Data: A Necessity In Modern Marketing
27 Feb 2017
“Marketing without Data is like driving with your eyes closed.” Dan Zarrella.
Data has also been described as ‘like air for marketers’ by DMN. Whether it’s your eyes you need to see or the oxygen you need to breathe, it is clear that Data is becoming not just an important of Marketing, but essential. But why?
Marketing Data is no longer just benefitting large corporations that can afford to invest in it. Modern technologies have allowed companies, right through from start-ups to large organisations gain a greater understanding of their audience through data and therefore make more accurate and strategic business decisions.
Understand your audience
Essentially data allows marketers to better understand their audience. This is always beneficial and there are many reasons as to why exactly.
The rise of social media analytics has enabled data analysis for start ups and SME’s – helping them gain a greater understanding of their audience in the early stages of development. Through social media analytics you can now make strategic marketing decisions and understanding patterns in the data enables companies to be able to make relatively risk-free decisions. With Marketing Data and Social Media Analytics it is easier than ever to calculate the ROI (return on investment) from a particular Marketing campaign.
“Social media has transformed the way we plan campaigns. Social networks are increasingly opening up to let marketers have more and more insights into how users behave, their preferences, likes and dislikes
Speed is the second most-cited benefit of data-driven marketing, after accuracy, cited by 67%. Speed is very important in helping raise customer retention numbers, you can quickly see why you lost customers and do something about it – before losing business becomes an epidemic. The same goes for a failed marketing campaign – if it didn’t work, you need to know why before hitting the drawing board again.
Speed is important for any Marketing campaign, particularly large scale. The early data received is a good indicator of how the campaign will perform and analysing the data early will allow for any adjustments to be made.
“Getting a quick overview of why people opted for your competition is vital. Without this, you can’t identify critical elements, such as a unique selling proposition that aligns with your customers’ needs or a stronger message to get more customers through the door.” – Megan Totka.
Identify common behaviour
Knowing how consumers behave online is one of the key ways to understand how to build campaigns that will gain traction. There is an immense amount of data available – integrate the right software and enable the right team and the insights you can get are significant. The more you know about your target audience the better and data enables you to identify the common behaviour of your audience and therefore you can make Data-driven decisions to help you meet the demands of your audience.
But still underused
Eighty-seven percent of marketers consider data their organizations’ most underutilised asset. The first step is to recognise Data’s importance and it seems that is now the case – however there is still a problem with integration.
Spending on data-driven marketing is about 20% of all marketing spend. Whilst that is a significant amount – it should arguably be higher. As you can see from the article above Data is an integral part of modern Marketing – failing to adapt your strategy is likely to result in your company being left behind by the competition.
At Bodhi Resourcing we recognised the trend and have been recruiting for Data-driven Marketing roles for the last couple of years. This has helped us to become one of the fastest growing recruitment companies in 2016. We now work with some of the leading Marketing agencies in the United Kingdom, supplying them with the very bestYou can view our latest job openings here.