The difficult questions marketers are often presented about the value of their marketing activities are better answered with a set of concrete data. This is known as data-based marketing.
The growth of online marketing has benefited from the wealth of readily available data, and over the years this data has become cheaper.
However, many marketing departments weren’t too comfortable with the data and didn’t even make the most of the information uncovered. The marketers were unaware of its value. A cultural gap is one of the reasons for this phenomenon. Generations clashed. The younger generations are more receptive to technological advances versus older generations who are more comfortable with traditional techniques.
Ultimately, marketers found data-based marketing has many benefits:
- Using the collected data helps understand what makes people spend, and this information, especially in tough economic times, can turn it into a modern-day goldmine.
- The use and understanding of the data give a company an edge over its competitors and can result in a better financial performance
- Those marketers who take the time to understand the data and ultimately master the information are more valued and more likely to receive a promotion.
- This type of marketing further helps all major marketing activities.
Remember, economic downturns can spur innovation; therefore, new data sets are deployed to help businesses’ critical needs.
Photo Credit: jscreationzs / FreeDigitalPhotos.net