Definition: Delayed data refers to the scenario where there is a delay, often of several hours, between when the data is collected and when it appears in reporting. Most importantly, the impact of delayed data on marketing and sales can be avoided!
In an age where real-time information is seen as gold, marketers and sales professionals heavily rely on data to make strategic decisions. From understanding customer behavior to optimizing ad campaigns, data drives nearly every aspect of these industries. However, what happens when this data is delayed?
(And it’s not just for marketing and sales!)
Lost Opportunities
When operating in dynamic markets, even a delay of a few hours can mean missed opportunities. For instance, imagine an e-commerce website running a flash sale. If the marketing team doesn’t have real-time insights into which products are trending, they might miss the chance to push relevant ads or social media posts to potential buyers.
Real world example: Can you imagine if the NYC Stock Exchange ran on data an hour behind?
Inefficient Resource Allocation
For sales teams, delayed data can lead to overlaps or gaps in resource allocation. If a team member doesn’t have the latest information on which leads have been contacted or which territories have been covered, they might waste time and resources on redundant tasks.
Real world example: A timeshare sales and travel company has agents warehoused in a call center without a structure. Most of their agents’ time will certainly be spent on re-covering others’ tracks and bothering leads by double-calling them.
Reduced Campaign Efficiency
Real-time data is crucial for marketers, especially when they’re running paid ad campaigns. With delayed data, marketers might end up investing more in ads that aren’t performing well and miss the chance to double down on the ones that are, leading to decreased ROI.
Real world example: A large ecommerce company is losing money on two niche product lines that used to do well and they can’t discover why. If real-time data was put into place they would discover a website they once focused their marketing efforts on is experiencing a heavy dip in traffic and that they are being outbid on their other product line for niche google advertising.
Impacted Customer Experience
Today’s customers expect personalized experiences. If there’s a lag in processing customer data, businesses might fail to offer timely product recommendations or respond to customer queries promptly. This can frustrate customers and lead to lost sales.
Real world example: A small-time flower delivery service and florist is struggling to expand, mainly due to the fact their marketing just isn’t hitting. They call in a consultant. On review, their marketing is not personalized or specialized at all, leading to unsubscribes and instant sends to junk folders. The consultant works to put a new system into place, targeting customers by name and previous orders around holidays in order to re-capture their interest and cause them to order again around important dates like Christmas, and Mother’s Day.
Inaccurate Forecasting
Both marketing and sales departments rely on data to predict future trends and make informed decisions. With outdated information, their forecasts might not align with the current market scenario, leading to poor strategy planning.
Real world example: A hotel specializing in drawing in conferences and conventions to sell rooms and fill space that doesn’t keep track of trends is destined to loose new clients.
Trust Issues
Data is not just for internal use. Many businesses share analytics and reports with stakeholders, partners, or even customers. If these reports are based on delayed data, it can lead to trust issues. Stakeholders might question the reliability of the information and make decisions based on inaccurate data.
Real world example: Many companies have gotten in trouble over the past ten years for sharing opted-out data; are you sure where your data sources are from, and are they truthfully opted-in?
Mitigating the Impact of Delayed Data
Recognizing the pitfalls of delayed data is the first step.
To mitigate its impact:
- Invest in Real-time Analytics Tools: While it might be an investment, having access to real-time data can pay off in terms of more efficient marketing campaigns and better sales strategies.
- Train Your Teams: Ensure that both your sales and marketing teams are aware of the potential delays in data reporting. This awareness can help them interpret the data more judiciously.
- Maintain Transparent Communication: If you’re sharing data externally, be transparent about any potential delays. This can help maintain trust even if the data isn’t up-to-the-minute.
In conclusion, while delayed data is a challenge, it’s not insurmountable. With the right tools and strategies, businesses can still harness the power of data to drive their marketing and sales efforts effectively. Again, the impact of delayed data on marketing and sales is completely avoidable!
