Is data alone enough to make a marketing decision?
Marketing needs to be data-driven, but that's not enough.
As you might know, marketers are using big data and analytics tools to help to predict customer behavior patterns, ROI, and making the best decisions for the business. Achieving these types of marketing efforts is vital for businesses to gain a competitive edge and stay successful, especially in the digital age.
How data support marketing decisions?
To make a marketing campaign effective, marketers need to make decisions based on customer acquisition, insight, duration, retention, conversion rate etc.
And yes, big data guides decisions and drives growth in sales and revenue. But only analyzing big data to make marketing decisions is not sufficient. Marketers also need analytics strategies to target customers:
- Location-based targeting
- Personalization
- Real-time reporting and dashboards
- Optimize mobile version
Don’t overlook data quality
In fact, brands ranking the importance of data quality at the last according to Nielsen report. This is telling us an important message: marketers must question the validity of any insight. Industries must invest more in these intangible assets to educate the front lines and value data assets.
People like to believe in our own instincts.
According to PwC research. Yet, 62% of executives still rely more on experience and advice than data to make decisions.
Believing in our own instincts is our human nature, but apparently, it's not sensible. Today’s CMOs are using cutting-edge technology and machine learning to gain accurate insights — and make decision. During the COVID-19, many companies have committed to turn big data into actions in terms of transforming their business in order to survive in this situation.
Again, harness the right data.
