Generating a return on marketing investment can be difficult to do. Many businesses today fall short on at least one key aspect when it comes to achieving optimum digital marketing results. The combination of technology, data and models provides a sound structure for effective marketing but if just one of these elements is missing then goals can be difficult to achieve. So, how do these three essential elements work together to create truly effective marketing outcomes?
Working with the right data, in the right way
The data element of marketing is absolutely crucial today. In an era of Big Data the volumes involved can often seem overwhelming. Without the right experience it can be very difficult to identify the data that is relevant and useful and that which is redundant. And so much of the data that is gleaned simply goes to waste - there are very few marketing departments out there using more than 1% of the stored data that they have. That’s 99% of stored data that could potentially contain customer insights that could be transformative for marketing strategy. So, data alone cannot provide a foundation for effective marketing – this raw information needs to be handled and supported in the right way to deliver real results.
The use of models
Having a wealth of data within a system will be almost useless without the right models in place to enable the business to fully utilise it. Today, models have a lot to offer when it comes to improving marketing outcomes. We have moved past the segmentations and targeting models that were a hallmark of the direct marketing years and into something much more individual and complex. Today, models allow businesses to engage in personalisation and to ensure that customers are being supplied with the right marketing at the right time to drive positive behaviour. Marketing automation and customer journeys have proven crucial to this change – today, the right model gives businesses the power to use the vast volume of data acquired in a way that is truly effective.
The importance of the technology
“Tech” is not a broad brush solution to the goal of achieving more effective marketing. In fact, the wrong technology can just make everything worse. Technology changes at lightening speed and the range and choice of options frequently feels overwhelming – finding the right solution for an individual business is a huge challenge. However, it is a challenge worth the effort. Many businesses often find that they already have the functionality they need – or are missing one key piece – and it just takes a fresh perspective to identify what this technology might be.
It’s crucial to ensure that you have control over your data, the right model in place to optimise that data and a supportive technology infrastructure that is suited to the business. We can help you to identify precisely the right solution for your organisation, so that you can get more from existing resources and achieve more effective marketing as a result. Get in touch with MarketDeveloper today.