While this buzz around big data analytics & the actionable insight is all fine, how does the average CMO use it to their advantage? Online data is the fuel that drives success and digital marketers must collect and integrate these online data sets into a marketing database.
Marketers may have many off-line data, like name, phone number, or address. However, consider that one among the foremost cost effective sorts of digital marketing is email. And while email addresses don’t constitute Big Data, industry averages are $40 ROI for each dollar spent on email marketing.
While email is simply one example of the way to target consumers digitally, other forms like content marketing and paid search advertising also are popular strategies within the digital toolkit. And as more marketers are getting comfortable with this manner of on-line messaging, the potential of massive Data is appealing. Beyond more traditional sorts of data, these Big Data sets include the thousands of social posts, searches, transactions, and other hard-to-find data sets occurring every minute.
The term data-driven is spouted so much that it’s nearly hackneyed. Fortunately, that short piece of alliteration describes a universal truth about marketing: it’s all becoming guided by data. Companies often focus solely on the technology itself, whereas we at Phase 1 Digital Marketing are working to hone in on how the technology impacts key business drivers and profitability. It sounds easy enough, but when trying to break down advance workflows or products that bake personalization and data into its core offer, it’s easy to get lost in the science of it. In the end, it always needs to be focused on driving our customers’ businesses forward and we need to pick clear ROI or COI (Cost of Inaction) metrics that resonate. This is where we provide value.
With the rise of IoT devices, the internet is no longer just accessible but omnipresent. In 2016, we are seeing the integration of an individual’s social identity interacting with their physical surroundings. The interaction of a private and their everyday devices, appliances, or cars will revolutionize how we market to the end-user. Smart Marketing will give ease specific marketing strategies aimed for a desired audience. This new wave of marketing will emphasize demographic and psychographic attributes in order to cater solutions to the end user of the IoT device, thus, driving results.
For example, with the increase of data that IoT will warrant, marketers will understand consumers and businesses like never before. Inherently, we will see the customer experience improve dramatically. Marketers will no longer have to guess where their audience lives online, but the data will be at their fingertips.
Big Data Analytics Skills
Perhaps this dearth of big data analytics skills is why so few marketing departments are able to prove their quantitative contribution to the business’s coffers. Either way, the personalization consumers crave is reliant on the precise application of knowledge. Additionally, the speed of which CMOs are acquiring software platforms also necessitates a bigger population of data-savvy employees.
It’s already hot, but the need for data literate marketers will only go up in the coming year. CMOs are looking to accumulate allow more analytics software also as more people to work those systems. The report, “The Path Forward: Marketing’s Outlook Into the Digital Future,” suggests that as digital marketing budgets increase and customer communications becomes more personalized, marketers will need additional expertise in data, analytics, content creation and channel management to improve their ROI. To find it, they may begin looking to partners outside of their traditional agency mix to provide it.
A Data-as-a-Service (DaaS) provider sources real-time data assets from the massive Data ecosystem and delivers prospects to an organization or their channel partners for immediate messaging. Imagine getting streams of highly qualified prospects and even your own customers who are ready to purchase now based on their online searches or information they are sharing on social platforms.
What if you could market to consumers who are searching at that moment for your competition? Or imagine the power of being able to enhance your internal marketing database with highly specialized and unique data sources for real-time multi-channel marketing campaigns.
Given the current skillsets of marketing teams even in the most technology updated marketing teams, there is an emerging trend to either outsource big data analytics or use a suitable DaaS provider. Phase 1 Digital Marketing remains a perfect choice for outsourcing big data analytics generated insights to act upon in realtime. The most important thing about Phase 1 Digital Marketing is that we know we are talking to and working with marketers; so we don’t ever flood you (or try to impress you) with technical missiles or black holes.