Author: Michael Brenner / Source: Marketing Insider Group Marketing is one of those industries where we are all constantly trying to do m
Marketing is one of those industries where we are all constantly trying to do more, learn more, and come up with the buzz-building strategies that have never been done before.
Like it or not, it’s just our nature not to settle or get too comfortable. Nor is it the nature of C-suite or our clients to expect anything less than a constantly improving ROI.
Whether we’re doing a first-rate job building a brand and selling a product or not – we know we could do it better. We can be more efficient, more creative. And if we don’t, our competitors might launch a dazzling marketing campaign on Instagram or win over our audience with their profound blog posts and steal half of our customers away.
If you’re like me, you wouldn’t have it any other way. After all, its pressure that makes diamonds.
So – what will you be doing this year to refine your marketing?
A recent look at the agendas of UK and US marketers found that the most pressing issue for this year and the next is data analysis. 72% said that data is the skill that their organizations must hone in order to remain competitive in the future. For large companies, data was ranked even higher, at 80%.
The need for numbers trumps all other areas of digital marketing today. It appears as a profession, we’re finally finding our stride with search engine optimization. Only 13% believe their greatest need is to prioritize SEO. 31% said web development, 23%, graphic design. Social media is continues to weigh on many marketing minds, with 65% saying social is where their organizations need to direct the most energy.
Why Data?
Solid data analysis is essential because it informs our decisions. Without measuring our past and current efforts, we really are just shooting in the dark when it comes to creating the next campaign. This is a problem. It’s not just validation we are looking for from high-quality data analysis, but direction.
The belief is that, the more quality data, the greater clarity you will get. Think of it as a spectrum. Zero analysis would leave you in pitch black, basic web stats would give you a few stars and some moonlight. A moderate marketing analysis routine, with a look at click-through-rates, conversion rates, and churn will let you clearly see a few feet ahead, but let’s face it, there’s still a lot of fog. And, the crème de la crème, expert analysis of big data. You get full visibility, maybe even a little sun glare, with a 360 degree view of the past, what’s going on around you, and where you are headed.
This is an elegant theory. The more you know, the more effective your marketing, right?
This puts a huge advantage in the hands of the companies that can afford big data and outside expertise. The vast majority of marketing leaders agree – 91% believe that the successful brands are using customer data to drive smart business decisions.
Fortune 500 companies, such as American Express, which claims to be able to identify 24% of accounts that will close within four months, and T-Mobile, which credits big data from social media and account transactions to have cut their “customer defections in half in a single quarter,” are doing just…
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