Data-driven marketing simply isn’t optional anymore. A recent report from Forbes Insights and Turn finds that almost two-thirds of executives “strongly agreed” that data-driven marketing is crucial, but also found that coordinating tools was a challenge.
The articles below look at the growing role analytics plays for marketers, and how you can best ensure success.
New Report Shows Data-Driven Marketing Crucial for Success in Hyper-Competitive Global Economy. Forbes: “Modern marketers are embracing data-centric tools to make the most of the treasure troves of audience data being gathered from a variety of devices and social media platforms. In fact, a whopping 64% of executives surveyed ‘strongly agree’ that data-driven marketing is crucial to success in a hyper-competitive global economy. This is the key finding from the just-released report from Forbes Insights and Turn, the marketing software and analytics platform, ‘Data Driven and Customer Centric: Marketers Turning Insights Into Impact.’ Yet the report, based on a survey of 162 executives, finds that 33% of respondents say they’re grappling with a mix of technologies with little coordination. And only 29% recognize a common set of tools emerging to support data gathering, analytics, insights, programmatic advertising and planning. This clearly indicates a need for a unified platform.”
Quantifying the Impact of Marketing Analytics. Harvard Business Review: “Our results show that a one-unit change in the use of marketing analytics (i.e., the application of marketing analytics to one more area) yields a 0.39% increase in profits. This means that using three ‘units’ of marketing analytics improves profits by over 1%. For marketing ROI, the figure is 0.61%. This use metric has a positive and significant effect on both outcomes even after controlling for marketing analytics spending, product vs. service, and B2C vs. B2B.”
The Future of Sales & Marketing is Data Analytics. CustomerThink: “Businesses need to get a good idea about who their customers are, what they want from their experiences, when they want it, and how best to engage them. Data analytics makes this more precise than the methods used before, but recently, sales and marketing teams have taken this task on separately. This follows the more traditional business model, where everything is divided into its own department with only occasional interaction between different areas. Big data analytics has blurred these boundaries, tearing down the silos that have kept departments from working together. Sales and marketing teams have benefited the most from this revolution.”
Data Analytics Ups ROI For Email Marketers. MediaPost: “‘Understanding your target audiences is key to the success of any content marketing campaign,’ states Maribeth Ross, chief content officer and managing director, Aberdeen Group. ‘Those who map content to their audience’s needs at each stage of the buyer’s journey will be successful in engaging leads and bringing them down the funnel.’ Ross states that it’s imperative for organizations to coalesce data, analytics and content to create a more cohesive and engaging marketing campaign.”
Analytics Initiative Success Can Turn on Quality of Data. TechTarget: “Companies are benefitting from data-driven decision making, but there’s a steep learning curve. Contending with large volumes of data, coming from multiple data silos and in different formats, is challenging. The ability to handle massive amounts of information, integrate it from different areas of the business and combine it to derive actionable data in real time is be easier said than done. One of the principal challenges is the quality of data: Without high-quality data as the foundation, decision making will likely falter. As with any data-dependent process, the decision making hinges on quality of the information. As the saying goes, ‘garbage in, garbage out.’ Bad or incomplete information will lead to incorrect predictions and misleading descriptions.”
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