By 2020, 22% of marketing budgets will be devoted to analytics. Yet organizations are struggling to grapple with the influx of data, which is coming from more sources, and in larger quantities, than ever before. Studies show that less than 1% of a company’s unstructured data is ever used, and in one survey 87% of marketers say data is their company’s must underutilized asset.
Not surprisingly, data integration—pulling data from different sources into one view—is another common challenge we hear from marketers. To try to resolve the issue, many brands invest in data warehouses, data lakes or other storage repositories that hold a vast amount of raw data. However, the rise of data lakes has also caused significant confusion about how data integration affects a brand’s ability to analyze their campaign performance. When discussing measurement and optimization, many brands tell us that they feel their hands are tied because they don’t have all their data in an integrated warehouse.
Our work has proven that MCM is more effective when you measure and optimize your activity. Data lakes often take months, or even years, to set up and integrate. In today’s competitive landscape, brands can’t afford not to optimize their marketing and sales performance.
No matter your level of data integration, your brand can measure and optimize your MCM performance now. A strategic partner like Mojo can bridge the gap between where you are and where you’re heading—and boost your performance every step of the way. Here’s how.
Data collection and data flow
Mojo meets brands where they are in their data integration. We can collect data from as many data sources as needed. We specify this through a Data Flow document, which in turn becomes a process that is easily repeatable month over month. Often, data feeds can be automated with our clients and their vendors.
Mojo’s team can also pull in disparate data feeds separately for analysis. If your data lake is being built, we can provide insights on the programs you’re running in the interim, and adapt our processes to pull data directly from the data lake once it is in place.
Timely data sets and insights
Mojo can perform analysis, and deliver actionable insights, within just 60 to 90 days of implementation. Our analyses can include any, or all, of these data sets: sales, medical claims, engagement, call plan, web activity (from Webtrends or Google Analytics), paid search, display advertising and more.
Our team has measured 50+ agencies and vendors, and counting—more than any other firm in the industry. These existing vendor relationships often allow us to reduce setup time and hit the ground running.
Mojo’s methodology is flexible enough to help brands in various stages of integration. For many clients, we provide centralized reporting for current campaigns and then deliver that data back to them to load into their internal data repository. Mojo can also hold your brand’s data in our model and return it when you’re ready to populate your data lake.
Data lake design
Many teams lack an expert partner who can drive the ship once a vendor is brought on to build the data lake. Mojo’s marketing and measurement experts have a clear vision for what data needs to be collected based on your unique market situation. We can act as a strategic partner who helps you design your process of collecting, analyzing and transforming data into action. This often involves working alongside the vendor who is building and integrating your lake.
Data integration continues to be a top challenge for modern brands. However, with the right measurement partner in your corner, your brand can optimize your campaign performance regardless of where you are in your data integration process.
This post is just the tip of the iceberg. We’ll be deepening the discussion on data integration in the coming weeks through a white paper and other content for MCM professionals.