When the Internet was in its infancy, companies captured their impression data and the cost of click data. But today, most people are click averse. So, marketing divisions built or bought platforms that measure people's clicks but also measure their behaviors and intentions. Now, we don't just measure whether they click, share, or like—but whether they convert into customers.
The easiest way to improve your marketing return on investment is through data. Data represents all the measurable actions taken by people as they watch, read, and experience your campaigns. Every click and every impression give a hint into what's working and what's not. In an always-on, always-connected world where our lives blend seamlessly with our devices, that's a lot of decisions—and a lot of data.
So, how can marketers effectively use all the data gathered to connect with new customers at the right place, in the right time? In 2019, ChiefMartech.com reported that there are more than 7,000 marketing technology solutions available to use, and with all these options marketers can feel paralyzed by all these choices. Marketers need to make the best decision for their company to optimize all the data and effectively manage the marketing funnel with the right tools and strategies.
To help shed light on the issue and to come up with viable solutions, Argyle Executive Forum, in partnership with Oracle, set up a panel of experts to discuss how to make sense of all data available to give you the ability to move your marketing funnel more effectively.
The webcast, entitled How to Effectively Acquire the Customers You Want covered how to effectively leverage new tools and tactics to predict customer behavior and streamline acquisition. Panelists were candid about how to shift through the data to find the most important attributes to analyze and how to personalize your marketing efforts while avoiding the "creepy factor."
On the webcast were:
Because marketers can now track audience behavior, Barlow noted, companies can truly understand the effectiveness of their clients' marketing spending. As a result, companies are confident about spending more because they can extrapolate findings and scale at a higher rate.
"A lot of what we do is to use data models and personas to augment our normal marketing strategies," Barlow says. "For example, to promote our mobile deposit solutions, we have a different model for Baby Boomers than we do for Millennials."
The cost of acquisition per customer is an important key performance indicator (KPI) and yet it has decreased by half since the 2000s. Where 80 percent of companies find it challenging to attribute ROI to their marketing spending, using the proper data analytics platform allows companies much-needed visibility into their ROI.
"As we measure our KPIs, there are 9 or 10 different behaviors within healthcare and it doesn't change as your demographics change," says Amy Comeau, who runs Emory Healthcare's customer acquisition department, which is the largest healthcare provider in Georgia. "We have to look for small variations and ask, 'Who are the optimal demographics?' Talking to different people in different ways means we determine whether they are audible learners or visual learners. Either way, analyzing the data makes for a more engaged customer."
In all cases, panelists recommend marketers strive for a complete, connected platform that enables relevant, real-time, and role-based marketing analytics. With visual analytics in every solution and insights available through a complete and connected platform, it delivers ultimate clarity for your marketing campaign and customer journey. Fortunately, Oracle makes such a cloud-based analytics solution.
To learn how you can benefit from Oracle Analytics, visit