3 Irrefutable Data Driven Marketing Facts
Anytime anyone uses the word “irrefutable” you know they mean business. The definition alone tells you just how serious whatever context they’re using the word in is – as it were: impossible to deny or disprove. Even the definition has a serious word in it: impossible.
So when I write these are 3 irrefutable data driven marketing points I am going to make, you know I mean business.
1. It Starts With Culture
Let’s just cut right to the chase. Marketing leaders must create a data-driven marketing culture and organize the required people, processes and systems. This may sound overly simplistic but it has to start at the foundation level; there has to be a data driven mindset that permeates the entire marketing organization. Moreover, marketing leaders need to eliminate data silos and create a single source of truth which will provide a 360-degree view of customers to reliably and efficiently target the right message, to the right person at the right time. This is not an easy thing to do re: changing the culture of a marketing organization. But there really is no choice. As Eric Reynolds, CMO of Clorox told me earlier this year when discussing the data-driven and digital changes he initiated within his own group they had to be made “to be relevant in today’s marketing climate.”
2. There’s More To Life Than First Party Data
No, I am not going to use that two-word phrase that starts with “big” and ends with “data.” Well, at least I didn’t put the words together in the sentence. The point is far too many brands rely solely on first party data, which is their own data. And the fact that is that other data, i.e. third party which enables deeper and more accurate analytics of first party data. Third party data extends access into closed web systems and wall gardens making first party data more addressable and accurate. And appending first-party data with third party data builds reach and improves targeting for campaigns. The bottom line is the value of third-party data is in the marketer’s ability to combine it with first party data to build a deeper customer profile.
3. Unlock the Potential of Offline Data
According to research from Deloitte Digital 76% consumers said they interact online with brands or products before arriving at the store, and are therefore making digitally- influenced decisions much earlier in the shopping process. These digital interactions influenced 64 cents of every dollar spent in retail stores in 2015. Today’s advertisers want to reach real people, in real time, who are interested in their brand. To accomplish this marketers must unlock the full potential of their first-party data. And that means tapping into their rich offline storehouses of consumer data to reach their customers wherever they are online.
From Three To Eight
Ok so there’s 3 irrefutable data driven marketing facts. Surely there are more but for now, let’s go from 3 to 8 as in the eight questions to ask as you introduce a data management strategy.
Download Maximize Your Marketing to learn which questions to ask to compile relevant audience data, how to segment and focus appropriate messaging, and how to use the right data at the right time to drive real results.
Source: ORACLE MARKETING CLOUD