Marketers are finally seeing the light when it comes to spending on analytics. A 2017 survey of nearly 400 CMOs found that the amount spent on marketing analytics will increase 376 percent over the next three years.
This has us incredibly excited because, as a team of marketing professionals, we are extremely analytical. We know that companies have long been collecting data, and we are so happy to see them ramp up their efforts and continue embracing the valuable science of marketing.
While the survey of CMOs found a large increase in spending on analytics, it also revealed that the use rate of data is stagnant. Essentially, companies keep collecting more and more data, but few are effectively leveraging these insights to their fullest. Marketing leaders tend to have creative backgrounds, and many of them are not entirely comfortable diving into statistical analysis and uncovering the metrics that drive results. They tend to focus more on the art of marketing while neglecting the scientific side.
Any modern-day company that wants to remain competitive, increase revenue, improve customer loyalty, and acquire new customers must let data lead the way. Analyzing this data helps marketers understand what is working, what is not working, and how they can improve the customer experience. In fact, according to a recent Econsultancy survey, many data-driven methods boost customer conversions — including customer journeys and A/B testing.
Quantitative results must be a major part of a marketing department’s dashboard. Teams should constantly use data to review the performance of their campaigns, better understand their customers, and predict their needs, as well as guide changes to their marketing mix, campaigns, customer journeys, and distribution channels.
Most importantly, you must be able to trust that you are measuring the right behaviors and results. Marketing departments need to learn how to rely on the data that they are collecting and analyzing. Bad data makes this work more difficult and increases costs — up to 20 percent of revenue, to be specific.
In order to tease out valuable insights from your data, you must first have clear objectives. Is your goal to increase revenue, grow customer loyalty, or acquire new customers? Once you identify your overarching goals, let data uncover key customer behaviors and use analytical tools to develop personalized strategies to directly achieve them.
The ability to have a fact-based, behavior-based, 360-degree view of the customer is the key to developing marketing strategies that deliver the results you need. TBGA focuses on data-driven decision making. Our team has a proven track record of helping companies embrace, trust, and leverage their data into tangible results that boost their bottom line. We can help you integrate detailed data about your customers, your offerings, and the circumstances in which purchases are made. We can also uncover hidden insights that help you create or improve your products, services, and processes.
We have helped companies learn how to trust their data. We know the strategic objectives that move the needle, and we have established metrics and benchmarks to use as guideposts along the way.
We are eager to do the same for your brand. Contact us today for a one-hour consultation!
Online marketing, or digital marketing, has grown rapidly in recent years. Two things are clear: online marketing is here to stay, and its growth is only set to accelerate in the future. The following are four of the trends expected to show themselves in 2015.
At the same time, there will still be a significant market for short-form content, which will primarily be utilized on social media platforms as a way to generate viral content.
That being said, email marketing will also see a significant increase in the number and quality of tools available for marketing campaigns. One of the most significant trends is an increase in email analytics data, which helps marketers determine how often emails are opened and how often the links within those emails are clicked. The ability to determine which emails are most effective can then be used to create more effective email campaigns.
Email is also increasingly being used as a gateway to social media channels. In the past, email was largely considered its own section of an overall marketing strategy. However, the goal of email marketing campaigns is increasingly to drive traffic to social media platforms, where that traffic can be presented with a company’s social media marketing campaign.
According to recent reports, about 80 percent of companies are expected to increase their digital marketing budgets in 2015, with the vast majority of those companies expecting to increase their budgets between 5 and 15 percent.
At the same time, the number of workers in the digital marketing industry is expanding as well, with digital/social, content creation, data/analytics and mobile strategy among the skills most highly valued by marketing agencies hiring new employees.