In a 2019 survey, only 37% of CEOs said their companies were highly insight-driven. The same study showed that 63% of CEOs were aware of data analytics but thought their company didn’t use it effectively.
Data analytics lead to better decisions, more effective marketing, better customer service, and more efficient operations.
If you’re struggling to maximize data analysis benefits, you may be using the wrong analytics platform. A free tool might seem like a good deal, but you’re probably not getting quality results.
An enterprise-grade data analytics solution can make the difference for your business. Read on to find out why upgrading to enterprise is so important.
Data and Privacy Protection
An enterprise-grade data analytics lets you keep full control of your data. You can protect your customers’ privacy.
Free platforms are free because you give them partial ownership of your data. With enterprise analytics, you know where your data is stored and what happens to it.
You could lose your customers’ trust if they find out that your analytics platform can use their data for its purposes.
Increased regulation shows the growing concern for data security and privacy. Protect your business and ensure compliance by using the right analytics tools.
Answer Specific Questions Quickly
Much of the reporting you get from your analytics system comes from standard queries. Queries often work automatically to produce reports regularly. They can also report after an event triggers the need for analysis.
Your marketing team also needs to use multichannel data to answer specific business questions as they come up. An enterprise-grade analytics system should give your marketers a user interface that is easy to use. You should be able to distill data sets quickly and accurately.
Enterprise-grade analytics can handle the volume, speed, and types of reporting that your business needs.
Accuracy
No matter how much data you have, it’s not useful if it isn’t accurate. Enterprise analytics systems analyze all of your data. Free analytics use only a subset.
Sampling leads to less accurate analysis, and you will likely miss smaller details. You can miss smaller clusters or outliers that might signal future trends.
You may also be unaware of missing values that show additional data you should be collecting.
Enterprise-grade data analytics give you a complete analysis of your customers’ journeys. Your analytics system should identify the factors that lead to your marketing success. You want insight into customer acquisition and marketing conversion.
An enterprise-grade solution goes beyond free analytics. It identifies weaknesses in your customer journeys. This deeper data allows you to maximize opportunities after acquisition or conversion.
AI and Machine Learning
Your business needs to analyze large volumes of data. A team of data analysts could take weeks to uncover the reasons for your marketing successes and challenges.
Artificial intelligence (AI) and machine learning (ML) can automatically analyze huge amounts of data. They make it understandable for even non-technical users. Enterprise-grade data analytics tools give you this option.
ML is especially useful for data analysis and has seen huge growth in recent years. Applications collect data and analyze it to predict outcomes. Algorithms build models that uncover connections without the need for human intervention.
ML completes complex data analysis with many variables. You get targeted insights that would not be possible using human data analysts.
Look for a data analytics tool with the power of AI and ML in an intuitive interface. Everyone in your organization will then be able to use the data and insights, and you’ll improve your business performance.
Insight into the Entire Customer Journey
An enterprise analytics tool gives you insights into the entire customer journey. It should collect, analyze, and report on all of the channels where you find your customers.
Free analytics may only cover digital advertising. Channels like print media, television, or a brick-and-mortar location are also important.
Enterprise-level solutions will show you what your customers are doing across multiple touchpoints. Any touchpoint influences how customers feel about your brand, so you need a full range of data.
You’ll have access to a range of third-party data through the integrations and data connectors in an enterprise-grade tool. You can build complete customer profiles that are unified across channels. You’ll be able to optimize any touchpoint in the customer journey.
Advanced Audience Segmentation
Audience data is a major force behind campaign strategies. It also influences channel mix and advertising budgets for many businesses.
Accurately identifying and building audience segments allows marketers to target high-value audiences effectively. You can identify what a segment needs, and then determine how your product or service will best meet those needs.
Quality audience segmentation gives you richer insights. Your marketing budget goes further because your messages are clear, direct, and targeted. You don’t waste time or money on misdirected strategies.
Some enterprise-grade analytics use machine learning to automate finding high-value audience segments. AI and machine learning get you to insights faster. You and your business can put them into action more quickly.
Integrates into Your Tech Stack
An effective analytics tool will integrate into your business’s full tech stack. Tech stack sprawl can lead to siloed data and wasted money.
Data isn’t just for marketing. You need all of your workflows utilizing analytical insights.
Maximizing the Impact of Data Analytics in Your Digital Marketing
An enterprise-grade data analytics solution gives you high-quality, actionable insights. Your business becomes more competitive.
You get advanced analysis features and a user-friendly interface. Everyone in your team can take advantage of the tools. You get answers to your questions quickly and can pivot your marketing strategy sooner.
Your marketing budget goes further, and your business grows.
If you want better data analytics, consider using an online marketing agency. EWR Digital is committed to data-driven decisions. Our team is not afraid to think outside the box.
Contact us for a consultation today.