The importance of analytics for digital marketing success is undeniable. Companies that put data at the centre of their business gain better insights and deliver more effective marketing. However, most businesses aren’t using analytics technology to its full potential. Instead, many organisations rely on closed data platforms (also called walled gardens) which allow your customer data and insights to be shared with anyone else on their platform — including your competitors.
A focus on data alone in the context of customer analytics is not enough, however. Companies require insights from their data to deliver first-class personalised customer experiences (CX) that give them a competitive advantage.
To aspire to integrated digital analytics solutions that help you deliver timely and personalised experiences, your company must create a culture of strong analytics performance and data democratisation by first addressing a range of organisational, cultural, and strategic changes. The first key change is investment — in process, people, and most importantly in the right tools. Organisations identified as customer analytics leaders are significantly more likely to be paying for analytics technology, either exclusively or in conjunction with free software — proof that paying for good tech pays off.