Ok, ok my title is just a tad self-serving, being the coffee-consuming-beast that I am but... you get the point.
Over seven million. That's how many hits I got back when I Googled the term "data driven marketing." Quite frankly I am surprised it was not higher given the amount of "talk on the street" there is about it.
It's not necessarily a new phrase per se as back in 2015, Adweek described it as "... once a novel type of marketing, has evolved to become an integral component of almost all advertising campaigns and strategy. And these changes have come quickly to match the quick pace of technological advances, forcing brands to rethink every aspect of their approach and restructure their spending."
And of course, us being marketers and all, here are some obligatory stats on data-driven marketing:
Ah there's that word: strategy. You do remember it, yes?
There is obviously no shortage of data available to marketers. The right data can help—but you have to be able to put it to use.
Consider a dynamic organization, working hard to connect with their customers and prospects. To do so, they have marketing personnel spread across product lines and functions, and potentially through regions, agencies, and partners too.
Each of those marketers makes it their job to deliver on or exceed expected results and outputs—but in many cases, they’re working with a limited visibility into what success looks like. As a result, they don’t know how to consistently achieve it.
Enter a data management strategy and at the heart of that strategy is a data management platform (DMP), which provides marketers with centralized control of all of their audience and campaign data. It helps them manage and analyze this data to craft, target, and optimize campaigns that reach more of the right people and drive improved ROI.
However, even with the right technology in place, companies need to set proper goals and understand their strengths and weaknesses in order to organize and use data effectively and efficiently, based on their own needs and customer expectations.
They must figure out what will work and what won’t in their particular organizational environment. They also need to understand how to continually optimize and scale their program for repeatable success.
Ok so you're all amped up and ready to dive right into a data management strategy.
Well slow your roll there Sparky because asking the right questions prior to the request for proposal (RFP) stage can help you assess where your business is in the decision-making process and what you need to define and do to ensure operational success—putting your data into action and creating true results.
We've identified the 8 questions you need to ask before getting started. Here's 3 of them:
Want to know the other 5 questions to ask? Of course you do. Download Maximize Your Marketing: Eight Questions to Ask as You Introduce a Data Management Strategy for the other five and discover how to use data to drive real results.
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