Data-driven marketing: the key to better interaction?
Data-driven marketing may seem like a buzzword at the moment, but the truth is that it can bring some real benefits to businesses of all kinds.
One of the main problems at the moment is that companies aren't using the data they've stored to their own advantage – and as a result, could be missing out on increased customer engagement.
This is according to the Teradata Data-Driven Marketing Survey 2013, which identified that this is not only a problem here in Australia, but all over the world.
Figures from the report show that just over a third (36 per cent) of companies regularly use data to enhance their interactions with customers.
This is even despite the majority of marketing executives citing improving customer experience as a main priority, leading the experts at Teradata to suggest they are just giving lip service to the idea.
Interestingly, many marketers in non-executive roles said their company talks about placing a high priority on stopping customers defecting from their brand and taking note of any opportunities to cross-sell.
However, the majority agree that this is not reflected by those in other marketing roles, who are primarily focused on gaining new customers, rather than keeping existing ones happy.
The group argued companies must realise that "true consumer insight resides in their data", although simply tracking data transactions is not enough.
It is essential to create meaningful data-driven interactions, which in turn will help businesses stay ahead of the competition and adapt their content marketing strategy accordingly.
Consumer engagement with a brand is becoming more important not only to businesses but also to the customers themselves – people expect to be able to interact with companies, whether it's through social media or some other means.
Although providing a platform for this is a step in the right direction, analysing data retrieved from these platforms is just as important.
Posted by Emma Furze