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Most analytics solutions are in the stone age. You know, those reports that lose value as soon as they’re sent. This isn’t to mention that marketers are wasting a lot of money by paying companies to create these outdated reports, as well.
On the flip-side, there’s also the aspect of what your client and team experiences if you’re giving them delayed reports. They have to wait extended periods for you to compile data into lengthy documents–which by the time it gets to them–loses value.
Sound familiar? Don’t worry. There’s a solution.
It’s what we at Morphio like to call “Live Data”
This is live data that you can use now, not tomorrow. That means marketing, advertising, and security can be improved on the spot; no waiting around for reports to be made, but rather pure immediate action.
Because the reality is that business moves fast. Having a real-time analytics snapshot helps you make better decisions in the short and long term.
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What’s wrong with standard analytics reporting?
Don’t get me wrong. Some analytics is better than no analytics. And, in fact, the average business generates 8-10% additional profits by using data.
But, the analytics most businesses use these days has drawbacks. Many aren’t aware of these issues, leading them to use outdated analytics in the long term. Here are some of the downsides you need to keep in mind.
1. It’s a lagging indicator
Think of traditional analytics as “after the fact” data. What you’re seeing has already happened. In the case of a security breach or profitable opportunity, it may be too late by the time it’s come to your desk.
For instance, can you recall the last time you looked at a Google Analytics dashboard or a similar tool? All of that information was generated with historical data.
That’s fine for making tweaks and making discoveries but doesn’t allow you to capitalize on anything happening right now or in the future. Not to mention securing your marketing against possible risks and swiftly declining ROI.
This is simply a limitation of the technology itself, which brings me to my next point.
2. It’s slow and outdated
Batched analytics takes hours to days or more to compile data into a report. And, seeing as the business moves extremely fast, you want to be ahead of the game, not behind it.
Additionally, this means that synchronization across platforms slows down. If your analytics software is integrated with other tools, those solutions–and team members managing them–are affected, too.
Companies could be optimizing marketing strategies, security, and other processes during this time instead of waiting.
3. Pressure from the top
Senior financial executives and other leaders in similar positions need data to make proper decisions, hence why they are demanding more of it. Likewise, marketing clients want to ensure that their money is being spent well with a clear ROI. This means they like to see clear reports and data to represent that.
Unfortunately, traditional analytics can often slow down decision making–and ultimately the growth of a business–because of the two previous reasons I’ve mentioned. It can also put your clients on edge if clear results aren’t easily visible.
Moreover, consider that 39% of marketers believe that the data they’re collecting isn’t quick enough or in real-time. Have you experienced that yourself?
Similarly, those marketers say they struggle to turn their insights from analytics into actionable practice. However, there’s a solution: live data. Let’s talk about that next.
The incredible benefits of live data
These are some of the main benefits marketers will experience by leveraging live data within their business.
1. You can take immediate action for faster results
Using live data will empower you to gain insights into marketing performance and other key areas of your business. Not tomorrow, but today. This means that you also implement optimizations and changes just as quickly. Ultimately, that ability will put you ahead of competitors and speed up how fast your business grows.
Imagine saving countless hours every week that are normally dedicated to compiling and analyzing reports. All of that time compounded over a year can be put towards growth and high ROI tasks which could also be what pushes you past the finish line of success.
That’s why companies like Gantner have begun implementing live analytics to enhance their growth. The manufacturing company that works with companies like John Deere and FIAT was searching for a way to track all of the performance of their tasks in real-time. So, they opted for real-time data and monitoring and analytics.
They used a combination of tools to create a tech stack that allowed made use of real-time analytics, cheap file storage, and Cloud. The results? Being able to monitor and analyze company and client data in real-time no matter the volume.
2. Detect fraud and security flaws on the spot
If you caught the flu, wouldn’t you want to know as soon as possible and find a remedy? The same goes for your business. And, it’s another massive benefit of real-time analytics.
Being able to see fraud and security alerts means you can take on related issues as they happen–not after they’ve caused damage. This is thanks to live data finding security flaws like malware, computer misuse, or remote access.
Also, consider for a moment that data breaches exposed 4.1 billion records in the first half of 2019 alone. It’s easy to focus on marketing, advertising, and the normal agency hustle while forgetting about security. That’s why investing in marketing security via live data solutions should be at the top of your agency security checklist, as well.
3. Understand customer profiles better
Analytics tells you a lot about your customers. But, just like all areas of business, your customers evolve, too. Live Data will give you immediate insight into customer behavior and actions to mold your marketing.
Take Deloitte and their wireless communication client as an example. This communication company had data on millions of customers and suffered from a 45-day delay in reports. Yes, you read that right. 45 days!
However, this data was extremely important in how they marketed and improved customer experience. That’s why they implemented a real-time analytics solution that allowed them to proactively respond to customer actions. This allowed them to:
- Serve timely offers and incentives.
- Engage with customers across any channel where there was activity.
- Send text messages with coupons.
The solution also used previous campaign information with the live data to provide suggestions. Learn more about how machine learning is capable of scaling companies like this in our previous blog post.
Ultimately, the wireless communications company was able to reduce data lag, create highly targeted campaigns, and better understand customer sentiment.
4. Faster collaboration between employees
Speed and accuracy are everything for marketers. This amplifies when working with a team. Communication needs to be fast to hit deadlines and KPIs. But, what if analytics is slowing you down?
The average employee is spending at least one hour per week on reporting and 32% spend up to five hours. Imagine investing that time into other activities or delighting customers.
That’s where live data saves the day. Think about all of the departments that use data: marketing, sales, finance, you name it. If they’re all getting slowed down by batched analytics and reports, the entire business becomes stunted.
Live data, on the other hand, ensures that every person in your company has the right data at the right time. Everybody’s workflow improves and collaboration is enhanced at the same time.
5. Improved client relationships
Clients want results. They also want peace of mind. Live data is able to deliver both since you don’t have to turn dated reports into verbiage and use cases.
Instead, real-time data shows clients exactly what’s happening within their business and campaigns. It helps your business deploy more empathy which is capable of giving your clients better impressions, creating long-lasting accounts.
Consider for a moment that only 15% of organizations are effective at delivering reliable customer experiences. That’s less than a quarter of the market!
This is why, additionally, live data allows you to deliver better services. For example, let’s say that you offer PPC management. Live data solutions will enable you to tinker with campaign copy, settings, and creatives in real-time to improve CTRs and conversions.
Conclusion
We’re always thinking about forecasting, predicting, etc. But, why not make better business decisions right now with live data?
Standard analytics has many flaws that are starting to become well known, such as lagging data, operators pressuring for more information, and slow ramp-up time.
On the other hand, you have live data; empowering agencies to take immediate action, detect security flaws, and work faster all at the same time.
Interested in seeing how live data can transform how you run your business on a day-to-day basis? Start for free with Morphio, the world’s first marketing security software that includes in-depth analytics and forecasting.
