Real-time reports should be leveraged within the silo they represent
It’s time to take stock and reassess the utility of the deluge of data and analytics we have access to every day. Real-time reports should be leveraged within the silo they represent. Businesses should interrogate whether these siloed metrics and real-time reports are being applied appropriately. Are we looking at the whole forest, or are we fixating on a small section of trees?
Pivot to a full business perspective and customer-centric commercial view
To avoid the pitfall of a siloed approach, start with a full business perspective and customer-centric measurement approach. With a commercial view, where the customer is at the center, you can better understand what is driving business performance. A privacy-safe, customer-centric perspective showcases the role of marketing in the context of the full commercial business drivers – brand, product, operational, and external factors.
Shifting to a commercial view avoids costly, blinkered decisions and helps cut through biases. As has been widely reported, the prevalence of real-time reports can create a bias that comes at great cost.
Everyone in your organization has the same goal: To add value and grow the business. But many participants only have a siloed view on marketing and brand performance. The siloed views are often valuable within the silo from which the data and metrics originated. However, a best-in-class marketing organization relies on a customer-centric commercial view to make superior decisions that have short-term, long-term, and brand-building impact. It is imperative for marketers and organizations to ensure that real-time reports do not misinform and cause poor investment decisions. Data doesn’t lie but it can mislead.