Experts feel that marketing leaders should explore ‘data from’ and ‘data for’ datasets to ensure delivery of growth
CMOs believe that looking into data to make decisions rather than focusing on data from marketing measures, can help detect new ways for revenue and growth. They say that one of the biggest lessons from 2020 is the significance of focusing on data and integrating it in the approach used by marketing teams. They promote differentiating the data as ‘for’ and ‘from.’
Marketing leaders explain that there is a huge difference between considering data ‘for’ decisions or considering it as data ‘from’ decisions. Data needs to be considered as doorways; behind each door accumulates the data harvested from the decisions made, deployed campaigns, engagements built, investments, deployed campaigns, and track customers’ reactions to the experiences.
The majority of the data from decisions can be used to justify, optimize, and proving campaigns. Such doors are a vital door for the enterprise. They behave as data systems, technologies, and tools required by marketing teams to reach and prove the effectiveness points continuously. This ensures that the solutions provided to the customers and the engagements that the enterprise hopes to deliver are being implemented in the manner that was planned.
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CMOs realize that the data from decisions isn’t the only door for them. Marketing leaders must start considering data for decision doors as well. Such data comes from outside of the marketing perimeter and from the entire organization. When organizations consider such a wide area, they get a comprehensive view of customer interaction and engagement.
Marketing leaders believe that such data for decisions allows enterprises to question the assumptions at a different level and ask different questions. These include the customer’s expected queries, how to achieve those expectations. They indicate how the organization can search new markets, detect new ways to revenue, and experiment in a manner that ensures constant forward growth. They say that data for decisions can support with innovations that allow better decision making that helps them succeed.
CMOs acknowledge that both doors are vital. However, moving forward into 2021, leaders should consider the data for decisions door more frequently as it involves newer exploration and interrogation, leading to a growth path.
Eliminating the traditional measures
CMOs say that it is high time to ditch the market’s conventional 4Ps: price, product, promotion, and place. They believe that enterprises have lost price, product, and maybe place quite some time ago. The dependency and clinging onto promotions should be avoided as well. They say enterprises need to focus on the new Ps like physical evidence, process, and people.
Under the guise of focusing on the 4Ps, in reality, CMOs are driving the 3Rs: reputation, revenue, and relationships.
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Experienced marketing leaders say that revenue needs to be considered growth optimization and improving top and bottom-level efficiencies. Relationships require developing profitable and robust relationships with clients. And reputation reflects marketers building their brand with the crowd in general rather than a targeted base.
Focus on 3Rs helps keeping brand security safe; it is the common factor for the CIO, CMO, and CISO. The common and unified tech strategy and framework can proactively work to safeguard organizations’ promises to their clients.
