In some business areas, analytics aren’t as influential as users would like
Companies are using analytics tools across their organizations, but areas where analytics are used most heavily are not necessarily where they’re most influential, according to data from Econsultancy and Lynchpin.
On the contrary, Econsultancy’s survey of marketers, consultants and executives at vendors and agencies worldwide revealed discrepancies between the use of analytics and their influence on change in an organization.
For example, almost three-quarters of respondents used analytics to increase traffic, but only 46% said analytics were influential at driving change in this area of business.
A slightly greater disconnect exists when it comes to acquiring new customers. Sixty-five percent of respondents used analytics for this purpose, but only 37% said analytics have an impact on change in this regard.
On the flipside, there are areas where analytics are potentially being underutilized. For example, putting more analytics behind increasing customers’ lifetime value could be a promising move—though 28% of respondents said analytics are used to this end, 31% said analytics influence change in this area.
Testing new customer segments as well as cross-selling and up-selling are other tactics that could benefit from more analytics.