POWERING WORKPLACE PERFORMANCE
What is data driven marketing?
Though organisations now have the ability to collect troves of data, they don’t always put it to use in the most effective way possible. Many still primarily engage in traditional, one-size-fits-all forms of marketing that are based on prior knowledge and expectations rather than concrete evidence. This is in spite of the fact that 45% of audiences will avoid branded content if they don’t find it personally relevant.
Data driven marketing is a strategy that places data at the front and centre of all marketing related processes. The creative approach that will be utilised, the individuals that will be targeted, the measures used to indicate the level of success – every stage of a data driven marketing campaign is informed by information collected to better understand customer purchase behaviour and needs.
Why is data driven marketing important in the workplace?
Data driven marketing is fast turning into standard practice for forward-thinking companies looking to utilise their databases to optimise their return on investment. It delivers more detailed feedback and insights into the customer experience, allowing marketing executives to understand better what their audience wants and tailor their offerings based on this information.
Practitioners of data driven marketing are also able to learn better from their own mistakes and those of others. Using the information gathered from previous and current marketing campaigns, and looking at strategies that failed to meet expectations, can be the difference between failure and success for future campaigns.
Furthermore, the vast majority of marketing leaders see the power of data driven marketing and believe that it can power their company’s success. According to a McKinsey survey from 2021, 80% of CEOs are looking to marketing to drive growth, with the organisation stating that data driven marketing is crucial to achieving this goal. However, there’s a gap between the demand for this new form of marketing and the supply – analysis from NGDATA shows that a massive 87% of marketers still consider data to be the most underutilised asset within their organisation.Find out more