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How analytics will change 2014
Each year advertising and customer data becomes more important. The same will be true in 2014, especially as the online space becomes more fragmented between online, mobile and social sectors.
Kristina: Each year the metrics part of advertising seems to grow in importance. How will analytics change and grow in 2014?
Steve Kearns, Director of Product Management, DataGravity: I expect that 2014 will mark a shift in the amount and nature of information advertisers want from their advertising platforms. Dashboards and summary statistics have been and will continue to be important tools, but the increasingly sophisticated marketing professional is going to stop asking "what happened" and start digging into *why* a potential customer did or did not respond. The relevant supporting information may be different for each individual advertiser, so I would not be surprised to see an explosion of new metrics and tools to support drilling from the dashboard to these new supporting metrics.
Kristina: For the most part, medium to large businesses have done the most with analysis, but are you seeing more SMBs move into analysis?
Steve: I believe that SMBs that aren't using analytics are missing out on a great opportunity. In many ways, SMBs are in an ideal position to make the most of what analytics have to offer. They are typically more agile and can respond quickly to changing market conditions. By including analytics in the planning and decision making process, I expect to see savvy SMBs outmaneuver many medium to large businesses.
Kristina: What can businesses do now to get themselves ready for 2014 in regard to marketing and analytics?
Steve: Stay practical. Analytics shouldn't be a goal in and of itself - it's a means to deliver increased business insight and improve decision making. Start the process by identifying a real business problem and assess what relevant data you already have or could easily collect, and then focus on using it. It's easier to build a clear ROI if you start by tackling an existing, measurable problem or process.
More from Steve and DataGravity on Monday, including trends that may help businesses make more from data.
Image via Shutterstock
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