Marketers have a wide array of data available to make optimized decisions and most of them have been benefitted.
With the evolving consumer behavior, it is often challenging for B2B marketers to make marketing decisions assertively. Thus, most marketers of today are creating innovative marketing plans and brand strategies to mitigate their pressure. The latest research study by Ascend2, titled “Using Data to Make Better Marketing Decisions Survey” revealed that a majority of marketers are now using marketing data and analytics for better decision making. The Ascend2, in collaboration with its research partners, surveyed 277 marketers globally across the different sectors.
Basically, market leaders have access to a vast amount of marketing data. The absence of clarity on the essential data generally leads to confusion – resulting in unproductive marketing efforts. The statistics from the report shows that nearly 45% of marketers have a unified marketing data approach in place. Another 32% of the respondents said that they don’t have a strategy yet, but they are working to develop one shortly. Thus, the era of Big data is pushing marketers to implement a data-driven marketing strategy for unrivaled success.
Utilizing data-based insights to make business decisions demands a comprehensive outlook of the existing and incoming data. By implementing data strategy, most marketers, about 46%, noted that they hope to strengthen customer loyalty. Nearly 45% said they would like to enhance their conversion rates and another 42% looking to optimize the customer journey. Similarly, some 35% of surveyed marketers reported that they want to boost content engagement.
As per experts, aggregating the marketing data allows analysts and decision-makers to evaluate and apply it efficiently, while success is considered by how much a plan achieves the desired objectives. Nearly 63% of marketers who have a data strategy in use indicated that they are at least “somewhat successful.” About 31% of the “best-in-class” marketers claimed that they are highly successful.
A wide array of data is available to businesses today, but what matters is how often it is used for positive outcomes. About 25% said that the marketing data is being used for every strategic decision. Nearly 44% revealed that data strategy is involved “most of the time”. As mentioned in the report, “Having a view of what success would look like in comparison to the greatest challenges facing that success is critical as marketers evaluate which data is most valuable, where to collect it, and how it should be applied to an overall marketing strategy.”