Nearly three-quarters of consumers prefer to do business with brands that use personal information to make their shopping experiences more relevant. 1 That’s good news for the 92% of marketing executives who say individualized marketing is a priority. Yet, only half of the same CMOs say they are fully leveraging data to measure ROI, and only 39% believe they’re capturing business benefits from their customer data. That supports why an overwhelming majority of CMOs believe data is the most underutilized asset in marketing organizations today.2
However, for many companies, from start-ups to established national brands, data integration and management remains a challenge. In fact, among B2B marketers, 61% say lack of resources, such as staff, funding, and time, remains the biggest obstacle to successful lead generation.3
Nonetheless, the majority agree that the ability to use customer data to deepen existing relationships and cross-sell products and services is critical to gaining a competitive edge, retaining current customers, deepening relationships and wallet share, and driving lucrative cross-sell opportunities. It’s also why an increasing number of companies and brands are choosing to engage with firms that bring deep expertise in data modeling and segmentation, rather than trying to build and maintain these capabilities internally. Yet choosing the right firm can be somewhat daunting if you don’t happen to be an expert in data management, marketing segmentation, or micro modeling.
For starters, you want a partner who’s able to upload and cross-reference your data across company divisions and product lines to provide a single, integrated view of your customers. This is the first step in creating a robust profile of who’s buying your products or services today, and who is most likely to purchase them tomorrow, complete with demographic, economic, consumer, and lifestyle characteristics.
Data analytics also plays a key role. Ideally, your partner should have the capability to perform multiple levels of analysis on your defined target audience, down to analyzing factors such as distance, traffic patterns, and actual neighborhoods around the storefronts or locations where you do business to uniquely define your marketing footprint. Equally important, you want the level of data intelligence and insight required to eliminate your least likely prospects, which can save you money while simultaneously increasing sales opportunities and return on your marketing investment.
There’s no question that a significant investment of budget, time, and talent is required to build, maintain, and continually invest in the type of dynamic and rapidly changing technology that’s flexible enough to meet today’s marketing goals while anticipating tomorrow’s needs and challenges. As a result, it can make good economic sense for companies across all categories to seek out a reliable partner who can not only seamlessly integrate cutting-edge data management and modeling capabilities into your overall marketing strategy, but ensure you’re using your most effective marketing assets—your customer data—to its fullest potential.
1 Digital Trends, 2016
2 2015 Global Data-Driven Marketing Survey.
3 BrightTALK, 2015