T he marketing industry is evolving. Platforms are changing, new ad technologies are be invented, data is changing marketing and conventional strategies are falling to the wayside. However, nothing is more important than the role data is playing in shaping this new marketing shift. Data is drastically changing the way marketers build strategies for the companies and brands they represent.
Data driven marketing is the process of utilizing trends and insights found in internal data sources (CRM, DMP, etc.) and external data sources (3rd party data consolidators, consumer data, web behaviors, etc.) to build marketing strategies that lead to sales and bottom line revenue growth. Proper data-driven marketing strategies utilize a tight feedback loop to build revenue growth engines for product and service-based businesses. A proper feedback loop follows the similar method of lean thinking “build, measure, learn, and repeat.”
Most companies have traditionally built marketing and advertising campaigns based upon subjective thinking and guess work.
This problem has led many companies into a grey area of knowing what is really working or not working with unclear ties to sales attribution. Additionally, companies typically don’t have a proper validation loop integrated into their strategy to effectively optimize every marketing dollar they spend. This is a problem that proper data analytics and activation strategies can solve.
Untitled says “proper” because most companies have plenty of data, but have not analyzed available data sets and used key trend findings to build out marketing strategies. Data without proper analysis and activation strategies is useless. We like the expression that many companies are drowning in data, but starving for information. Without information derived from data, marketing budgets and other key resources of the company tend to be wasted.
Data Is Changing Marketing
Data is changing marketing. Data generally reveals the answers to most questions companies are asking. Questions such as “Who is my target audience?” “What do customers who buy from me have in common?” “Why do a majority of my customers only buy once or churn?” “How do I better retain my customers?” “How do I build marketing strategies that unlock value and lead to revenue growth?” “What additional profit centers can be activated on in my respective industry?” A majority of clients that partner with Untitled are asking these various questions. We always begin looking for the answers in their data. Then based upon our findings, we help our clients build world class marketing strategies and execute on those strategies.
Marketing budgets are at an inflection point for most companies. Spend will be quantified in new ways and it is the role of the marketer to keep up with this rapid change, they will now be held accountable to bottom line revenue and unique sales attribution. With data driving strategies for growth, awareness and bottom line sales, the marketer will withstand the evolution of the industry. If they do not adjust for data-centric methodologies, they risk becoming obsolete.