Though most marketing pros are aware of the power of measurement, many struggle to turn those statistics and figures into an opportunity to expand — or improve.
Instead of glossing over your next consumer insights report, consider its potential value and dig in.
A Paladin white paper dissected the importance of data in today’s marketing strategies:
Knowing the intricacies of your customers, their behavior, how they use your products, how well they know your brand and how they perceive it provides total insight into your current success and potential for growth.
Here are some highlights from the white paper and how to use various metrics to your organization’s advantage:
Paladin suggests 54 percent of digital marketers named the all-encompassing term “big data” as a top priority in 2015. According to the white paper, however, big data doesn’t do much of anything — unless you know how to use it.
Having access to business intelligence from external sources like industry and market news reports, technological advancements and consumer behavior means your business analysts and market researchers can identify your place within the market and determine how to get — and stay — ahead of the game.
Performance data and sales reports have little value if only a handful of employees are assigned to analyze them. To expand and get ahead, Paladin suggests divvying things up:
Distribute this data to your executives — your CEO, CFO, COO, CMO, and VPs — and it becomes the launch pad for a highly effective sales and marketing strategy. [Successful companies have used data to] identify its most valuable customers, tailor messages to each segment to boost sales numbers and predict revenue.
Once senior-level marketers and decision-makers had access to big data, 80 percent noted a positive change in revenue.
Customer insight is an increasingly important component in marketing strategies.