Businesses are increasingly averse to blind marketing programs that are not guided by extensive research and data analysis, and this is certainly a positive trend given the advantages of leveraging insights during decision-making procedures. Because of how quickly data driven marketing has grown in demand and utilization, several new trends have emerged in the past few years with respect to best practices and general tips to improve performance.
"Many firms are already progressing with data driven marketing."
The most important matter to remember here, though, is that competition is heating up across industries and regions, and so many firms are already beginning to progress through the use of their market research efforts within advertising campaigns. As such, getting on board with the relevant solutions and strategies today is less of an option and more of a requirement to remain competitive in these increasingly saturated landscapes.
So much to gain
If advertisers are wondering why data driven marketing has become such a common pursuit among their peers, they need not look further than the latest reports on how financially advantageous the technology is today. InfoWorld recently reported that a new study from VB Insight revealed these types of advertising strategies can yield 224 percent returns on investment, which is massive for this particular segment of the marketing landscape.
Sure, there have been studies released that indicate the ROI for email advertising is far higher than virtually any other type of campaign, but the intelligence angle actually applies to every other channel and medium. For example, businesses will be able to get far more out of their email marketing investments when extensive research and analysis has been conducted prior to sending out the first communication to prospects and current customers.
According to InfoWorld, while this high figure for ROI within data driven marketing is certainly enough to turn some heads, especially given the scale of the study – including 3,000 advertisers across 3 million websites – attaining this level of performance is no easy task. The source argued that better unification of tools and systems used to generate, collect, store and analyze the information involved in research might help firms reach these high returns.
As a note, the news provider pointed out that 224 percent was the average among respondents, but 6 percent of those surveyed actually saw 1,000 percent or higher returns on their data driven marketing investments, meaning there is a lot to gain from these tools.
The right way
The complexities and challenges involved in data driven marketing are significant, especially when businesses first embark on one of these endeavors, but the obstacles can often be more seamlessly hurdled with the help of the right solution provider. Remember that there is so much that needs to happen before the tools can even function properly, including backend system management and careful collection of quality data.
This is why leveraging the support and services of a data driven marketing solutions provider might be the best path for companies that are either just now beginning to embrace the technology or simply want to get more out of the strategies. With the right combination of internal management optimization and services provided by reliable, experienced vendors, data driven marketing can completely transform the brand image of users for the better before long.
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