The potential of data-driven marketing is unlimited — unless your technology can’t handle the amount of data you have.
Any leader who wants to embrace data-driven marketing needs to ensure her company has the tools to combine, compare and crunch its masses of data. Without the right tools, marketers miss the opportunity to take advantage of the insights all that data has to offer.
This week, I’ve collected several articles that look at ways to get the most out of data-driven marketing.
Keep reading and sign up for our webinar on demand, “Going for the Gold in Marketing Planning,” to learn more about maximizing your marketing data.
Identify the Marketing Metrics That Actually Matter. HBR: “Marketers should look at data that’s available on a regular basis, so that comparable information can be reviewed from one period to the next. For example, customer purchase behavior is something you’d want to track each month. This sounds simple, but it is often the piece that is hardest to implement, especially in organizations with multiple data sources. In some large companies, point-of-sales data is not fully integrated with CRM and marketing automation systems, or even with customer support databases. So the data can be inconsistent from month to month.”
3 Ways Data-Driven Marketing Drives Higher ROI. Smart Data Collective: “You may have loads of data, but if it’s sitting in different systems and in various formats, your data is doing you no good. For example, your billing records may be stored in one system with certain customer details, and your customer service logs may be stored in another database with an entirely different set of customer information. Each of these sources contain important customer details – basic information such as contact details, as well as more detailed information, such as behavior information (frequency of purchase, transaction value, email click-throughs, and so on.) A data management solution should be implemented to integrate multiple data sources and automate data quality processes.”
The Future of Analytics Is Prescriptive, Not Predictive. ClickZ: “In the marketing world, descriptive analytics would tell me that a customer has churned. Predictive analytics will tell me that a customer is likely to churn. Prescriptive analytics will tell me that a customer is likely to churn and what the appropriate intervention strategy should be, based upon my objectives and constraints at that time.’”
How Businesses are Driving Value From Marketing Analytics. iMediaConnection: “When making actionable business decisions from data, timing is key. Every marketer understands it is critical to target the right people with the right message, at the right time. Sending along a pricing sheet when your customer is not yet far enough along the purchase path can actually have an adverse effect on your efforts to close the deal.”
Developing a Data-Driven Marketing & Sales Strategy With Marketing Automation. Business2Community: “The data available from marketing automation is more than just handy for reporting. It’s highly actionable. By understanding which marketing efforts are generating the best results, and which aren’t working, companies can strategically allocate their resources. By focusing time and budget on the areas that are proven the most effective, companies can develop a more efficient and effective marketing strategy.”