Relentless streams of information lead to data indigestion. Effective analytics, which allow advertisers to prioritise and filter their data, should enable advertisers to easily interpret and analyse their streams of data and ultimately enhance their decision-making.
That said, there are a number of key considerations for marketers who seek to truly benefit from their analytics technology and perform meaningful data analysis.
These marketers should prioritise the following needs when it comes to the systems they invest in:
Compelling Metrics
Marketers should consider the granularity of their reporting. The last-click rewarding mechanism by itself is increasingly seen as insufficient; a topic captured well by Benjamin Dick, director of industry initiatives at the IAB.
Brands should ensure they have access to as many meaningful data collection points (i.e., engagement with content assets, dwell time) and insights into the consumer journey as possible.
Brands such as Neiman Marcus are increasingly using analytics, attribution models and technology to help drive business. The retailer was a 2015 Genius Award Finalist for Excellence in Digital Marketing Analytics.
Transparency and Control Visibility
Given that brand marketers and partners share the same goals, it is critical that all parties have access to performance data, including clicks, conversions and payment/commission data. Transparency around shared metrics ensures open communication and better optimisation aligned with all parties’ goals.
Conversely, you may deal with highly confidential and sensitive information, depending on your vertical. In these cases, it is also important to mask and share properties, when needed, with key stakeholders, including partners.
Performance Horizon Partner Interaction
Visualisation
Although raw numbers may certainly contain compelling information, it can be difficult to get excited about row after row of monochrome text. A visual representation of data resonates immediately and allows you to identify trends easily, digest key takeaways quickly, and act accordingly.
Performance Horizon – Seasonal Heat Map
Real-time Reporting
With e-commerce traffic flooding through at an ever-increasing rate, retroactive batch uploads and data lags can be frustrating, to say the least, and inhibit your ability to make informed decisions. Real-time visibility into consumer behavior is vital and a must in today’s market.
Accessibility
Advanced analytics should significantly reduce administrative efforts and time spent manually pulling reports. Among the many benefits of easily accessible analytics, this will provide more time to focus on strategy as well as more nimble decision-making.
Encryption
Secure, encrypted data is particularly important when dealing with sensitive data or information. This is especially relevant for brands in highly regulated industries such as financial services and healthcare, but is increasingly important for all brands that collect and use DMPs (data management platforms) to collect and store first-party customer data.
Integration with other systems
Advertisers who work with numerous types of software and third-party systems often find it useful to easily pass data streams to other systems. In a market where legacy investments are commonplace, compatibility is a core strength. In today’s environment, compatibility is typically achieved with server to server integration (S2S) via open APIs.
Post-Transaction Analysis
Real-time or near real-time use of data to optimise conversion activity is critical in today’s fast-moving digital environment. However, data mining conversion actions, consumer journeys, audience, channel, device, and location data—especially of performance over time and at regular intervals—can identify non-obvious trends and point to medium and long-term business opportunities.
This is an excerpt from an op-ed by Performance Horizon Marketing VP, Erik Mikisch that originally ran August 25, 2016 on Mumbrella. You can read more about where things are heading in the full article here.
