In the last year, we have seen an increasing emphasis on data driven decision making. This is across all industries and all functions. With the advent of digitization and the use of big data and cloud platforms, more and more organizations are leveraging advanced analytics and machine learning to gain deeper insights into their businesses and customers and drive key decisions regarding products and services that set them apart from their competitors. Data and analytics are the key buzzwords that you will hear at any conference today.
Probably one of the biggest benefits that data and analytics have delivered is the ability to provide a 360 degree view of the consumer. Organizations then use this view to generate insights that help deliver a superior consumer experience. Since today’s consumer is always on, there is a huge amount of data that is available for generating insights. These insights are then used by marketers to tailor the consumer experience for greater marketing success.
Influencer marketing for products and services is another important focus area. In today’s social media savvy world, a majority of consumers make their purchasing decisions based on influencers. Business leaders who are aware of this trend focus their energies in developing a solid social media strategy.
Promotions and Campaigns
Today a majority of promotions and campaigns are being driven by analytics. A good marketing strategy that is backed up with solid analytics can make a big difference in marketing success. Thus today’s campaigns are more focused on understanding where the customers are in their purchase journey and how best to meet their needs. Many organizations have separate data science and analytics teams that are dedicated to this job.
Another Marketing strategy is to perform affinity analysis and use recommendation systems to sell additional products to the consumer based on his profile and the behaviour of similar customers. This strategy is being used very effectively by Amazon for a very long time now.
While the benefits of a data driven analytics based marketing strategy are well understood the biggest challenge that organizations and marketing executives face is shifting from traditional methods to putting data at the center of every decision. This needs a cultural shift and the sooner organizations are able to make this shift, the sooner they will be able to make the most of analytics to steer their marketing strategy for huge gains.