Marketing analytics: making it yourself or buying it?
Marketing data can be collected in countless ways. Your choices are endless. But that’s not the only decision you have to make: are you going to build and implement this tech yourself or are you going to outsource it? We list what you have to take into account.
This article is a continuation of our previous blog ‘Marketing Analytics: Collecting out of the box data’. In this blog we explain how you can make your existing technology to collect data even smarter. Do you want to go back to the basics? Then read the first blog of this series ‘Where to start with Marketing Analytics?’
Marketing analytics: outsourcing
There are many platforms that say that they can offer you a 360-degree customer profile using artificial intelligence, machine learning, and so on. These can provide quick results but keep your eyes open. It is important that you keep the following in mind:
- You are bound by the vision of the platform, which means you can sometimes investigate your client’s data too far or not far enough. You will only get what the company is offering
- Who owns the raw data? Suppose you stop using the platform, can you still get access to the data? You need to think of an exit strategy in advance
- It’s difficult to distinguish yourself from competitors because you all use the same platform with the same functionalities. What you make of it is the same as your competitors
- Depending on the cost model, you may incur recurring costs and you may even have to pay extra when you increase your turnover.
Marketing analytics: make it yourself
Collecting your marketing analytics yourself has many advantages: the intellectual property and raw data are yours and you can fully personalise it. But beware, this option also has its downsides. Before you start building on your own or hire new personal, keep the following in mind:
- Can be fairly basic, but do you have enough experience? If this is missing in your company, everything will take much longer or the results may not be as you expected
- Have you considered certificates? This is often overlooked with data science, machine learning and artificial intelligence.
- Is your goal realistic? You are dependent on the output data and you don’t know what it will be in advance. So, don’t immediately assume that it will increase your turnover.
Marketing Analytics: combine the two
Why not choose the best of both worlds? Outsourcing a bit and building it yourself is a good combination. This way you keep your hands on the reins, while also not reinventing the wheel.
Firstly, you can purchase proven algorithms and connectors from professional sources, such as a CMS, CRM, social media, etc. Combine this with experienced employees and you’ll have plenty of in-house knowledge. Hire external guidance for these new employees if necessary, so that they get a head start.
Eye on the price
As you know by now, there is a lot involved when it comes to a 360-degree customer profile. Can you handle it all? If you still have questions or want to know more about marketing analytics, please contact us. We are happy to help!