Analytics can benefit companies of all shapes and sizes. Demand for analytics is at an all-time high with results from The CMO Survey showing that organizations will increase spending on analytics an impressive 83 percent over the next three years. A number like that is easy to get behind. Creating a successful analytics organization can seem like a daunting task but rest assured it can be done. Let’s look at six steps in creating a successful analytics organization:
- Create a mission statement
This first step is to start with a mission statement. The mission statement should be aligned with your company objectives while clearly defining what the organization will do, why and for whom. The mission should act as a point to reference when developing your analytics organization. Carry it through every step of the way.
- Complement the mission with an identity
The identity should be the brand of the analytics group. Show that the group can add value to your entire organization. When creating an identity keep both the mission statement and the company brand in mind. In short, the identity should be an easy to see complement of the mission statement and your brand.
- Don’t be afraid to speak up
The biggest killer to analytics is the lack of communication to customers and your company in general. If no one knows the marketing analytics organization exists or that it has the power to solve many problems, it will simply sit on the shelf. Success will only come if everyone knows that the analytics organization is ready and willing to help.
- Develop a road map
Think of a road map as just that, a map to help fulfill the mission statement, creating short- and long- term goals along the way. The roadmap is an important piece in building a successful long-term analytics organization. The roadmap is a set of both short-term and long-term analytic initiatives that produce business value. It needs to include detailed goals, timelines, level of efforts and priorities. In order to achieve buy-in for the roadmap, it’s critical to include all stakeholders in its development.
- Measure and manage results
If you don’t measure it you can’t manage it. Without measuring results there is no way to determine if the organization is succeeding or failing, or determine guidance on what course corrections to make. It is important to provide ongoing measurement of not only all of the company’s marketing activities, but also measurement of how the work provided by the analytics group is improving business results. Only then will the full value of the analytic function be recognized and appreciated.
- Line it all up
Having the right data, tools and people are incredibly important in building a successful analytics organization. Acquiring the right data in a timely manner, having skilled individuals analyzing said data while using the proper tools are three major parts of an analytic organization. Planning and communication is in the background of analytics and only goes so far. The front line of the organization has to be present and strong on a day to day basis.
With the power to show you what is working across every part of the marketing mix as well as where to make improvements within your company, analytics can be an incredibly helpful tool. Creating a successful analytics organization does not have to be a daunting task. A genuine helpful mission supported with the right data, tools and individuals produces an analytics organization that has the power to help across every level of a company. Learn more about building a successful marketing analytics organization download the paper today.
Epsilon’s John Young, SVP & Managing Director, Analytics Consulting Group, will co-present with Angela Williams, VP, Center for Advanced Analytics, Life & Protection, Transamerica at the LIMRA Big Data Analytics Conference, in Boston, MA on June 24-26.