Build a Strong Data Strategy to Make Marketing Analytics Work for You

September 18, 2015 James Thomas

Build a Strong Data Strategy to Make Marketing Analytics Work for YouThe heart of marketing technology is data. Without it, you don’t get any insights into how your customers make decisions or interact with your organization. But who oversees the data? Who owns it and works with it?

Having a strong data strategy is a key part of marketing technology success, and without it, your company won’t be able to dive into marketing analytics in a useful way. The following articles provide more information on the role data plays in marketing, and how you can strengthen your data strategy.

How Big Data and IoT Drive Digital Marketing Efforts. CIO Insight: “The majority of organizations are either already acquiring big data or Internet of things (IoT) tools to support digital marketing initiatives, or they’re planning to in the near future, according to a recent survey from 2nd Watch. Tech and business execs with companies that have already done so said they’re meeting with notable success, to the point where they’re already making expansion plans for big data/IoT capabilities. Benefits include the gaining of a greater understanding of what customers want while powering new, customer-facing Web and mobile apps, along with the implementation of a more efficient supply chain.”

Big Data Aligns Sales and Marketing to Close More Deals. MarTech Advisor: “Big data has helped B2B sales teams gain insights that can be used to maximize every second of an interaction. Pitching the right information at the right time to the right prospect helps sales team stand out in an increasingly crowded landscape. The intelligence and insights that come from big data also give sales teams more control of the buying process. It’s not uncommon for a sale to require a handful of interactions before a prospect becomes a customer. When sales teams have more data available to them, they understand how to start the sales process and move it from the exploration stage through the experience phase.”

Big Data and Market Research Myths and Missteps. Data Informed: “With the right agile customer research tool, companies can move past minimal samples sizes that don’t produce reliable data. They can run studies in consumers’ natural environment to achieve a more authentic, unbiased experience. They can design their own custom studies, capturing video, audio, and text responses to target research more accurately and consolidate aggregate results under the same data structure.”

Lacking a Data Strategy That Makes Sense? Business 2 Community: “Having access to data is important to many people in different departments within an organization. It’s important to identify key stakeholders for your customer data and who owns it. Not one person or team will have complete visibility to all the data your company collects. While different departments, like: marketing, sales, finance, customer success, product development, and operations, have many common requirements, they also all have unique requirements that need to be addressed.”

Adapting to the New Digital World: Is Your Data Strategy Stuck in the Dark Ages? CIO: “Most companies, for example, invest in marketing and advertising. And most can only look with envy at Nike’s track record of delivering powerful ads. Yet by some estimates, Nike has shifted 40% of print and TV spend to digital. This suggests that a master of traditional marketing is seeing data-driven digital engagement as a better option.”

The post Build a Strong Data Strategy to Make Marketing Analytics Work for You appeared first on Allocadia.

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