How to Tap Into the Potential of Data-Driven Marketing

August 28, 2015 James Thomas

Power of data-driven marketingWhat makes data-driven marketing a hot topic these days? After all, marketing has always relied on data.

Here’s the answer: The new model of marketing makes it easier to find more useful, granular insights from larger amounts of data. The possibilities are endless, limited only by the strength of your marketing technology. The articles below provide more information about the potential of data-driven marketing, and the people and technology marketers need to make it happen.

Where Can Marketers Find The Best Customer Data? Under Their Noses. MarketingLand: “For most of digital marketing’s existence, marketers have relied on third-party data to reach prospective customers. Third-party data has been an easy way to reach large consumer segments that otherwise would have been unavailable — but in today’s always-on environment, it’s no longer enough. Instead, the data that brands already own — first-party data — is quickly becoming the strategic priority for a majority of marketers.”

How Ensure Your Marketing Team is Fuelled by Data. Fourth Source: “For CMOs and marketing directors, the first question when considering any decision should always be ‘do we have data to support this?’ Some large organizations may make decisions based on the instincts or experience of senior team members, but that’s no way to plan or deliver campaigns that translate into actual impact. Always look for the data and use it to inform the decision-making process. The sooner this habit is formed, the better.”

How The Big Shift To Digital And Data Marketing Is Getting Agencies Fired. Forbes: “Only 5% of CMOs say they are confident in their media or agency partner’s performance. In fact, marketers are looking to apply far more stringent and taxing ROI thresholds on their media and agency partners to maximize return. As digital evolves, CMOs will ensure that return on investment and return on advertising investment are held to higher standards.”

Marketing Analytics’ Biggest Challenge is…Marketers. VentureBeat: “If your marketing team is using an analytics vendor, then there’s one or more people managing that relationship. While the relationship is predicated upon a few different areas of focus, most vendor contract renewals/cancellations are some combinative result of pricing and performance — and performance is where things are most interesting right now.”

DMPs Drive Data-Driven Marketing Success. EMarketer: “Senior marketers polled worldwide in May 2015 Econsultancy in association with Oracle Marketing Cloud reported a wide range of data-related benefits to using DMPs. The majority cited centralized control and standardization of existing first-party data as a major benefit. Just over half said the same about the ability to use existing data for better personalization across several channels. Developing actionable data sets across sources, attribution models for better analysis and better cross-channel marketing effectiveness were also among the leading benefits.”

 

The post How to Tap Into the Potential of Data-Driven Marketing appeared first on Allocadia.

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