09 Jan What is data-driven marketing? Critical Data Trends Every CMO Needs To Know In 2020 [Freebie]
As data is going to transform marketing in 2020, there are a few critical data trends and statistics every CMO needs to know to stay on top of the game.
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Data focused on the planning, performance, and evaluation of a marketing campaign is more readily available than ever before. And with 90 percent of the world’s data having been produced in the last two years1, it’s no wonder that data-driven marketing is top of mind for marketers.
And while ‘data-driven marketing’ seems like a buzzword of today, using data to make marketing decisions has been around since direct mail and advertising. At its essence, data-driven marketing is about using customer data for segmentation. Data-driven marketing can lead to more informed marketing decisions and greater return on investment – in the form of either increased leads or customers. With so much technology at our disposal, we can analyze a users’ browsing pattern, purchase behavior, and social media activity to help focus marketing efforts on what works.
Data-driven email marketing strategies, for example, are frequently used by many SMEs to improve the ROI of their campaigns. Check out IABC’s article on data-driven email strategies for practical advice on how to improve your email conversions. Even large enterprises can’t ignore the power of email. In fact, CMO’s listed email as one of their greatest investments made in 2018 along with digital advertising, paid search, organic search, and websites.2
From optimizing the customer experience to creating compelling content for a digital experience to using video to increase brand engagement and social media marketing – data is being used to solve many of the problems that exist in marketing.3 Invespro’s (2019) twelve (12) ways companies can use data-driven marketing strategies to improve conversation rates.
Marketers can learn to be more data-driven by keeping their data up-to-date, integrating their data, and using data to improve marketing input in as real-time as possible (not just in the evaluation stages of a campaign). And there’s good reason to be data-driven. Companies that employ data-driven marketing strategies will also see five to eight times as much ROI as those that don’t4. So why isn’t every company jumping on the data-driven marketing train? Well, with greater technological capability comes greater complexity. And according to invespro (2019) marketers, today are struggling with a few things including:
- successfully integrating the data gathered via different channels and platforms,
- making sure the right KPIs are being measured,
- discovering actionable data, and interpreting data to derive patterns, trends, and forecasts.
Today’s CMO operates in an increasingly complex environment – expected to combine technology, creativity and a deep understanding of the customer to deliver measurable business results.
Download our Data-Driven Marketing Guide on critical data trends every CMO needs to know to learn more.
You may also be interested in our 2020 Digital Marketing Trends Guide [eBook]