As we mentioned, quick access to an overabundance of data creates both opportunities and challenges for marketers. In a thought piece written by Deloitte almost a year ago, experts warned marketers of the damaging effect of leaning too heavily on big data without the necessary due diligence. Over-reliance on questionable data is bound to jeopardize the authenticity of customer relationships. Overconfidence rooted in the belief that you have data on your side creates a false sense of security that undermines your overall marketing strategy. As pointed out by the Harvard Business Review, customer profiles are not as easy to develop as they seem to be. In order to create an integrated 360-degree view of the customer that considers every customer behavior, it requires a dedicated effort by skilled data scientists and marketing analysts. Finally, firms completely understand their customers via analytics, and develop customized experiences to give them exactly the content, products, and services that they want and need the most.

Part II

The approach that your business takes to tackling these problems will depend on your industry and your business goals. However, there are some universal ways to prevent poor data collection and analysis, and combat its negative effects when it’s too late.

1) Be more strategic when collecting and utilizing data.

Start by clarifying the most crucial questions you need to answer. Once you figure out the main issues that need to be addressed first, it’ll be easier to prioritize which actions your team needs to take first in order to solve those problems. For example, let’s say that you’re an ecommerce brand. In order to understand your customers’ product preferences and concerns, your information about them and communications with them need to be completely accurate. All of this is futile unless your data is error-free.

2) Prioritize checking that the data collected is accurate.

Accurate data empowers marketers to make the decisions they need to make for the growth and betterment of the company. It should be the center of your decision-making. However, if you unknowingly put inaccurate data at the center of your efforts, you risk permanently damaging customer relationships and decreasing sales. Ask yourself: What are the key business problems you are trying to address? What are the key questions you need to ask and answer? Then, identify what needs to be done to answer the questions at hand.

Part III

Ensure that you’re not only using and understanding data the right way, but also presenting it the right way using marketing analytics tools. It is not wise to present your data in a way that’s difficult for the average person to understand. Make sure in your data presentation that the font is easy to read and your charts, figures and infographics are clear. You should not have to dumb down complex findings in order to make them easily comprehensible. Insights and explanations that are in a common language for your entire business organization to understand is critical for success. Luckily, with digital platforms like our proprietary platform, visual dashboards are automatically created, and you can customize how you want to model your data to share with upper management, team members or clients. After all, the Harvard Business Review makes it pretty clear: Presentations should be organized around insights, rather than analytic approaches.
At Chainlink, we understand that depending on big data to guide business decisions and pursue micro-segmentation and micro-targeting marketing strategies is necessary to a certain extent. Our experts have the knowledge and experience to help you make these guided decisions based on data you can trust.

Wrapping It Up…

Revolve your marketing choices around trustworthy data or you will face detrimental consequences. When you take a proactive and critical approach to marketing analytics, data can allow you to deliver content in the optimal format, location, devices, and channels for your audience. Here we mainly focused on understanding data the right way to use marketing analytics tools in a productive way.

This is just the tip of the iceberg when it comes to discussing the trials and tribulations of living in an info-obese digital world. Unfortunately, there are a myriad of ways in which data can be misrepresented, or key gaps in the very fabric of your customer data could be preventing you from truly developing accurate customer personas.

You can rest assured that all marketers are in the same boat, navigating similar issues when it comes to achieving data accuracy. Continue doing your due diligence and refining your data to create the most authentic experience for your target audience as possible. Reach out to us below to learn more about how we can help your business grow online. We’d love to give you a free consultation. Also, don’t forget to sign up for our newsletter for more exclusive tips and strategies that are both effective and easy to follow.

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