Companies that invest in analytics platforms with the support of senior management have greater success in executing on their corporate goals.
That’s according to a new study has which gives valuable insight into some of the key actions taken by ‘Best-In-Class’ businesses.
“Web Analytics: The Crystal Ball of Customer Behaviour?” by Aberdeen Group has found that currently 94 per cent of Best-in-Class companies have executive level sponsorship or are in the process of gaining executive support to leverage analytics as a method to measure and manage business processes across their entire organisations.
Aberdeen Research analyst, John Lovett, said “Eighty-nine percent of Best-in-Class companies currently apply or have initiated defined methods for evaluating analytics, such as established benchmarks and acceptable standards to align with their corporate goals.
“This level of top-down support reflects a corporate culture that promotes an understanding of marketing effectiveness and a unified goal of improving the online customer experience.”
Early findings from the report show that over half of the 1300-plus senior executives surveyed, reported that analytics would be one of the top two technology investments supporting their sales and marketing efforts in 2007.
Businesses now realise that analytics hold the key to identifying customer behaviour and will use this intelligence to convert more customers and elevate the customer experience across all facets of their businesses.
Study results show that the firms enjoying Best-in-Class performance shared several common characteristics with respect to their web analytics implementation strategy.
Some 89 per cent of Best-in-Class companies currently use or plan to use analytics as a method to measure corporate goals such as compliance with sales and marketing objectives and elevating customer experience.
This majority group uses analytics data to influence decisions and impact change across multiple business units.
Some 89 per cent of Best-in-Class companies will also make analytics data available to all levels of management within their organisations through dedicated analysts or self-service methods.
Ninety-one percent of these firms will make analytics data available for export to other applications such as CRM systems, BI platforms or Excel spreadsheets.
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