Marketers were among the first departments to start utilising data and analytics to inform strategy and tactics. They had to go where the audience was, and when the audience moved online, so did marketers. The internet, social media and mobile technology have all influenced the way data driven marketing get their messages out to their target audiences, and the way they measure success. The digital marketing mix now has to include a web presence, social media accounts, and content generation and distribution as basic tactics, and all these have to be analysed and measured.
Marketers constantly have to answer these questions; What is your ROI? What are your most successful marketing channels? What is your cost per lead? How are your best leads scored? Is the sales team focusing on these top leads? Are the leads being generated aligned to the type of leads the business needs for continued growth and success? These are all questions that can only be answered with data and analysis.
The Future Of Data Driven Marketing
According to Gartner, more than two-third of marketers plan to base most of their decisions on analytics within two years. It is no longer acceptable for a sophisticated marketing strategy to be formed based on ‘gut feel’. Plans and tactics should not only align with overall business strategy, they must be informed and optimised by data driven marketing.
Their analysts have also identified four key traits marketers should have for success in data-driven marketing: empathy, agility, accountability, and a focus on data hygiene and integrity. High-quality data will aid marketers build dynamic programs that meet business goals.
Forrester’s analysts have identified the need to balance analytics with engagement. Data must be evaluated and then engaged with in the most effective way to create an impact on revenue and the bottom line. While many marketers are utilising analytics, they need to be able to tweak, adapt and change tactics to really ensure that they’re using the data to improve the marketing function.
Forrester also emphasizes the need to create deeper relationships with customers through technology – “business intelligence (BI) solutions; cloud infrastructure to reduce cost and be more agile; marketing tech that offers a real-time, single view of the customer; customer experience processes; and specifically useful to the next wave of relationships, artificial intelligence that will drive a conversational relationship with your customer”. Traditional advertising fails to create deep, conversational relationships – Forrester predicts the end these marketing channels.
Analytics and data visualisation platforms can certainly help marketers understand and analyse data in order to make data-driven customer-centric decisions. Real-time data allows for the marketer to be agile and test and tweak plans to ensure success. Engagement data allows the marketer to build deeper and more meaningful relationships with customers – whether engagement occurs via social media, sales teams, or through product usage.
There is a depth of information just waiting to be tapped, you just need to get started.
Wherever your marketing department is in your analytics journey we’d be happy to have a no-obligation consultation with you to see how we can help you meet your business goals. Contact us at our details here.