According to a survey conducted by McKinsey on Marketing and Sales, big data has serious impact on marketing ROI. In fact, better marketing analytics can improve returns on a company’s investment by 10-20%, whether the data sets used are “big” or not. Measuring the benefits of marketing efforts has always been a challenge, so the potential of data is a serious incentive for CMOs who need to report the value of their work.
Here are three ways data optimization directly impacts marketing results:
Currently, big data users report 6% higher profits than other companies, along with a 5% higher productivity rate. It’s smart to begin the process of data adoption as soon as possible, because these numbers will only climb as the scope of data optimization improves over the next several years.
Today’s extended sales cycle means customers potentially have more interaction with companies than ever before. 61% of worldwide consumers use digital channels as part of their purchase journey, leaving a massive data trail available that relates directly to the process. Analyzation of that data helps marketers get to know customers on unprecedented levels. What this insight, companies can engage buyers at the right times, influence them when it’s time to buy, and create advocates when the process is over.
One CMO survey reports that 61% of projects do not use marketing analytics to inform decisions. This alarming statistic verifies that many companies are leaving marketing’s potential impact untapped, resulting in less business growth over time. Companies who use data to shape marketing strategy will end up with smarter campaigns and less overall spend. Targeted work that’s backed by numbers brings specific results, removing the need to attempt things in an undefined way.
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