Data-driven marketing has delivered demonstrable results in terms of customer loyalty, customer engagement and market growth. Organizations that are “leaders” in data-driven marketing report far higher levels of customer engagement and market growth than their “laggard” counterparts. In fact, leaders are three times more likely than laggards to say they have achieved competitive advantage in customer engagement/loyalty (74% vs. 24%) and almost three times more likely to have increased revenues (55% vs. 20%).
This is the key finding from the justreleased report from Forbes Insights and Turn, the marketing software and analytics platform, “Data Driven and Digitally Savvy: The Rise of the New Marketing Organization.” The report, based on a global survey of more than 300 executives, finds widespread agreement that data-driven marketing is crucial to success in a hypercompetitive global economy. Marketers have been employing data in various forms for some time, but a convergence of tools and technologies is now changing the game. Marketers have unprecedented access to individual transaction-level data and can match that with the customer’s exposure to marketing activities and ads.
While many organizations have some form of data-driven marketing in place, strategies are being implemented in piecemeal fashion, within siloed business units, without fully taking advantage of the resources that are available. “Effective data-driven marketing draws on resources from across the enterprise, not a single department,” says Bruce Rogers, Chief Insights Officer and head of the CMO Practice for Forbes Media. “And without data, marketing is not based on customer intelligence.” (Source: Forbes.com)