Marketers are now wise to the notion that data drives competitive advantage.
Often as new insights, tools and capabilities emerge, more questions arise – and you may uncover holes in your marketing strategy.
This is a good thing, because creating a solid data-driven marketing organization is a marathon, not a sprint.
It requires testing, training and stamina.
Here are a few tips to help you focus on long-term success.
It’s always great to have the newest, shiniest marketing technology if your budget allows, but equally important are people who not only have the technical skills to collect and analyze data but, who understand it in a business context.
This cuts across all channels and areas of your marketing team. For example, I often hear marketers talk about their social following and investments they make to grow that base, but how does that translate for you into new customer acquisition or retention?
Your team should constantly be asking questions like this to make data actionable.
Also, be prepared to put your marketing money where your mouth is. In some industries, the data analytics are outsourced.
That can be seen as a sign that the company isn’t fully committed to data-driven marketing, which could impact your ability attract talent.
As marketers become more familiar with new strategies, skill sets and technologies, ROI may not happen immediately.
Rome wasn’t built in a day! Consider your organization’s long-term goals first and prioritize the investments needed to achieve those goals.
Netflix is a great example of this strategy. The streaming content provider invested heavily in data and analytics, which contributed to astronomical growth over the last 15 years.
Consumer data helped them stay ahead of the curve on producing original content—something that their market now demands.
Data shows us exactly what works and what doesn’t. We measure marketing effectiveness, waste, engagement, clicks—the list is endless.
Data tells us more about our customers by providing tangible insights into their preferences and behaviors, but it also delivers intangible benefits.
By knowing our customers more fully, we achieve greater clarity in what our mission should be as a whole, have more confidence about where we choose to make investments and maintain effectiveness with time and resource management.