Drive unprecedented Marketing ROI with a Robust Data Integration Platform
Smart Marketers are Data hungry
The modern business world is data-rich and high achieving marketers leverage this data for providing an improved and targeted marketing experience in various functions such as branding, awareness, customer loyalty, PR campaigns, digital marketing, etc.
A smart marketer leverages data to
- Get an accurate, unbiased, and KPI-based assessment of the marketing campaigns for better campaign management in future.
- Target customers with an increased precision
- Create an accurate customer 360 by collecting, collating, and analyzing multiple customer touch-points
- Enable a high degree of personalization
- Uncover target audience preferences
- Identify the best channels to engage brand audiences
- Such data-driven marketing efforts easily translate into an increased ROI and customer loyalty. Still not sure? Look at these amazing stats here About 3 out of every 4 marketing leaders surveyed by Gartner (76 percent) base decisions on data analytics
- Data-driven marketing increases ROI, with campaigns that leverage data-driven personalization reporting 5-8x ROI for their campaign spend.
- According to eMarketer, over 40% of brands plan to spend more on data-driven marketing. We’ve discussed the benefits of data-driven marketing before.
So, Here is why data-driven marketers crave data
Easy and effective personalization: Customer data helps marketers segment buyers easily. It also empowers them to create tailored campaigns that target specific niches. According to a survey from Monetate, 83% of the marketers that were using personalization techniques, exceeded their revenue goals in 2017.
Concrete, data-based decisions: The more you know about your customers and their behaviors, the better you will be able to pitch! Hence, better business and marketing decisions. Data lets you know who to market to, what kind of content or incentive to communicate and what improvements you need to make to a product or service for an increased customer satisfaction.
Clear customer journeys: The traditional sales funnel is an archaic relic of a bygone era. With the proliferation of digital channels, buyers don’t take a predefined path to checkout. Instead, a prospective buyer usually Googles your business, finds reviews to read on various platforms, ask Facebook friends for their recommendations and may even use a price comparison website before locking their purchase. Hence, to get a better grip of their customers’ buying journey, marketers need data from all (and more) of these checkpoints. This also helps them tailor channel-specific marketing content.
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Better ROI attribution for Sales and Marketing: To measure the success of a specific marketing effort, you need to analyze the associated data. Otherwise, how else will you be able to find out how many products were sold because of a specific email campaign or how far-reaching was that recent roadshow you conducted? Marketers need to know what works effectively so they can spend wisely.
The costs associated with transforming your enterprise into a data-driven business are falling rapidly. To quote a thought leader in data-driven marketing,
“There’s really very little excuse in today’s marketing department to not use data. With the cost of processing, storage and tools having gone down so much, if you’re not using data to make your decisions, or at least to inform your decisions, you are probably not doing your job.
- Russell Glass, head of B2B product for LinkedIn, and co-author of The Big Data-Driven Business (Wiley)
Data integration tools: Stitch your marketing data together
Let’s discuss the obvious challenges to data-driven marketing.
What do you have to do to bring all of your data sources together? Specifically, how can you go about getting that Customer Lifetime Value (CLTV) which requires cost and revenue data from all the customer touchpoints?
Essential data for customer profitability is all over the place. Locked in silos, unintentionally ignored, it can be found across all the different functional areas of a business. This data comes from a plethora of sources that are as varied as they are complex.
Analysis of this data requires access and most importantly, a data integration platform that can bring and stitch varied data sources together.
Effective marketing and especially data-driven marketing is all about sharing data across customer touchpoints. You may be wondering if a simple Customer Relationship Management System is all you need. Using a CRM, though highly useful, is limited when it comes to data ETL and analysis.
A data integration platform is critical for data-driven marketing
Data-driven marketing has to be an enterprise-wide data integration effort. It requires an integrated and regularly updated data source, enriched using several data resources, ready to be analyzed for extracting various marketing KPIs. Companies that are leaders in data-driven marketing have already adopted and mastered tight integrations between big data, cloud, social, marketing analytics and automation tools.
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
– John Wanamaker
You will need to connect your CRM, sales, web analytics, email, eCommerce platform, advertising, and other such data in favour of data-driven marketing.
Extracting, Transforming and Loading such data from a variety of data sources manually on a daily basis though possible, yet is a great burden on crucial company resources such as cost, time, human, technology, etc. And, even if you succeed in building and upkeeping such mammoth infrastructure, it often yields erroneous, delayed and incomplete data integration. Therefore, automating and outsourcing makes sense.
So here’s what you need to do
Invest in a data integration platform that brings everything into a cohesive whole. This will be one of the very first steps you’ll take if you want to turbocharge your data-driven marketing. As a versatile, real-time data integration platform, Data Channel will be able to help you here. It connects to 100+ different data sources and aggregates this data into an analytics-ready data warehouse for advanced analysis.
Read how Jump450 ( A DataChannel Client) used the platform to get real-time visibility into their campaign performance and significantly improved their ROI