Data-Driven Marketing insights as a Business Strategy
Data-driven marketing insights are increasingly recognized as a prime ingredient in any recipe for marketing success. In today’s marketplace, after all, success is closely tied to a fundamental focus on the customer, access to enormous amounts of data, and the ability to tailor marketing communications to a wide variety of personas simultaneously. Gone are the days when a marketer’s intuition and high hopes could provide customers with the quality of experience they now require.
Marketers understand that, and so do C-level executives — Did YOU know: Nearly two-thirds of executives surveyed for a Forbes Insight report said that data-driven marketing is not just desirable but crucial for businesses operating in today’s ultra-competitive global marketplace. But, for many, there remains a significant gap between the business strategy they know that they need to adopt and the strategies they are tied to now.
In that study, only 14 percent of the execs who responded said their organizations currently have in place the integrated analytical and planning tools necessary to ground their marketing activities in the insights gleaned through data-driven marketing. For 72 percent of the respondents, collecting data still gets a lot more attention in-house than putting that data to good use.
Collecting data is merely one part of the puzzle. Ultimately, these data assets are meaningless unless they cleaned and analyzed to provide actionable intelligence.
It’s Not the Data, it’s the Insights That Underscore a Data-Driven Business Model
The insights that marketing data provides are not ends in themselves, of course. Rather they are the essential building blocks of a comprehensive marketing strategy that can meet the demands of today’s businesses engaging users across ever-increasing and evolving channels. Those insights, however, don’t come from stockpiling mountains of data, but from rendering it comprehensible and actionable.
The good news is that data-driven marketing is made possible by the emergence of tech solutions that allow marketers to aggregate, optimize, and visualize their total marketing performance by way of a single source of truth. When you consider that — to look again at the Forbes Insight study, which showed that 33% of marketers admitted they were saddled with a mix of technologies and a lack of coordination among them, and only 29% could pinpoint the tools needed to change that — the importance of the new, holistic solutions is clear.
Actionable Insights Can Lead to Greater Success
Data-driven marketing shouldn’t be mistaken for another business trend that’s destined to fade into the background as soon as the next one comes along. As more marketers and organizations recognize whether they have succeeded in operationalizing it or not, it provides enterprises with greatly enhanced — and quantifiable — marketing impact that manifests itself in any number of ways.
Some Key Benefits of Data-Driven Marketing:
- Data-driven marketing insights don’t only provide precise segmentation of customers, they also make one-to-one personalization readily accessible, providing tremendous benefit for customer-centric businesses.
- Marketers who employ data-driven marketing strategies can gain unprecedented control at all stages of the marketing cycle, from the collection and analysis of information through the management of each touch point throughout the customer journey.
- It provides the insights that make it possible for today’s modern marketer to identify and deliver the right message to the right customer/prospect at the right time.
- It helps organizations break down silos by creating a single source of truth to guide decision making and common KPIs for measuring success.
- It leads to both increased speed and accuracy in decision making by providing marketers with real-time information and analytics that enables the ongoing optimization of marketing campaigns.
- ROI, ROI, ROI — and the concrete evidence to quantify and visually demonstrate it.
Final Thought: Data-Driven Marketing Insight is All About ROI
When all is said and done, marketing’s return on investment is the true test and measure of any data-driven marketing strategy. Properly implemented, and supported by the right solutions, the marketing insights gained allows marketers to zero in on the strategies and campaigns that are most likely to succeed.
When coupled with its capacity to guide and shape the all-important customer journey, that makes data-driven marketing a strategy few organizations will want to take lightly. Fortunately, it appears today’s leading marketers are taking data-driven marketing quite seriously.
Forbes Insight noted that 53 percent of executives report that their businesses have embraced an enterprise-wide vision for placing data analytics at the core of its operations. Compare that to the days not so long ago when gut feeling largely led decision making.
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