When it comes to big data, marketers always ask these questions all the time:
Where should I invest my marketing resources?
Which channel guarantees me the greatest return on investment?
Which markets do my customers prefer?
How can I engage my customers through social media?
And the most successful marketers know where to find the answers to their questions.
Although the data is available, what marketers do with it matters. We are entering the era of data-driven marketing: the identification and integration of advanced behavioral analytics and contextual information to provide customers with the best offer or response in real time. With closed-loop marketing, self-learning capabilities, and other analytics tools, marketers can learn from past interactions and get smarter.
Data-driven marketing isn’t just about tracking the number of emails opened. It combines collecting and integrating large amounts of online data with traditional offline data, allowing you to analyze and gain insights about customers through different channels quickly. The results are presented to the market through a highly personalized marketing campaign tailored to customers’ needs and requirements.
In other words, we move from transaction to interaction.
Before the advent of digital marketing, marketers were more constrained. They had to rely on transactional data such as purchase history, lifetime events, and cart abandonment statistics to create a compelling dialogue with customers. Today’s data sets enable marketers to get a broader picture of customer interactions, such as browsing behavior, social media access, and reactions to images, to build deeper and earlier customer relationships.
This data includes individual customer preferences. The challenge is how to obtain and understand it.
However, implementing a data-driven marketing strategy can take time and effort.
When marketers manage a company’s marketing initiative using customer data, they face the following challenges:
• Collecting, storing, and analyzing operational, financial, business, demographic, and customer data separately does not provide a 360-degree view of the customer.
• The data we collect comes from different regions, in different formats, and of varying quality.
• The go-to-market process slows down because tracking data takes so much time.
• It can be challenging to link vision, planning, marketing programs, consumption, and go-to-market.
In addition, marketing best practices that worked in the past are no longer acceptable in today’s marketplace. When customers demand the right offer at the right time, through their preferred channel – and when those preferences can change rapidly – marketers must rely on data to reach the right time and target audience.
The cost of not using data to make marketing decisions is prohibitive. Today’s customers control their brand experience and expect consistent, relevant, and personalized interactions with brands, regardless of where and when they interact.
According to a leading analytics firm, companies that develop a comprehensive marketing management strategy to meet customer expectations will achieve a 50% higher marketing ROI by 2022 than those that don’t. If you don’t give customers what they want and need, your competitors will.
The bottom line is also measurable. Now you can see how much information we produce and how much we consume every day. You might be surprised to know:
• By 2023, 70% of the global GDP will be digital.
• By 2025, more than 200 zettabytes of data will be stored in the cloud worldwide.
• 306.4 billion emails and 500 million tweets are sent every day.
Studies show that vendors who do not adopt a data-driven marketing strategy will not be able to respond effectively to customer needs.
Suppose you are ready to harness the power of big data and take advantage of data-driven marketing. In that case, a prominent data consultant can help you with a solution that delivers unified customer data, advanced analytics, and integrated marketing management.
Big data can help you build an integrated data-driven marketing solution using the following elements:
Data Warehouse: A data warehouse makes an integrated data environment that helps drive business and provide strategic and operational analytics for your organization.
Data Analytics: Data analytics is fully accessible to traditional business analysts – that unlocks the essence of big data sets through iterative discovery and the application of various analytical techniques to find the golden path to understanding the customer journey across channels.
Marketing Automation: Automation that links campaign results to internal planning, production, and cost management. This streamlines processes, focus money on the most efficient channels and improves return on investment.
With the right technology, and a shared business vision, big data following a data-driven marketing strategy can fuel your business to unprecedented success.
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