[Free Takeaway Inside -17 Must-Use Analytical Techniques Across Marketing Life Stages]
In order to accelerate marketing transformation, we invest in a wide variety of digital analytics technology – web analytics for tracking website data, a marketing automation tool to send targeted emails, CRM to manage customer database, customer analytics to go deeper into customer behaviour, social listening tools for behavioural analytics and the list goes on...
Unfortunately, if you keep adding new technology without making them talk to each other, you may be paving the way for data siloes that result in duplication of data and a disconnected view.
Your analytics maturity may be high. Despite tracking a whole lot of things, your engagement and conversion rates may still be dwindling. This is probably because you are collecting and acting on data in a siloed manner.
Behind the glamor of powerful digital analytical tools is perhaps one of the biggest obstacles to extracting and putting data to use – data silos. These silos result in isolated islands of data that make it cumbersome and costly to derive reliable insights.
Well, you are not alone – a lot of marketers struggle with data siloes.
Data Siloes Result in an Eclipsed View of the Customer
With audiences interacting across various channels, they don’t just move between channels but they also move back and forth in their purchase journey. When you don’t have an integrated analytics system in place, you may be tracking audience interaction in one channel but still have no idea how they engaged on other channels.
As a result, your communication may lose relevance or context and lead to lower engagement. You will have a very limited view of the customer.
Thus, it’s essential for brands to collect multi-channel data and also integrate them so that they can deliver relevant and hyper-personalized communication to their audience, thereby improving engagement and eventually conversion rates.
However, a lot of marketers have trouble integrating cross-channel data.
One of the biggest NBFC in India had sophisticated analytics platform subscriptions including web analytics, targeting and data management platforms. However, they were using all these platforms in a siloed manner and hence were unable to deliver hyper-personalized content. That’s when we were onboarded to integrate their analytics, advertising and targeting platforms and ensure that visitors were profiled correctly to maximize targeting relevance. As a result, we were able to aggregate and collect multi-channel data with 100+ complex targeting use cases and these were deployed to deliver relevant communication at scale to maximize engagement and conversions.
Is Your Digital Analytics Stack Siloed?
When teams and tools are siloed, it leads to a confused and disjointed experience. Here are some ways you can identify whether your analytics is siloed:
1. Lack of a Consolidated View of Company and Customer Data
Data silos can prevent you from getting a holistic view of your customer and in turn the overall view of your marketing processes. Either the data will be incomplete or you can only observe and analyze in fragments. This can potentially lead to missing out on key insights.
2. Lack of Data Integrity
Data in silos may never be updated or reviewed, leading to inaccurate or stale data. As a result, you cannot make confident and reliable marketing decisions. Inaccurate data can further escalate complications leading to higher costs and productivity issues.
3. Data Duplication
Silos can cause data to be replicated, poorly maintained, or redundant leading to duplication of resources. This can generate additional cost concerns related to storing, moving, collecting, and using data due to duplication of data.
4. Obstacles in Collaboration
Conflicts and misalignment between different marketing teams and organizational teams can lead to technological incompatibilities and be a hindrance to information sharing. If your teams are not collaborating and understanding what they are doing, it can lead to bigger problems.
5. Sub-Optimal Marketing Results
In addition to wasting time, money and resources, silos prevent you from getting killer results due to confusing situations and missed opportunities. The data extracted will not give you the complete picture and may lead to marketing fails where your communication may be inconsistent and out of context for the customers.
Want to leverage analytics on your marketing efforts but don't know where to start? Here’s a free guide with 17 analytical techniques that can be used across the entire marketing life stages.
6.Out-of-Control Unintegrated Tech
A 2019 report by Blissfully revealed that small businesses use around 40 apps on average, while enterprise businesses average 211 apps. What’s worse is that unintegrated tech stacks are self-perpetuating as many prefer to stick to silos than spending for integration. Ultimately it becomes a nightmare to manage silos.
In today’s digitized economy, the ability to use data can put you ahead of the competition. To get to the real matured state of analytical competency, you need more than just high-end tools. Break the silos and integrate the data if you haven’t done already to create a consistent customer experience and a digital analytics process that unlocks every next step. If you want to become data-driven, integrating your data and making it accessible to all is a must.
What do you think is the best approach to break data silos? Have you tried integrating your analytical stack for a unified customer view? We’d love to know your views. Drop your comments below or write to us at email@example.com.