Over the last several years, the notion of people-based, consumer-first marketing has gained more momentum as a powerful way to engage with consumers across platforms, channels, mediums and devices.
In order to deliver personalized brand experiences that transcend both offline and online environments, marketers must leverage data to understand their consumers. With data serving as the main proxy for consumers, why is it often dis-integrated from major marketing decisions?
In today’s disruptive marketing environment, data is the engine for growth and it must be at the center of a company’s strategy in order to deliver results.
These results can deliver transformative benefits, not the least of which includes increased revenue and profits and improved customer satisfaction and retention. That’s because data and analytics serve as a corporate compass, even outside of the marketing function – improving service-level performance; optimizing the supply chain and focusing product development on products with the greater upside.
Companies can't put the consumer at the center if data is siloed off somewhere else in the organization. Marketers must be able to leverage it to create marketing communications that get acted upon.As further validation, a recent NewVantage Partners survey indicated that among top executives at Fortune 1000 companies, a near majority (48.4%) reported their firms are achieving measurable results from big data investments.
Interested in emulating proven data strategies of Fortune 1000 companies? Here are three ways businesses can use data to drive business growth:
Injecting data into closed-loop measurement not only precipitates higher performing marketing campaigns, but actually informs the continued performance of those campaigns as well. And higher performing marketing campaigns tend to equal optimized KPIs — whether that is sales, sign-ups, click-throughs, etc.
When brands put data in its rightful place — at the center of their company’s growth strategy — they find more effective ways to harness that data at scale.