Throughout the course of 2020, Covid-19 has progressively leveled corporate expectations worldwide. Over the course of the pandemic, we’ve seen executives pay great attention to the Sales, Supply Chain, and Technology segments of their respective businesses but comparatively there’s been a failure to action the Marketing Division and the competitive advantages therein.
How then, does a modern marketing division justify both the funding that it receives as well as its own existence? Namely, by Inspiring Trust to Build a Resilient Brand Strategy, Creating Moments that Matter by Harnessing Digital Experiences, and by using Data-Driven Marketing.
What’s Data-Driven Marketing?
The pandemic has forced businesses to face radical changes overnight, mandating an even faster launch of digital transformations and marketing efficiencies. Over the past 20 years, there has been a steady progression of brands pursuing what became known as data-driven strategies. In unforeseen circumstances like the pandemic, the need for these strategies is paramount as data helps decision-makers to navigate with confidence and position their businesses for growth.
Think of Amazon and the unparalleled success that they’ve experienced in the midst of lockdown. Ecommerce sites typically use data to drive profits and sales but Amazon bases its entire model on customer data. Whether that’s recommendations based on what customers have bought in the past, the items in their virtual shopping cart, or the items that the customer has ranked or reviewed after purchase, their approach is defined by the information they receive from the customer.
This is how you should approach your marketing strategy. We’ve discussed the importance of your message as well as how you should pursue the most innovative of mediums in order to get your brand to the client but these are worth nothing if they aren’t based off of a calculable, quantifiable base, where customer information is being used specifically to target clients as and when they need to see your brand the most.
64% of marketing executives “strongly agree” that data-driven marketing is crucial to success in a hypercompetitive global economy but 87% still consider data their organizations’ most underutilized asset. Covid-19 has exasperated the need for data-driven marketing as it is faster, more reliable and uses customer history to aid in their eventual reactivation.
By employing a data-driven approach at this time, there is scope for marketing to even become its own tastemaker, directing consumers towards products that have been useful to others struggling against the negative effects of Covid-19. Using data to drive your marketing approach is just one of a multitude of means of building that much needed trust between the consumer and the company.
How Do Data & Analytics Drive Visibility into Marketing Effectiveness?
- Helps you to reach the right people at the right time
- Helps you to quickly visualize what works vs. what does not
- Streamlines the process in the day-to-day
- Shows you where your customers are
- Effectively communicates the value of the marketing team.
However, this is just one of the three key solutions mentioned above that a marketer might employ to quickly respond to the threat posed by the coronavirus whilst also future-proofing their business for years to come.
To learn more, download the full report here or continue the debate at the CMO Brand Insight Summit, a GDS Summit, where we bring together senior marketing executives who are actively seeking to share, learn, engage, and find the best technology solutions.
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