Advancements in marketing analytics have revolutionized the digital marketing world. According to last year's GE Global Innovation Barometer, 73% of businesses are increasing their analytic abilities, and 77% have reported positive results from these investments. Additional research conducted by the Winterberry Group in partnership with the Global Direct Marketing Association (GDMA) shows that nearly 80% of the marketers polled in their third annual study reported seeing customer data as critical to their marketing and advertising assets. Statistics like these clearly show the industry trend: businesses everywhere are transforming into more data-driven organizations!
How should marketers respond to this data-driven shift? Marketing has traditionally been portrayed as more of an art than a science, but technically, it is both. To keep up with industry trends and demands, marketers today need to develop both creative and technical skills. Luckily, with the variety of tools and services now available, learning how to put analytics into practice is no longer as complicated as it once seemed.
Here are some of the advantages of integrating analytics with your marketing strategy and adopting a data-driven approach to your campaigns:
Better understanding of your audience
Marketing data has evolved from general industry trends to specific customer interactions. Companies can now analyze a customer's previous purchases, feedback, user data, social media engagement, device, location and search/activity patterns to collect a variety of microscopic insights - such as how they navigate your website. These insights are then used to build detailed customer profiles that give marketers a multi-dimensional understanding of who their customers are, what they want, what they are buying, what channels they are using to buy, when they buy, how they shop, why they choose one product over another, and what they are likely to buy next.
Ability to create highly targeted, personalized campaigns
With access to enhanced customer data and the tools to analyze it, marketers no longer have to waste time with guesswork. Instead they can use their time to create hyper-targeted campaigns with tailored marketing messages and highly personalized content that converts. Analyzing customer data not only enables marketers to reach customers with relevant messages, but also connect with them at the right place and time in their buyer journey.
Faster, more consistent campaign optimization and streamlined operations
One of the most important benefits of a data-driven strategy is the consistent clarity it provides on campaign performance. From advanced technology that offers a real time look at customer interactions, to a marketing team that knows how to interpret the data and gather detailed insights from it, companies that invest in a data-driven approach have immediate access to what is working and what isn't. The result? Quicker campaign optimization, refined customer experiences, streamlined processes that lead to better communication between sales and marketing teams, and actionable strategies that drive revenue.
Has a data-driven approach helped your marketing campaigns to succeed? Tell us about your experience in the comments!