Marketers have realized that for long-term success, managing customer response and tracking data is much more crucial than just judging the campaign performance based on profit numbers
The last decade has witnessed companies making considerable investments in the advertising and marketing technologies, especially in data analytics platforms – to better deliver their messages for effective customer response management. At the same time, it is the responsibility of marketers to prioritize customer expectations and concerns, playing a more direct role as champions and advocates for solving consumer complaints.
Focusing only on the campaign performance often locks up the expertise and the scope of improvement for the marketers. Today, marketers are running a blind race to beat the competition, and this is where the CMOs leadership plays a central role in inculcating the culture of focusing on building a brand that understands their customers. A successful brand is one that strives to deliver quality to meet customer demands with continuous improvements. Hence, data plays an immensely crucial role in identifying the gaps and mitigate them, real-time.
Close collaboration between data scientists and marketers is essential for the long-term success of the business. BI executives or data scientists can often use sophisticated tools to analyze customer inputs in the best possible way to make improvements in marketing strategies and plans.
Also, sharing information across departments is very important for the overall growth of the company as it ensures that all are on the same page. Marketers always have maximum insights about the market, but they might lack time to share those with other teams in a way that is relevant for them. It is essential to develop a culture of cross-sharing insights across departments to work towards building a future-proof marketing strategy collaboratively.
Marketing experts have acknowledged that the big push for marketers to become increasingly data-savvy has paid dividends in the last five years. Firms now have powerful data tools, insight analysis, and automation options available at their fingertips. Marketers now have a whole range of measurements specific to their role – all they need to do is optimize their strategies based on the inputs.
Usage data is most interesting in product design and product improvement plans. Which feature of the product is most relevant to the customers, can help to strategize for channel placement, product design, and pricing. Brand advocates provide streams of product testers, helping the marketers to identify supply chain issues to reduce product support costs dramatically.
Today, investment in martech is accelerating across industries, and the rate of data captured by marketers is continually increasing. Whether through marketing automation tools, analytics platforms, DMPs, or other platforms, businesses now have access to a vast host of data that was never available historically. Now, it depends on the marketers to optimize these for better-informed marketing decisions that future-proof the success of their marketing campaigns and strategies.