Science Daily claims that a staggering 90% of all the data in the world has been generated over the...
The Six Lessons We’ve Learned From Leading Data-Driven Marketers
Data-driven marketing, relies heavily, of course, on the collection and acquisition of data to work. According to “The New Marketing Reality” report by Econsultancy & IBM, 33% of elite marketers say having the right technologies for data collection and analysis is the most useful in understanding customers. However, it is the processes, structures, and people working with, and refining that data, that are key to unleashing its power. Data-driven marketers, are able to capture data, and use that information to optimize campaign performance. They know what data they need to better understand the customer journey, and improve performance across all touch-points. If you are a data-driven marketer, or want to understand more about what data-driven marketers do to drive success within their organizations, then this is for you.
We’ll uncover how data-driven marketers optimize for success in the digital age, and how these areas pertain to all marketers, regardless of focus or industry. Here are the six important lessons we’ve learned from leading data-driven marketers:
1. Use Data To Leverage Digital Solutions
In today’s ever digital world, data-driven and digital marketing are practically synonymous with each other. The ability to collect and segment data heavily depends on digital solutions. One day data-driven and digital marketing may define all marketing practices. Although we are not quite there yet, more and more marketers are understanding this transition to digital.
Most organizations see themselves as works in progress when it comes to digital maturity. When asked about where they are in their journey to digital maturity, a scant 11% of laggards describe themselves as close to, or at, the finish line. This compares to over a quarter (26%) of leaders. More positively, over two-fifths (44%) of laggards claim they have just started their journey towards digital maturity.
2. Encourage Cross-Company Collaboration
Data-driven marketers understand that all divisions of a business must collaborate in order to analyze and harness the data they collect. This is arguably one of the most important lessons we can learn from data-driven marketers. They break down silos in their organization, and bring everyone together to determine where improvements can be made. Through collaboration, data-marketers gain insight into where they can make changes, and enable those changes across the company.
It’s important for marketers to get support from executive leadership to do this successfully. In most instances, nearly two-thirds (62%) of laggards highlight that executives have not committed to the necessary investments to make best use of data in their marketing programs. This compares to only 37% of top performers.
3. Harness Technology To Enable Strategy
Technology is essential for enabling marketing strategy. Despite this, many brands report that there are internal technical hurdles to becoming a data-driven organization. In fact, 42% have a lack of integration between data collection apps, 20% do not have the technology to collect online customer data, and 15% do not have the technology to store it.
However, leading data-driven marketers understand the benefits of a data management platform (DMP) and how technology is at the core of their job. Reports indicate that approximately 44% of marketers say they have data management platforms, and 33% are planning to have one.
It is more important than ever for marketers to have the proper technology to support their goals. Today, customers expect companies to recognize and engage with them in real-time. Unfortunately, few marketers are able to act this quickly. In a study by CMO Council, only 7% of survey respondents say they’re always able to deliver real-time, data-driven experiences across physical and digital touch-points. And while 52% of respondents say they can deliver some of these experiences, they can only do so via marketing-owned (28%) or mainly digital channels (24%).
More investment in technology is necessary for data-driven marketers to do their jobs effectively, and leading professionals are pushing for this change.
4. Always Strive for a Holistic Customer View
Most data-driven marketers know how important it is to achieve a complete understanding of the customer and the customer journey. In fact, 52% of consumers (and 65% of B2B buyers) say they’re likely to switch brands if a company doesn’t personalize communications to them. But brands can only personalize effectively if they know who their customers are – their information, behaviours and preferences. A CRM platform is critical in tracking and using this data. (Salesforce)
In their on-going quest to know customers better, some brands are delving deeper:
- Through purchasing (47%)
- Browsing (31%)
- Histories down to devices used (30%)
- Social media habits (27%)
- Real-time geolocation (21%)
Data enables marketers to pinpoint the exact moment a message is most relevant to a consumer. However, personalizing content is essential for effective engagement. Today, consumers receive between 300 and 3000 marketing messages a day, but can only retain a maximum of three – if you’re not serving personalized content at the most relevant, receptive moment for that consumer, you’re wasting resources and losing opportunities.
Data-driven marketers know that consumers are becoming increasingly mobile. They understand that in order for their marketing to reach the audiences they desire, it’s important to optimize for mobile. Marketers cannot ignore the opportunity to target audiences through mobile from wherever they are. Marketers report that 66% of marketing data is used to better focus on targeting offers, messages and content.
Additionally, building campaigns for mobile and social media are absolutely crucial for data-driven marketers. They will not risk the possibility of consumers abandoning their carts or the experience, and ensure campaigns are responsive and mobile-friendly. Ads for social media are also becoming increasingly popular, and delivering the results businesses want at a much lower cost than traditional ads. There’s no denying the influence of the mobile consumer, and informed data-driven marketers will be the first to agree.
6. Data Collection Can Be Done Through Many Tactics
Expert data-driven marketers know the ins and outs if collecting customer data. They don’t just dissect the data they acquire, they understand the art of data activation and acquisition. By creating campaigns that engage and incentivize consumers to action,, marketers are able to collect the data they need. There are a number of tactics that data-driven marketers have in their arsenal for accomplishing this. Some of these include, but are not limited to:
If you’re interested in learning more about how to collect and acquire more data be sure to speak to one of our experts, and check out “5 Quick Tips About Data Activation for Creative Marketers“.
As marketing continues to lean heavily on digital technology and automation for success, buzzwords and phrases will only continue to grow in complexity. In Volume 1 of this comprehensive book, you will understand the ins-and-outs of the most up-to-date marketing buzzwords, and how marketers can effectively use these terms in the workplace, and in every day use.
- Diction 101: Defining the 30 Most Popular Marketing Buzzwords
- Grammar 201: Understanding Correct Usage of Buzzwords
- Etiquette 301: Effectively Using Buzzwords in Professional Conversations
- Context 401: Hashtags to Follow for Relevant Online Discussions
- Plus, So Much More!