There has been a huge transformation in the way marketing is looked at and done in this highly digitalized age. Marketers today are expected to be driven by data. Marketing strategies are prepared based on solid numbers and detailed analysis of available data. Data is strategically important for any marketer to monitor customer engagement which will eventually help them sell their products and services in the most beneficial way.
Why is data so important? Let’s explore three reasons:
1) It helps to see where the buyer is at on the customer journey.
The usual marketing lifecycle is somewhat complicated and consists of opportunities that would help make many important decisions. To guide customers successfully through the sales channel, marketers need to know what is the best way to reach these customers. The main objective is to trim down the time taken to turn a lead into a customer.
2) There is a greater need to justify profitability.
Today, the marketing cost is justified based on the ROI that is delivered to the client. This is compared to earlier days when marketing agencies could justify the work done by these agencies within a given time period.
3) Performance can be monitored on a regular basis.
The performance of a marketing campaign can be monitored on a regular basis to ensure that time, money, and efforts put into the campaign are not in vain. Marketers must gather insights and make changes if there are any loopholes to run the best campaigns which will produce the desired results.
The quantity of data that is available is huge and organizations expect to generate value with the help of this data. No data is bad data. The right question to ask is: What is the right type of data to produce the desired result? Available data can challenge your creativity. You can know about meaningful insights related to the market by connecting the dots even in seemingly insignificant data.
To someone who doesn’t have the knowledge to read data, significant insights can be lost, however, for someone with the right frame of mind and the right tools, data can become a crucial resource. The only limit would be individual creativity.
Want to find out how data can help you boost your marketing efforts? Click on the link below to watch a quick video and to download the whitepaper. Using Data-Driven Marketing to Improve Business Performance