The digital age has changed the way that marketing is done and the way that it works. Before, marketers used a broad brush to reach customers, but today, marketers have to be increasingly data-driven.
Marketing strategies are built on solid numbers and detailed analysis of the data. Then, the results are monitored on a regular basis to meet demand and make modifications where necessary.
When marketing in a digitally connected world, data is highly important and marketers are finding ways to connect with sales and customer experience departments to sell their products and services in the most beneficial way.
So why is data-driven marketing important?
1 It helps to see where the buyer is at on the user journey.
The typical marketing lifecycle is rather complex and involves opportunities to make many key decisions. To lead customers successfully through the sales funnel, marketers need to know how best to reach them where they are. The goal is to reduce the time it takes to turn leads into customers
2 There is a greater need to justify profitability.
Before marketing agencies were able to justify their cost by the amount of work done within a given time frame, Today, however, marketing cost is justified by the ROI that’s delivered to the client. ROI is determined by data.
3 Performance can be monitored on a regular basis.
Measuring performance in a given campaign is important to ensure time, money, and efforts do not go to waste. Marketers are able to see insights in real time and make modifications so that the best campaigns are run and that they yield the best results.