– W. Edwards Deming (Data Scientist)
In today’s climate, using data to make business decisions is imperative. However, most businesses are overwhelmed with the amount and speed of data they receive. This tends to intimidate many marketers, since collecting, analyzing and acting upon insights can be a daunting task.
Enter the rise of analytics agencies, whose entire purpose is to help businesses understand, analyze and act upon their data; leading to better decision making and improved ROI.
In this 3-Part blog series, businesses ready to hire an analytics partner to provide deeper, more meaningful insights, should consider a few things before moving forward.
What Are Your Goals & Desired Outcome
Before seeking out an agency, let’s look at where you are currently and what your goals are. This is an important step because not all analytics firms are the same.
Many agencies specialize in a specific sector or industry, while other firms focus on companies at different business maturity stages. There are also agencies that focus on certain areas of analytics such as digital marketing or predictive analytics.
Lastly, there are vast contrasts in the way the firms execute their services. For example, one firm may rely heavily on automated software to glean insights, whereas another firm focuses on the human aspect.
With this in mind, consider these points:
- “Your Current Data – What data do you currently have or are building? This includes social, web, sales, product or even operational data.
- “Data’s Role In Your Organization – What relationship does data have in your business? Are you using data for forecasting sales or benchmarking against competitors? Or maybe you need data to provide targeted marketing messages to consumers.
- Analytics Budget – Of course service fees will vary depending upon the analytics firm you choose. Does your organization have the budget to allocate to these services? Fees will be dependent on your desired goals.
- Business Priorities – Is this the best use of your money and resources at this time? This is ultimately the question you need to answer and think about before contracting with an analytics firm. There could be other efficiencies that you may discover if given the time and concerted effort.
After you’ve conducted a full audit on your current situation and where you’d like to be, you can make a more informed decision on whether or not to hire an analytics partner. If you’d like more information on how to select your next social analytics partner contact us today for a free checklist and consultation.