It’s been said that one of the most exciting phrases to be uttered in a science lab is: “That’s unexpected!” It’s a similar sentiment in the world of data and analytics. Finding something unexpected is, without wishing to sound like a nerd, an exciting time.
But according to this Funnel.io Agency Acceleration report, this type of detailed analysis is out of reach for most marketing teams. It’s regarded as too costly and complex – something that calls for specialist tools and skills to collect vast amounts of siloed data and build intricate models.
My reaction to that outlook is that it is too simplistic. The untapped value in most businesses' data is more than sufficient to make the initial investment worthwhile. In addition to this, it's possible to conduct detailed analysis and planning using your data without breaking the bank.
Advanced analytics is a marvelous thing
At The Marketing Practice, along with my team of analysts and data scientists, my focus is on using our clients’ data to find answers to questions like:
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Where should I prioritize my marketing efforts to convert more revenue?
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Which of my customers will be more responsive to cross-sell/upsell opportunities?
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Who do I need to spend more time with to retain revenue?
Finding these answers is the basis for knowing who to target, when to do it and how. Get this right and we open a world of possibilities for our clients – incremental revenue, profitability, market share and pipeline. Our clients also benefit from having access to highly skilled data professionals and analytics platforms, without the costs associated with having that function in-house. That offers a degree of flexibility and cost optimization that brings sophisticated data science within their reach.
It’s number crunch time
It’s no coincidence that our most successful (and awarded!) work over the years has been built around our advanced analytics.
Six months after we built a propensity model for one client, they saw a 2.5 times uplift in their Marketing-Qualified Leads (MQLs) to Sales-Qualified Leads (SQLs) to conversion. In fact, 30% of these SQLs finished with closed wins, compared to 0% during the previous six months. Another client’s ABM program saw $33m in closed-won business and $95m of active pipeline over two years.
Advanced analytics really does work!
Now for the tricky part
But even with this proven success, the Funnel report noted that agencies still come up against resistance from clients’ IT and Legal teams. Quite rightly, reassurance will be sought over keeping data secure and complying with data regulations.
There’s nothing unexpected about the importance of convincing IT and Legal contacts to allow agencies access to data, nor that it can become another hurdle for clients to overcome. Only 22% of those surveyed for the report said it’s easy to get buy-in from clients’ IT departments while 17% said the same about getting buy-in from Legal.
I get it. It’s an all-too familiar challenge that we and our clients’ marketing teams encounter. Data is a precious asset that’s hard earned and unique to them. Sharing it with us is often perceived as risky – open to misuse or too commercially sensitive.
So, what can we do to overcome this worry?
Data security credentials are a good start when it comes to addressing those fears. The Marketing Practice is ISO 27001 accredited, which means we have the systems, tools, and processes in place to safeguard our clients’ data as well as our own. Not only does this instill trust, it also sets us apart from other agencies without that accreditation.
Data Processing Agreements (DPAs) are another way to appease IT and Legal teams. Not least because accountability lives with us on why and how client data is processed. To Funnel’s point of insisting that ‘proper guardrails are in place’ when we engage with clients, a signed DPA is a significant plus point.
Simple can be effective
Aside from all the paperwork and the accreditations, there’s something simpler and more obvious that we can do.
Working closely with our marketing stakeholders, we can walk IT and Legal teams through our approach to help overcome reluctance. It’s proved to be time well spent, especially with complex client organizations where data is rarely owned by marketing functions.
We’ve been able to help clients understand advanced analytics, show why we need access to their data and how that access will drive tangible business outcomes. Backed up with the success our other clients have had, I’ve yet to meet anyone that has argued against the case for delivering better business outcomes.
It’s all about compromise
There’s no doubt that advanced analytics can drive significant business outcomes for our clients. We have the capability and the credentials. But gaining access to necessary data is still a challenge. Like everything in life, it’s worth remembering the importance of being able to compromise. We have to accept that we might not get access to everything we want and that getting something is better than nothing.
Building trust through our data security credentials and policies helps us overcome these barriers and unlock the potential of advanced analytics.
Which helps lead us to more of those “that’s unexpected” moments.
