Staying ahead of the data curve

Rebecca Jones - Friday, April 07, 2017
Staying ahead of the data curve

Investment in data is at an all-time high. And focus on the predictive power of data is growing.

According to a 2016 Forrester study, Marketers began to implement predictive analytics in 2016 , and 89% of those surveyed said that predictive analytics was on their roadmap for 2017.

Good data is key to the success of any marketing campaign. This isn’t new. But there is still an abundance of bad data out there. Often the un-identified cause of a failing campaign, bad data will no longer have anywhere to hide in the current data revolution.

Whilst poor data, or even reliable data used poorly, can be catastrophic, the opportunities for data-driven marketing are huge . It has the potential to completely change methods of customer engagement, campaign measurement and optimisation, and ultimately how to stay ahead of the competition.

Customer interactions are being recorded at a much more granular level. There are huge amounts of data flowing between our smartphones, tablets, desktops and social media profiles. In fact, the digital universe is currently estimated to be in the region of 18 Zettabytes, or 18 trillion gigabytes! The question is how many brands are able to use all this information to their advantage?

A 2016 study conducted by Ascend2 in partnership with Zoominfo found that only 33% of professionals who practice data-driven marketing recognise its effectiveness as “very successful”. However, 81% of those that do, plan to increase spend on data marketing.

Whilst everyone recognises the importance of data, most marketers are overwhelmed with data-overload. Amongst the slow-to-adopt, reasons include; fear of change, lack of investment or simply lack of time to interpret what is collected into insights, action and customer engagement.

The holy-grail of data-driven marketing is personalisation.

Customers in the B2C world have become accustomed to brands having knowledge of their preferences and needs, and demand a seamless and relevant experience . And this is now translating into expectations in B2B. However, personalisation relies on accurate data . According to the Ascend2 study, the most challenging obstacle to data-driven marketing success is improving data accuracy .

We must unlock the power of the data we have access to, ensure it’s reliable, make sense of it and turn it into something we can act on.

Are you part of the data revolution? Or are you falling behind?