Customers are becoming the focal points of the business strategy; making the most of the data (internal and external) available to your marketing departments should be a key part of the process.
Each day, we have more information but we do not always take advantage of it. And we’re not referring only to the data we collect in our in-house databases, whether structured or unstructured. We are also referring to the data out there that is on the Internet and, more specifically, in the social media.
Today, the CMO (Chief Marketing Officer) needs to play various roles within the organisation to facilitate its growth and to generate value. To grow in the current environment, an effective CMO must have an impact on the following value aspects: brand strategy, the customers’ opinions, digital transformation, innovation, and an effective go-to-market strategy.
Having Business Intelligence solutions in the form of analysis tools, metrics and dashboards are key for measuring the performance of marketing investments (ROMI, Return On Marketing Investments). The reason? The metrics by themselves create value, as they facilitate teamwork, speed up decision-making, and help to define collective goals.
To make those decisions and assume new risks in a dynamic and changing market, many CMOs use historical information, sensations which we could describe as ‘visceral’, and not facts based on data – what we know as Data Driven Marketing-. A/B testing may be adequate to test targeted campaigns and make small decisions, but there is no such option when you have to address an entire marketing strategy in a comprehensive manner.
What is it that prevents CMOs from applying Data Driven Marketing?
Customer information is scattered throughout the sales cycle: from their status as potential customers, throughout the ‘customer journey’ and when you gain their loyalty. In addition, given the nature of such information (structured and unstructured), you need tools that can process it.
For this reason, according to the latest CMO Survey from 2017, the investment in data analytics in marketing departments is expected to grow by 229% over the next three years. Now is the time to consider whether your organisation is part of this important change process.
What is your compliance maturity regarding data analytics?
Below is a table that summarises the various aspects to be taken into account and that will determine your company’s maturity regarding your approach to the strategic value of data.
Aimed at non-consolidated channels
|Multiple sources requiring manual integration||Integrated and governed||
Automated and flexible
Modern and predictive
Consistent and specialized
|In isolated repositories||Shared by the team||Shared at departmental level||
Intelligence Partner can help businesses adopt new approaches that will enable them to prioritize the empowerment of employees through tools that can explore and find answers to your data issues, satisfy your curiosity, improve decision-making, and boost your business strategy. To achieve this, a business must adapt and scale systems to manage data sources, work environments, and the corresponding user privileges. The organisation should also put together processes to audit data usage and optimise metadata, as well as systematically address any obstacles that may prevent the growth of their analytical procedures.
If you want your business to take its place among market innovators, we are at your service as experts in Business Intelligence Solutions. We have proven experience and rely on tools such as Tableau, Google BigQuery or Talend to design the project that your company needs and at the required pace.
Remember that new information makes new ideas possible.