The perk of data-driven marketing is that it actually produces data on why it works.
Some of the biggest challenges we face as marketers have actually been measurably improved by the adoption of quality data and data-driven practices – making it not only a competitive advantage, but a clear cut necessity. In the infographic below, you can see clear data on why and how data works to make us more effective as marketers by addressing time management, marketing agility, customer retention, revenue, and overall performance.
As you can see, better data means 94% less time lost to data related problems like system integrations, segment targeting, personalization, reporting, and more. It also means when data is needed, organizations with quality data are more efficient at getting it in the hands of the right people. Many of us in marketing stress out about not having enough hours in the day to do everything we need to do, but with effective data-driven marketing, we actually get that time back.
In our new modern marketing reality of real-time, social media, and multi-channel communications, too much time to act usually means we’ll be too late. Data can unlock when to act, or it can be the information we highlight in our engagements, but if we don’t have the access or ability to use it, we often end up flying blind. As the information shows, though, 46% of marketers at leading companies are data savvy enough to operate without statistical experts. That means in real-time market opportunities, these marketers are agile enough to act on their own without relying on additional support.
Data-Driven Customer Retention:
Good marketers, like good spouses, anticipate the needs of their partners (or customers). That’s why it should be no surprise that organizations using predictive analytics average a consistent increase in customer retention at 7.1% year over year. Even prior to purchase, however, quality data can be used to model ideal prospects off of ideal customers allowing us to reach out to people who have a clear need of our products or services. That means from top funnel, to post sale, we can use data to anticipate the needs of our customers and cater to them accordingly.
When it all comes together, predictive analytics and quality data also result in companies increasing overall profits at an average rate of 5.8% year over year. More time spent analyzing marketing data and analytics has even been shown to increase tactical conversions like email open rates by as much as 3X and click through rates by 2X. Clearly, better data directly connects to better marketing results.
For more information on best practices of the Best-in-Class for data-driven marketing download our free research report, Big Data for Marketing: Targeting Success.