Friday, February 20, 2015

Data Driven Marketing - Oxymoron or Reality?

I have learned from this week's digital marketing article that marketers find it challenging to incorporate all the available data into their strategy.

87% of respondents in Teradata's “2015 Global Data-Driven Marketing Survey” consider data to be the most underutilized asset in marketing organizations. According to the same survey, 38% of marketers surveyed say their biggest challenges are customer acquisition and retention, followed by proving their support of corporate goals (29%), and meeting regulatory compliance (26%). For two thirds of respondents, one significant benefit of using data is faster, more accurate decision making. 45% leverage data to measure ROI. But only 3% of those surveyed consider proving the effectiveness of marketing a priority.

90% of respondents said that individualized marketing should be a priority. According to the report, responds claim that they want to use data-driven marketing “to move beyond segmentation to true one-to-one personalization in a real-time context.” 80% of respondents said that silos within the marketing organization prevent them from determining how campaigns are performing across the different channels they're using.

Thus it's important to not only collect data but to be able to organize it and utilize it in way that would be helpful to marketing strategies. Organization and integration of data is key to successful marketing in my opinion.

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