Pointers at Glance
- The role of marketers is changing in the data-driven world.
- A CMO Council survey reports that 91 percent of marketers are expected to drive more ROI and customer lifetime value growth.
- Marketers and CX professionals of the future will require a cloud-first data analytics platform to leverage their data for measurable growth.
Consumers are becoming picky about the messages they read and the products they buy. Marketers must create personalized messages to attract and retain customers, which requires data.
The consumer demand for relevant messages has given way to a completely new kind of marketing: data-driven marketing. Marketers are now gathering data at every touch point to understand their audiences better, interpret that data to predict future behaviors and make real-time marketing decisions.
Why Are Marketers’ Data Hungry?
According to eMarketer, more than 40% of brands plan to expand their data-driven marketing budgets. There are many benefits of data-driven marketing, as mentioned below.
Personalization Becomes Easy & Effective
Customer data allows marketers to segment buyers easily and create tailored campaigns that speak to niche groups. Research shows such marketing results in high revenue. According to a survey from Monetate, marketers that exceeded their revenue goals in 2017 were using personalization techniques 83% of the time.
Customer Journeys Become More Clear
Customers might Google your business, read reviews, ask for recommendations on social media, and compare prices before making a decision. Data-driven marketers can better understand customers’ buying journeys and create content for each process step.
Decisions Are Based On Concrete Data
Data collection can make marketers understand who to market to, what kind of content or incentive to send, and what improvements should be made to a product to increase customer satisfaction.
Data Leads To Better Understanding Of ROI
Data-driven marketing gives statistics that attribute successful outcomes to a particular marketing effort. Marketers can see how many products were sold because of a specific email campaign or quantify conversion rates that stem from free resources such as blog articles and webinars. By understanding what is successful, marketers can spend budgets wisely.
Skills Of Data-Driven Marketers
Collecting, arranging, and interpreting data in a way that drives decisions takes skill. The data-driven marketers will have the ability to do the following:
Separate Knowledge From Data
Experienced data-driven marketers gather intel from years of campaign creation and analysis, but today’s marketers must separate this knowledge from the data collected.
Create A Well-oiled Martech Stack
Data-driven marketers rely on various marketing tools to streamline data collection and mining. They can create a martech stack of marketing tech tools that work together to provide the valuable insights needed to elevate customer relationships.
Constantly Mine Data
Data-driven marketers are always mining statistics for new insights. They can think of new and inventive ways to use the data collected to find new customer segments, identify characteristics of repeat customers and pick up on patterns and trends that lead to proactive marketing tactics.
Bridge The Gap Between Marketing & Sales
Marketing and sales might be different departments, but they both are dedicated to landing new customers and keeping existing ones. A data-driven marketer can work with the sales team and encourage them to focus on stats like average customer value and annual recurring revenue rather than compete for lead totals or vetted prospects.
The wave of digital channels and shifting consumer behavior has made marketers collect and analyze data to thrive. Organizations that embrace data collection and evolve with technology will become the frontrunners in the future marketing landscape.