Information: The Most Valuable Currency in Marketing
Consumers like a bit of insight-driven personalisation that addresses a real need in their life, so information is one of the most valuable currencies in marketing. Data-driven marketing is now an integral component of many campaigns and their strategy, and analytic data platform Teradata has this year stated that “customers today expect—and demand—a seamless and relevant experience [and] they have grown accustomed to marketers' knowledge of their preferences and anticipation of their needs."
In a survey of 1,500 marketing and communications executives around the world, Teradata found that most marketers are aware of this opportunity and responding to it. However, a similar survey of over 300 marketing, IT, finance and management executives in the US found that only 37% of CMOs feel they are capable of using analytics to tailor their communications to consumers. Whilst 81% of CMOs are aware that data and analytics are going to become an ever more important tool in building and measuring their relationships with consumers, there appears to be a shortfall in the number of marketers putting measures in place to act upon this idea.
Company giants like the BBC, BT, Google and TfL have all stressed the need for brands to embrace data-driven insights. But just why is data so important and what can it do to transform your business? Here at OTB, data has been at the centre of our success for clients. So, we’ve summarised just what it can do for you.
1. Boosted Efficiency
According to December 2014 polling by Experian Data Quality and Dynamic Markets Limited, 58% of data management professionals worldwide said keeping high-quality data about customers increased their efficiency, and a majority agreed they were making more informed decisions. Data means it’s not necessary to second guess your consumer’s wants and needs, as it can guide you towards the right choice.
2. Faster reaction
Data allows you to see exactly how the consumer is interacting with you or your brand, in turn allowing you to react faster to changing market dynamics. In turn, this minimises the risk of brand disengagement and potential bad publicity, as you can react in real time.
3. Better Content
At first, you may think that data and content aren’t closely related. Yet, by analysing the performance of content, this could in turn guide your future content which could be key in turning a reader into a customer.
Tools like Google AdWords Keyword Planner can also be used, reflecting the keywords and phrases that people most often searched by people. In turn, this information can be used to tailor your content. Then, by using Google Analytics, you can track how successful that piece of content has been. Remember, content is still king, but only if it mirrors what the consumer actually wants.
4. Better Timing
Once you know what you need to be publishing, you can use data to determine when you should be publishing it. You can also use data to determine when is the best time to send out marketing emails, or to post on social media. This way, you won’t be mistiming your attempts to engage with the consumer. For instance, email marketing service provider MailChimp analysed over a billion emails to identify trends in the optimal time to send marketing messages. It found that email open increased after 12pm, allowing its clients to tailor their current scheduling.
5. Competitive Advantage
Social data is particularly useful when you want to gain an insight into what your competitors are doing. By looking at the number of retweets or shares your competitor is enjoying, you can gage what the consumer is enjoying. What’s more, data can also be used to glean information about the audience demographic – has your competitor tapped into an audience that you didn’t know was there?
6. Measuring Success
One of the powerful things about data is that it allows you to measure success in terms of consumer response over any given period of time. Once you’ve incorporated the use of data into the way you work, you can also use it to micro-analyse performance and fine tune every aspect of your campaign.
We’re experts in using data to maximise results, so if you need some advice on how to use data to your advantage, come and talk to us at OTB.