Firms still struggling to make data meaningful
Posted by Stuart Lauchlan in Customer intelligence, Marketing, Social CRM, Technology on Thu, 18/06/2009 - 06:01
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- Companies have invested more web analytics budget on staff than technology
- Firms are struggling to make data meaningful and useful for shaping digital strategy
- One in five firms has an internal strategy that ties data collection and analysis to business objectives
- The proportion of companies looking at social media metrics has doubled
- The technology market for web analytics is turbulent
Companies have invested more web analytics budget on staff than technology over the past year, but are still struggling to make the data meaningful and useful for shaping digital strategy - that's one of the headline conclusions of the Online Measurement and Strategy Report 2009, published by Econsultancy in partnership with Lynchpin.
The proportion of budget for internal staff has increased from 36% to 42% of total web analytics spend, while spending on technology has decreased from 45% to 38%. But the research also found that just one in five companies (22%) has an internal strategy that ties data collection and analysis to business objectives, while fewer than three in 10 (27%) of the web marketers surveyed said that their analytics are producing "actionable insights" in their present form. The biggest focus is information relating to the cost of acquiring a customer or lead, which is regarded as a 'high priority' by 59% of responding organisations.
“Companies are focusing on analytics which help them improve both customer acquisition and customer retention. They are prioritising information requirements which relate directly to business efficiency,” said Linus Gregoriadis, research director at Econsultancy. “There has been a shift from spending on technology to spending on internal staff but there are still too few companies with an internal strategy that ties web data to business objectives.”
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