Table 7: Accountability through analytics: Rich Hren, EuroDiscovery
*SPSS is a very important tool and it is important to learn how to use it successfully
*Keeping a database on your customers is very important for all companies
*Rich claimed that Google Analytics was most important to learn
*Mentioned to read Competing on Analytics by Thomas Davenport
According to Hren, analytics has become the most important component of marketing. Without analytics and tracking, it is impossible to determine which marketing efforts have been successful and which have not. Hren also explained that 50% of marketing efforts are wasted when people do not have a critical understanding of the marketing program. Analytics enable marketers to track, analyze and adapt their offerings.
As the national market becomes more fragmented, the "one sized fits all approach" is losing value quickly. The importance of tracking is thus magnified. Fragmented markets mean more differentiated market segments, and analytics enable marketers to properly engage these segments. By analyzing these fragments, marketers can get a better idea exactly what sort of marketing plan to use on each and avoid wasting money with unprofitable strategies.
The increase in technology makes it even easier for companies to perform some sort of tracking (and they have no excuses not to). In years past, it took what Hren referred to as "helicopter heads" to make heads or tails of analytical data. Now, commercially available tools like Urchin, Awstats, SPSS and the free Google Analytics offer powerful tools that ordinary marketers can easily wrap their hands around and put to good use.
Marketing used to be about the creative process, according to Hren. Now, the analytics side has become more important. Companies must deliver value and analytics is an important part of that mix. Analytics provide the information necessary to make fact-based decisions with measurable data.
