Is Your Marketing Intelligence Stack Optimized for Digital Advertising?
Data Standardization Worksheet
This worksheet begins with the standardization of your performance data. We’ll walk you through how to combine these mismatched data sets in a step-by-step process so that every metric is speaking the same, common language. With all of your data standardized, it’s easier to locate the strengths of each platform and hone in on ways to optimize campaign performance.
It seems like every day, a new sales or marketing term arises. Some of these are just new words for concepts that have been around forever, but others refer to methods or concepts that are actually new or improved. Marketing intelligence is one of the latter. It allows you to gain important information from data that has always been around – but that has often been overlooked.
The general definition of marketing intelligence is “everyday information relevant to a company’s markets,” and this makes it easy to overlook its importance and its complexity. There are several types of marketing intelligence, ranging from call center data to web analytics. Making sense of all of this information allows a business to properly focus its sales, marketing, upselling, and other customer acquisition strategies and tactics.
What are the Sources of Marketing Intelligence?
There are many sources of raw data that can be used for marketing intelligence. Web analytics, call center data, sales data, trade publications, books, newspapers, information you can learn about your competitors, historical information from your own business, and many more sources are combined to create final reports.
Since it would be difficult to keep track of all of these things manually, it is typical for some form of marketing intelligence program to be used instead. Data is fed into the system, which then allows it to be presented in easily-digestible forms like graphs and charts.
These systems can be set up on company computers, but more and more often, SaaS (software-as-a-service) applications are used instead. Using a SaaS system frees you from dealing with updates, upgrades, and other such maintenance. This type of system also keeps your information in the cloud, so you don’t have to worry about hardware failures or disasters.
What is Marketing Intelligence?
Marketing intelligence is data used to build an effective marketing strategy. There’s a huge variety of technology and tools used to collect information from many sources. These pieces of a marketing intelligence stack may provide data about your competitors and overall industry, as well as your marketing campaigns, customers, and business.
Some of this data can be broken off into a subcategory known as Advertising Intelligence. Ad intelligence empowers digital marketers with the ability to pull data into one, unified, platform from all of their digital advertising platforms. It then translates all data into a common language, provides intuitive ways to organize, segment and understand data, and makes sharing the performance data and key insights with key stakeholders easy.
While the answer to “what is marketing intelligence” is fairly broad, splitting it into subcategories like this makes it easier to tailor your dataset to the exact program you want to run. Good marketing intelligence platforms will make this easy. They will also make it easy to not only import, but also standardize, data from a variety of sources. This makes it easy to make apples-to-apples comparisons and ensures that nothing gets overlooked due to formatting or style issues.
Marketing intelligence has a variety of uses. It can help you position yourself against your competitors, give you guidance as to what customers are looking for, let you know when you’re not meeting customer expectations, inform you of what your customers like about your business, provide crucial insight about your advertising campaigns, and much more. Because of this, a company with an excellent handle on its marketing intelligence stack has an almost insurmountable advantage over one that does not.
As you might expect, organizations that want to stay competitive and keep up with today’s increasingly digital business environment are paying attention to some form of marketing intelligence. In fact, even the newest entrants into the business world make at least a rudimentary attempt. However, only those who truly have mastery over this information are able to make full use of it.
Marketing Intelligence Tools
Marketing intelligence tools, which include Advertising Intelligence tools like Lumenad, are essential for today’s businesses. There are several reasons such tools are needed now.
- Many more types of data are available than ever before.
- Raw datasets often use different formats and schemas, making them hard to decipher.
- The amount of data involved requires the ability to seamlessly scale ingestion and analysis.
- Data needs to be analyzed quickly – sometimes daily, rather than monthly or quarterly.
- Businesses find value in more metrics now than in the past.
Using basic, manual methods like spreadsheets to attempt to compile and make sense of information has become untenable and, in many cases, simply impossible. Many marketers are filing their pivot tables away in the same category of old-school business tools with paper files, typewriters, and typewriters.
Unified software platforms like Lumenad have gotten rid of the problems that once plagued marketing intelligence activities. Our platform is able to consume data from a wide variety of digital advertising sources, and even better, standardize the formatting of these data sets. Then, Lumenad lets you organize your data via an intuitive interface, with no code required. Drag and drop, segment, label and color code to your heart’s content and get accurate, actionable insights that allow you to optimize campaigns and create meaningful reports. This gives you the power that you need to fully use your data.
Marketing Intelligence Sources
As we have mentioned, there are many marketing intelligence sources. When choosing a tool, it is important to pick one that can pull data from many of these.
- Pulling from many sources lets you get a better wide-angle view of the marketing landscape
- Having several sources also helps to ensure that you don’t miss anything when you drill down to the finest details
- With several sources, you increase your chances of finding key data even if most of them have missed it
As an advertising intelligence provider, Lumenad pulls in advertising performance data from all of the ad platforms running your campaigns. This key type of marketing intelligence gathers data based on the criteria you set, compiles it into your own custom data set, and stores it in the cloud. The user interface is solid, easy to understand, and easy to use. You can “say goodbye to invalid requests.”
Our software also does away with siloed advertising data thanks to its ability to provide a true cross-channel view and its ability to transform all metrics into a common language. This ability to blend sources is one of its most popular features.
Marketing Intelligence Example
One of the reasons that software tools are considered essential for marketing intelligence is that it takes too much time to do manually. In fact, they could take 30-40% of a marketer’s time, and that doesn’t leave much time for other required marketing activities to be done.
In this marketing intelligence example, you will see how keeping track of everything is so time-consuming to do without the help of a platform. Consider the seemingly-simple task of gathering performance data from social media activities such as direct advertising, boosting posts, and making posts to your page or account. Done manually, this would require logging into each advertising account; navigating to the correct areas through their dashboards; checking the stats for each ad, post, and tweet; entering the information into a spreadsheet or database; and then crunching the numbers and comparing them against each other.
If you’re running campaigns across three digital advertising platforms, you’ll likely spend an hour or more just pulling out what you hope is relevant performance data. Then you have to attempt to match up metrics that have different names in different platforms or might have the same name but be used completely differently. Once you’ve attempted to standardize your data, you’ll have to try to learn from your performance data and create a report that can effectively communicate results and lead to campaign improvements.
Alternatively, you can automate the process of pulling advertising metrics from your accounts, and perform all of the needed marketing intelligence activities on its own. Once data is gathered and standardized, you can use Lumenad’s Advertising Intelligence to intuitively organize your data and visualize performance.
Importance of Marketing Intelligence
As we have seen, marketing intelligence provides important insight into the fine details of your business, your customers, your competitors, and your overall industry. This insight is crucial to the success of your marketing efforts.
The Lumenad platform is a key type of marketing intelligence, specifically Advertising Intelligence, that helps to gather information from disparate sources to develop and manage your marketing and advertising campaigns effectively. With the right information not only at your disposal, but collected and presented in ways that you can easily use, you can turn a lackluster marketing effort into a powerhouse of results. You’ll be able to see not only what works, but also where, when, and with whom. This will allow you to tweak existing campaigns as well as devise new ones that will hit the ground running.
It is impossible to overstate the importance of marketing intelligence. Using the right tools can make a huge impact on understanding your data and making more informed decisions. With many types of marketing intelligence platforms to choose from, Advertising Intelligence should be at the top of your list. Contact us for a demo or free trial of Lumenad today.