It’s easy to make business judgments based on superficial levels of correlation.
But as the saying goes, correlation does not equal causation.
Luckily, business leaders no longer have to go with their gut when it comes to determining what the root cause of business outcomes is. Thanks to better data and analysis tools, leaders can easily get the full picture.
At a recent meetup, we heard from several marketing ops leaders about how access to better data has changed their organization.
When More Leads Isn’t The Answer
Earlier this year, Eventbrite saw a significant uptick in the number of opportunities they were creating as well as the dollar value associated with each of them.
While many teams might have been happy with the increase and told the demand gen team to just keep plugging away, they instead took a deep dive into the data with the help of Full Circle, looking to identify what the real driver was for this increase.
“We took the data that we were able to access through Full Circle, and realized the main driver of this growth was the rate of same-day leads conversions coming through—someone who saw our site, filled out the form, became and lead, and then an MQL the same day,” said Julia Campbell, Marketing Operations Manager, Eventbrite. “When we saw that we’re like, “Aha.” What we (the demand gen team) really started to focus on is generating more of that kind of behavior. How do we attract leads to our site, and get them to MQL within 24 hours?”
Making Data Everyone’s Job Can Uncover Untapped Opportunities
At AdRoll, they expect everyone in their company to make use of business dashboards. This practice paid off when someone on their business operations team was studying data for their SMB customers. She identified an anomaly that was not being utilized, and surfaced that through her team, resulting in a significant business impact.
“This nugget of information went all the way to the C-suite,” said Sam Trachtenberg, VP of Operations, AdRoll. “We reached out to customers and fixed this setting, which turned out great for customers. It allowed them to improve their performance, and also resulted in a great win for AdRoll from the revenue standpoint.” They then funneled these learnings to the product team, which ended up developing three different features based on what was uncovered.
Automation Leads to Data Alignment
Too often, data teams spend most of their time generating reports, leaving little time to make sure those findings are understood and acted upon by those who need their insight.
At New Relic, automating the creation of many recurring reports has empowered the analytics team to head off potential business issues while there is still time to recover.
“I meet with my marketers every month, and go through every single tactic that they have planned for the remainder of the year,” said Maria Stopak, Senior Manager, Marketing Analytics, New Relic. “We then run an analysis based on our historical data, solving for all the tactics. I can then confidentially say something like ‘you’re not going to make your goal’, giving my team time to rethink their strategy”.