Your Next Marketing Strategy Depends on Complex Data Analytics
May 17, 2017 - 4:30pm
Think fast. How do you measure the success of your marketing strategies? If you need to digest this question for longer than two seconds, then there’s a high likelihood that your marketing strategy is based on non-quantifiable metrics.
Gone are the days when marketers could only rely on light data when analyzing and evaluating the performance of our successes and failures. Technology has advanced, and digital marketing is heading in the same direction.
Data-fluent marketers are more likely to succeed than those who follow their guts alone. Here’s why.
Growing Emphasis on Data-Driven Marketing
Just a few years ago, data-driven marketing was considered to be just a novel story, possibly something that would never come to fruition. Today, the industry’s attitude has greatly evolved. Analytics have become an integral part of all marketing decision making, from media buys to messaging emphases to overall strategies. And marketers appreciate the need for data-driven marketing strategies, unlike in the past.
Some 69\% of marketers intend to increase their budgets for data-driven marketing in the year ahead, according to a report from the Global Alliance of Data Driven Marketing Associations. What’s more, 77\% of digital marketers have total confidence in the data-driven approach. Approximately 49\% of marketers believe that data-driven marketing maximizes effectiveness as far as strategy implementation is concerned. And a further 20\% hold the opinion that data-driven marketing is integral in creating an alignment with consumer preferences.
Data-driven marketing strategies demand that practitioners develop comprehensive, definitive, end-to-end knowledge when it comes to their companies’ operations and audience engagement. Today’s marketers, in turn, are emphasizing heavy data in order to make sure their marketing efforts bear maximum fruit at minimum cost.
The Importance of Measuring the Most Relevant Data
It’s all too easy to focus on the wrong metrics. Sometimes what seems to you to be an indication of brand or business health turns out to be totally irrelevant.
As a hypothetical example, let’s say you notice that traffic on your new Chinese-language site has dropped in the beginning of February. You start to suspect that your search ads haven’t been performing as well as expected and attribute the problem to another search engine alg
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