3 reasons you should be doing more with data
Though perhaps not the most glamorous aspect of marketing, data can be a valuable driver of insights for a marketing campaign, but is often underused and neglected as an information source.
According to a recent whitepaper by content management specialists Progress Sitefinity, ’91 percent of senior corporate marketers believe successful brands use customer data to drive marketing decisions, yet 39 percent say their own company’s data is collected too infrequently’.
If the prospect of crunching the numbers is holding you back from exploring it’s uses, this week we’re giving you 3 reasons you should be doing more with data.
1. It helps you understand your customers
Progress Sitefinity believes that, despite leaps forward in the volume and richness of data available, even the most mature of marketing organisations are not using data to better understand their customers.
Progress’s whitepaper suggests there are 5 important elements of a customer’s journey that are vitally important for a data driven strategy;
It is argued that ‘by building engaging user experiences and driv[ing] users to a well-defined set of business outcomes […] you can derive insights based on both positive and negative patterns and business results’, which in turn result in actions.
By better understanding the stages of a customer’s interactions with your brand, and using this information to decide which strategies deliver the intended result, it is possible to streamline and focus your offering based on the data collected.
2. Technology is simplifying the process
No longer the arduous, time consuming process of entering data by hand and searching your mind for that GCSE maths formula you used to know, technology is making detailed data analysis accessible for every marketer.
For SearchSalesforce, an online community and tech resource for CRM users, the overlapping of marketing technologies such as CRM systems, the Internet of Things and cognitive computing systems is now enabling ‘a greater degree of automation of formerly time-consuming processes [and] marketing, sales and service to work more in lockstep’.
It is believed this automation will make data-driven strategies more accessible for marketers, but also streamline and enhance the strategies of those already well versed in drawing insights from data. Technological advancements in data, as in so many areas, are likely to be the driver in ever more experimental and forward-thinking strategies.
3. Differentiate yourself from your competitors
Marketing technology researcher MarTech Advisor (MTA) raises an interesting question about data; ‘if everyone relies on the same data set, how can you achieve differentiation and an edge over your competitors?’
The point is an important one, and learning how to extract and manipulate a data set in a way that is meaningful for your strategy’s aims is a challenge for organisations.
MTA suggests that ‘the edge lies in you knowing your own business and understanding your customers’, and that 4 key stages are important markers for generating this understanding;
- Analyze Loyalty Behavior Among Consumers
- Determine Loyalty Information
- Develop Business Strategy
- Extract Actionable Insight
The questions asked at each of these stages should vary depending on your market, goals and customer base, but the process remains a sound one. By working with the data that is important for your organisation, it is possible to stand out from the competition and ensure you are generating the insights you need.
Whichever your reason for embracing data, there is no time like the present to begin exploring what impact it could have on your marketing strategy.