A recent Gartner report concluded that data-driven marketing turns customer information into business value, thus impacting marketing return on investment and justifying marketing spend. However, the report also states that it can be costly and risky as it entails acquiring, analyzing and applying data related to consumer wants, needs, motivations and context. The deluge of information made available from digital channels need to be filtered for insightful data that can drive multi-channel campaigns. The report also suggests a need to include leaders from outside marketing, data management or analytics expert when you choose to pursue data-driven marketing.
Data to Aid Market Evaluation and Product Development
The next generation of marketers has arrived. Aggregating and analyzing consumer data to meet new market expectations are crucial factors which can help you make more data-driven decisions about your business. You can trace where dollars are being spent, how effective the program, message and source is and also chart the journey from influence to purchase. For the lingering questions, “what to measure”, my quick answer would be, “start with everything”. If you ask “why”, it’s because you don’t know which metrics represent your user’s experience yet. When you start mining data, you can analyze results, obtain a clear picture of what matters and what does not. Data is like air for us marketers, and the bigger it is, the better it gets. Higher-level usage outcomes will follow based on your goals. Tracking and optimizing performance of marketing programs will require sophisticated analytic models, featuring the ability to project forward-looking scenarios as well. We marketers can enable brands to use all the data to delight customers and engage them with brands by tailoring messages and offering it to them on appropriate channels.
Building a Brand in an Emerging Market: Scaling Social to Represent ROI
Marketing practices have shifted dramatically with the rise of Social Media and proliferation of multi-channel marketing, digital marketing platforms, and social marketing. With the increase in communication channels and potential of digital platforms, consumer empowerment has hit an all-time high, companies have replaced the traditional metaphor of a marketing “funnel” and put forward the “consumer decision journey” with criteria for marketers to win or lose. A number of initiatives can drive success for marketing programs, for instance, you can undertake social marketing to listen and engage with customers, identify influencers, and it can successfully help shorten product development cycles, increase conversion rates as well.
Yes, practices such as digital marketing (pursuing traditional marketing goals with a wider objective of customer collaboration on social media platforms) sound obvious; however, acting on them is not very simple. It takes sustained efforts to aggregate and analyze data, leverage touch points for consumers to perceive a brand positively and spend smartly than heavily.
Planning -> reaching -> acting -> engaging, it’s all about boldly treading where marketers have never gone before. As trailblazers exploring new vistas of knowledge using tools for a staggering amount of precision and insight, marketers are better equipped to gain intelligent data into a brand’s customer demographics and messaging efficacy today. Not just that, it is easier to demonstrate marketing accountability by using tools such as lead scoring, lead nurturing and ROI reporting as well. That makes us marketers much more responsible for the entire customer experience. What is your thought on this?
Image courtesy: Flickr