This blog post is an excerpt from our white paper; How to Build a Data Driven Marketing Organisation: A guide for CMO's and Marketing Leaders. In it we discuss how data, analytics and insights are truly transforming the way marketing departments are doing business. We discuss three key areas:
It is our intention that once complete, marketing leaders will have a further level of insight on how data and analytics can help shape their marketing, how business intelligence can help, as well as a roadmap for starting.
You can download the full paper here.
In this post, we take a look at part 1; how organisations use analytics to understand and identify opportunity.
When it comes to data and analytics, the opportunities are endless. They can lay the foundation for targeting opportunities such as new markets to enter, understanding customer related patterns and trends, and ultimately personalising communications and initiatives. As a result, this allows marketers to be incredibly targeted with their efforts, which leads to better customer acquisition and retention.
To dive into best practice, we have broken down examples of the types of analytics and insights being used across the marketing and customer lifecycle. That is; understanding and identifying opportunity, the attraction, selling and retention stages, as well as marketing operations.
While these examples are not exhaustive, they are indicative of the thinking and impact that data and analytics can have for a marketing department. The key is to align your insights to what you are looking to achieve as a company and build from there.
Customer Segmentation & Analysis: Customer analysis focuses on improving your understanding of your customers. The Interactive Advertising Bureau (IAB) released a study in 2018 highlighting that companies have invested $19.2 billion on the acquisition of audience data and solutions to manage, process, and analyse their data – a 17.5% increase year over year.
By segmenting your customer base through the data-science practice of clustering, we can understand their needs, drivers and value to the business. This can include:
Ultimately, this practice will look to understand your ideal clients, build strategies to attract more to your business and maximise their life-time value. In addition, it allows you to customise marketing efforts. These include:
If the mecca in marketing is delivering the right message at the right time to the right person through the right channel, imagine if you could take it to the next level by adding in dynamic offers and pricing to maximise customer and company value. Advanced customer segmentation and analytics will allow you to do this, mixed with hyper-personalisation tools (see point 3 below).