Marketing data analytics is fueling the data-driven marketer
Big data is the biggest game-changing opportunity for marketing and sales since the Internet went mainstream almost 25 years ago. The data big bang has unleashed terabytes of information about everything from customer behaviours to weather patterns to demographic consumer shifts in emerging markets. This goldmine of data represents a pivot-point moment for marketing and sales leaders. Companies that inject marketing data analytics into their operation show productivity rates and profitability that are 5% to 6% higher than those of their peers. That’s an advantage no company can afford to ignore.
With the market becoming more complex and customers demanding a personalised experience, data-driven marketing is the only way forward. As we head into 2019, marketers are more focused than ever on using data-driven insights and marketing data analytics to better understand their customers and boost their overall competitive advantage.
More than 63% of marketers reported they have increased their spending on data-driven marketing, and around 20% of all marketing spend goes on data-driven advertising campaigns. Moreover, companies who adopt data-driven marketing are more likely to have an advantage over the competition and increase profitability. In fact- they are six times more likely to be profitable year-over-year.
Read on to see how marketing data analytics has given business leaders significant decision-making firepower.
Big data marketing data analytics = Big opportunities for targeted advertising
Marketers are collecting the data produced from a variety of live customer touch-points to paint a complete picture of each customer’s behaviour. Analysing this large amount of data in motion enables marketers to fine-tune customer segmentation models and apply the insights to develop customer engagement strategies that improve the value of customer interactions.
As the number of customer channels increases, marketers need to ensure that they are delivering a tailored experience across all channels. All of these efforts help provide a highly personalised experience while maximising the return on the marketing investment. In the long-run, marketers can feed these new, real-time insights back into the organisation to influence product development and product pricing as well.
Marketers are able to plan and forecast much better with big data
As Werner Vogels, Amazon’s chief technology officer, said “You can never have too much data. Bigger is definitely better. The more data you can collect, the finer-grained the results can be.”
Data scientists provide marketing departments with a superb analysis of the latest trends in customer behaviour, which allows marketers to create comprehensive strategies and prepare for more efficient activities.
That’s why almost 65% of marketing executives claim that data-driven marketing is crucial to success in a hypercompetitive global economy. They are now able to target consumers not only as large groups but also as segmented sub-groups with their own specific features, which gives them the possibility to modify activities and adapt to each one of these audiences individually.
Moreover, data science is capable of analysing current marketing strategies but it also has the ability to successfully predict future trends. That’s why marketers utilise it to create business forecasts, which allows them to behave proactively and go one step ahead of the competitors. In an environment where there is a constant struggle and striving for more market share, big data turns out to be essential for many companies.
Machine-powered analytics paving the way for the future
I’m not saying that artificial intelligence and big data will spell out the death of the human analyst, but it’s certainly true that if marketers want to draw conclusions from a huge pool of data, they’ll need the support of a machine to help to process it.
Because of this, the digital marketers of the future will need to work in tandem with machines, devices, and equipment to analyse data and make decisions based on their insights. No matter how much technology evolves, there will always be a need for some degree of human overwatch – and that’s even truer when it comes to the complicated field of big data analytics. No human can, nor should, go at it alone, and neither can any single piece of software. The combination of the two will be far more powerful than just the sum of their parts.
Sophisticated analytics solutions for big data provide new approaches to addressing some of the key marketing imperatives while delivering impressive results. These solutions can transform traditional marketing roles and improve how to execute essential marketing functions.
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