Marketing departments have transformed from cost centers to revenue centers. Over the decades, marketing has gained a highly strategic function, increasingly mapped to sales goals, and responsible for generating revenue. Nowadays it has the urgent need to get use of the full potentiality of data that business holds and provide the best experience to the customer and as a result, boost growth.
«In a recent McKinsey survey, 83 percent of global CEOs said they look to marketing to be a major driver for most or all of a company’s growth agenda. »
Marketing’s new rhythms and demands are closely attached to data analytics. In a recent Bain Marketers Survey, in the distribution of the global marketing services profit pool, the percentage of significance that Analytics and AI hold, occupy a statistically bigger part in the profit pool. Can it be differently in a rational world where everybody gives answers based on data?
In this New Era of Marketing, there are some characteristics, that data analytics and marketing technology make hotter than ever:
- > Immediate Response
Real-time, or near-real-time analytics can give the chance of crafting the right offers, messages, and experiences at speed. Immediately accessible insight can be translated into greater success of understanding the customer behavior.
- > Customer-centricity
Customer-centricity and ROI mindsets are crucial for new-era marketers. The voice and behavior of the customer must be at the center of everything.
- > True Personalization
Sources can be saved by targeting the right audience. Campaigns’ conversion rates can be increased, and more profitable results can be enjoyed. Mining the data and acting on signals can personalize the customer profile and execute more efficient campaigns. While cross-selling and up-selling can be easily achieved.
- > Centralized and Easily Accessible Data
A unified mindset incentivizes group success once delivering value to the company is a cross-functional team sport. Driving growth means working cooperatively with multiple areas of the company.
- > Look Ahead
Data analytics are critical so as to look ahead. It is possible to foresee unmet consumer needs, recognize opportunities nobody knew that existed, and reveal precise customer pain points. Next best action can be predicted, finding the right mix of commercial messages (for cross-selling, upselling, or retention) and engagement actions (content, education, or relationship deepening).
- > Campaign Performance in a Second
The performance of a campaign can be easily followed. Campaigns can be constantly improved based on historical data analysis. Proper usage of data can lead to increased brand awareness.
We are in a pivotal moment for Marketing. The future of each brand depends on the ability to find the golden section of execution and strategy so as to redefine the roles and lead growth. It is not only about finding data to answer the above-stated questions, but mainly about investing time, effort, knowledge and experience to make the most of the data pool. Offering the best customer experience while raising at the same time the company profits, is a crucial factor for every business. Augmented analytics is the best way to achieve it and avoid letting random factors determine the business growth.
Sources:
-
https://www.bain.com/insights/the-future-of-marketing-in-consumer-products/
-
https://www.bcg.com/publications/2020/how-cpg-marketers-can-maximize-value-of-data