“Today’s marketing needs to be geared toward the customer and not a customer.”
If marketing is the journey from company to customer, then data is the pathway. It’s the information you need to reach the customer directly. To speak to their individual wants and needs. To help solve their problems.
The adoption of data as a integral marketing tool has been quick. In just the last few years, data has gone from an area of interest to an essential marketing investment. But while the majority of organizations see the value of data-driven marketing, most are still feeling their way around how to put it to work effectively.
In today’s post we’ll look at some new survey findings that shine a light on how today’s marketing and communications executives view the role of data. We’ll also provide our key takeaways to boost the value of your data-driven marketing efforts moving forward.
About the Teradata 2015 Global Data-Driven Marketing Survey Report
The data in this report is based on a survey conducted by Teradata of 1,506 marketing and communications executives worldwide, representing all major industries. The survey was conducted in fall 2014. You can download the full report from Teradata here.
13 Survey Results Showing How Today’s Organizations View and Use Data-Driven Marketing
Here are some significant results from the 2015 Teradata Global Data-Driven Marketing Survey:
87% of marketers today consider data the most underutilized asset in marketing (compared to 46% in 2013)
78% of marketers say data-driven marketing is either embedded or strategic in their organizations (compared to 34% in 2013)
Just 39% of organizations are capturing significant business benefits—such as improved ROI, increased customer loyalty, or more sales conversions—from acting on customer data
Just 3% of executives consider proving the effectiveness of marketing to be their priority
92% of executives say individualized marketing is a data priority
83% of executives believe individualized messages need to be delivered across multiple channels
50% of marketers routinely apply data-driven marketing to individualize marketing messages and offers to enhance the customer experience
84% of companies say turning marketing and IT into strategic partners is a priority
43% of executives say that they have achieved fully integrated data across teams
Benefits of Using Data in Making Decisions
67% A more accurate decision
59% A faster decision
57% Better business results
56% More efficiency/reduced costs
43% New opportunity/advantage
Type of Data Currently Used to Inform Marketing Strategy
48% Customer satisfaction data
46% Customer service data
42% Data usage and behavior
41% Customer engagement data
40% Digital marketing interaction data
Data-Driven Marketing Priorities
46% Customized messaging/personalized customer experience
40% Build/acquire big data analytical skills to leverage customer data
36% Customer acquisition and retention
36% Improve efficiency/do more with less
33% Identify the cross-selling opportunities within the customer base
24% Increase the accuracy of channel attribution to improve campaign effectiveness
Obstacles Preventing Marketing from Becoming More Data-Driven:
46% Data security challenges
44% Not a funding priority
36% Commitment—lack of consensus that data-driven marketing is important
34% Lack of appropriate CRM database
29% Lack of needed data within the department
Three Ways to Get More from Your Data-Driven Marketing
What do all these survey results mean to you? Here are a few notable takeaways to keep in mind as you hone your data-driven marketing:
1. Speak to the individual customer
The goal of using data in marketing is to get a better sense of the individual, so you can customize your message to their wants and needs. Consumers no longer have the time or patience for the irrelevant. Your individual customer communications have to be personal, consistent and authentic.
As the Terdata Report states: “For marketers, personalization means deriving individualized insights about the customer. Marketers have to supply their customers with information they are looking for and become their trusted advisers.”
2. Strengthen IT/marketing partnerships
When it comes to data, marketers cannot go it alone. In the 2013 Teradata survey, 74% of marketers said that marketing and IT were not strategic partners in their company. As noted above, 84% have now made this partnership a top priority.
As Terdata notes: “Marketers must strengthen the relationship with IT, which is necessary to connect the touchpoints throughout the enterprise and communicate with the customer.”
3. Recognize the importance of ROI
With any marketing initiative, return on investment (ROI) must be part of the equation. Perhaps because data-driven marketing is so new, executives seem to brushing ROI aside for the time being (as noted by the 3% stat above). But effective tracking and analysis are necessary to moving your data-driven efforts forward.
According to the Teradata Report: “To create a sustainable competitive advantage—the kind that drives revenue opportunities—it’s imperative that marketers put processes in place so insights can be brought to bear on the market as quickly as possible.”