Data-driven marketers need more and better data, but the landscape continues to evolve quickly. Third-party data providers change fast and Big Data is growing exponentially.
Consider a few facts:
- More than 2.5 quintillion bytes of data are created every day through a range of activities including social media posts, purchase transaction records, cell phone GPS signals, supply chain and logistics data, and digital videos, pictures, and audio recordings.
- Individuals generate more than 70% of all data; enterprises store and manage 80% of this data.
- Global spending on big data is growing at an average annual rate of nearly 30% and is expected to reach $114 billion in 2018.
Now, those are big numbers, but one of the biggest concerns is how companies are going to support and execute strategies with this data. Marketers and fundraisers can execute data driven strategies that can and will change the way they do business.
By using data insights to understand, segment, and speak directly to their highest potential prospects and customers.
So, what type of data is critical? Demographic data, traditionally the king of data types, is diminishing in importance. Other types of data, including behavioral and psychographic data, enable marketers to understand, target, and engage audiences more effectively.
Gartner’s recent Market Guide for Marketing Data Providers acknowledges WealthEngine as a representative vendor for these marketing data offerings. It includes a list of data providers and how they can fit into an organization’s structure and strategy. [Market definition, market direction, market analysis, market recommendations].
In this report, Gartner recommends a simple approach to get started.
As marketers, you must ask yourselves…
- What are the use cases for which you need data from a third party provider
- Lead conversion
- Market research
- What are the metrics you’re trying to move?
- Ad efficiency
- Conversion rates
- New product uptake
- What data provider or providers best support your goal?
- Is your marketing initiative is long- or short-term?
- If it’s long-term, you’ll need to develop a multi-year relationship with your data provider. Therefore, the provider’s financial viability and customer references become more important.
We know that managing big data and gleaning the insights you need to really drive strategy is not easy, but it is now a mandate for most companies to sustain growth. Imagine what happens when you target the right people at the right time in the right channel. It leads to better engagement, higher conversion, and increased sales.
Now, that’s big!
What’s your secret to data driven success?
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