Climbing Mount Analytics – How to Drive Insightful Analytics in an Organization
Buzz surrounding “big data” within the digital marketing space has never been greater. It is estimated that managing and interpreting big data will be in the neighborhood of a $15 billion industry by 2015. Ultimately, business success will be determined by using business data to drive real and actionable insights. The key to understanding your data, no matter what the size or scope, is to come up with a sound strategy for assimilating that information into your normal business processes. Your organization needs to conquer the ever growing mountain of data that is being collected from your internal operations, Google Analytics, Adwords, Bing, and other sources. At Three Deep, we recommend that you conquer your fears and potential frustrations with massive amounts of data now, because otherwise your organization may be left behind in the future. To help you get started, here are 5 steps to Drive Real Insights From Your Analytics.
Step 1. Preparing for New Analytical Heights
- Data Integrity & Sources: Work on making sure your data is accurate, complete, and you know exactly where it is coming from. Nothing worse than analysis based upon bad data. Do not get bogged down in the relative size of your data. If it impacts your business, include it in your analytics.
- Observations vs. Insights: Observations are facts, while insights are about understanding what the data tells you. Once you learn this distinction, true business insights can occur.
- KPI’s or “What Do You Want to Know”: Think about how Acquisition, Behavior, & Outcomes impact your business. Check out Google’s amazing Avinash Kaushik and his views on KPI’s.
- Tools in Your Toolbox: Google Analytics, Adwords, Bing, phone tracking, whatever you need to assess your incoming data. Have you audited your reports lately to make sure everything is being tracked appropriately? Don’t limit yourself to just Google Analytics and its reporting. While this data is incredibly valuable, it takes on a new life when combined with other data sources for your business.
Step 2. Find Your Sherpa or Guide
- Making your ascent up Mount Analytics is much easier with a good guide. An individual or organization with the background and experiences of helping countless businesses succeed with their analytical insights. *shameless plug* Three Deep and our certified team can provide you with the invaluable guidance needed to be successful.
Step 3. Plan Route to Top (Have Backup Ready too)
- Create strategies that take into account SEO, PPC, and other sources. Analytics is not a one way street. It is important to cooperate across your entire organization for analytics to take hold and allow you to deliver true insights.
- Always start by analyzing how well you are reaching your KPI’s, because success here is what drives your business forward.
Step 4. Going Up Sometimes Requires Stepping Down
- Willingness to falter, stumble, trip, or re-group is a sign of business acumen, not of failure.
- Sometimes the greatest business insights or ah-ha moments come after stepping back to get clearer view of the analytical summit.
Step 5. Always Keep Moving
- Proceed at a good pace, but remember that it is a long journey and not just a quick walk.
- Can’t put an analytics culture in place overnight
- Often too many hunches, intuitions, and assumptions to tackle throughout organization
- Often too many established processes to overcome and walls to knock down
Following these 5 steps will give you the competitive edge in climbing Mount Analytics for your organization. We are here to help you succeed and become a vital partner to your business. Big Data is here to stay, and the mountain is only going to grow bigger. The successful integration of an analytical framework specifically tailored to your organization will show you just how much ROI you can get by investing in analytics. We would love to join you on this journey, so contact us today for more information! Photo Credit: Katarina 2353 via Compfight cc