Why Marketing Isn’t For Everyone
With marketing budgets among companies rising and the global marketing environment becoming harder to create differentiation, the basic marketing tools we once used are no longer adequate. Increasing companies are splashing aimless content through marketing channels in an attempt to attract attention. The reality is, it’s not working.
The Need For A Data-driven Marketing Strategy In 2022
In 2021, marketers have access to more data about their consumers and using these insights can drive successful results for a business. For many businesses, it has required an update in the re-modelling of their obsolete marketing processes.
Why You Need The Help Of Marketing Strategy Technology
Because technology is the answer to coping with the future.
Following the current trajectory of the world’s events, I think it’s safe to say that technology is at the forefront of managing the ‘new normal’. Today, there is mounting pressure on businesses to adapt quickly in order to stay afloat and it is this developing trend the has many believing that a digital future is the only way to go.
It is critical now more than ever that special attention is placed on how businesses capitalize on existing market opportunities and take into account shifting buyer behavior, competitive landscape, and much more. But, this may not be possible without the help of artificial intelligence. And, many businesses are already catching on.
According to a recent study conducted by PwC, 72% view AI as a “business advantage”. Traditionally, marketing strategies took many months to develop and when completed, were considered outdated to the current market environment. Moreover, marketing strategies were limited by the intelligence of the marketing professional writing them, who in most cases would not be across all areas of marketing. For this reason, ‘early adopters’ like Oracle and SAP with large distribution networks saw the value in AI-based marketing strategy technology through real-time insights gained for strategic next steps.
Combining the power of artificial intelligence and machine learning, marketing strategy technology such as Robotic Marketer is able to deep dive into big data available on competition, customer perception, and existing market conditions to provide a comprehensive roadmap to strategically navigate the ever-changing market for sustainable growth. Information gathering is often limited by the tools at our disposal but with Robotic Marketer, you are only limited by the “universe”.
So, here are three benefits to having a marketing strategy technology write your next marketing strategy:
It’s Faster
The use of artificial intelligence in marketing enables businesses to innovate and go-to-market faster. Thanks to the dynamics of machine learning, marketing strategy technology is not only able to learn from the past but also prepare for the future by taking account of present conditions.
Organizations and agencies alike are able to leverage this value in order to help their clients succeed. What’s advantageous of utilizing technology like Robotic Marketer is that agencies can now self-serve to have a marketing strategy in place in a matter of days instead of months, which processes the data entered during a workshop in mere seconds rather than hours. Furthermore, with a multi-user functionality to enhance collaboration, teams are able to work alongside each other in real-time to ensure all relevant information is inputted across the board for a faster turnaround.
It’s Smarter
The human and machine combination could possibly be a match made in heaven. The exponential advances made in the digital sphere has meant that technology now has the precision and performance of a human, and dare say even better.
Marketing strategy technology is able to make sense of large sets of data with minimal manual work. The data gathered is then used to inform relevant marketing tactics with appropriate key messaging to be delivered to the right person at the right time. A robotics-based platform dealing with multiple strategies is able to learn to suggest ideal content most relevant to the target audience. Artificial intelligence takes over the most time-consuming tasks that businesses and their marketing teams struggle with to provide smarter solutions that work.
It Keeps You Ready
The unique ability of artificial intelligence to not only uncover new insights but also apply that to future campaigns through learning is key to maximizing outreach to the target audience in the most effective manner. AI solutions like Robotic Marketer deliver marketing strategies that are not only intelligent but also promote real-time decision making to be strategically positioned or ready for whatever the market has in store. It also increases the likelihood of converting prospects into clients significantly.
At the end of the day, businesses see value in understanding which marketing activities work and which do not, and a marketing strategy that is powered by AI-based market understanding is just the solution needed for an increased ROI and enhanced bottom line.
As many take the time to plan their next steps, having a marketing strategy for the next 12 months will be an essential conversation to have. While the benefits of investing in a marketing strategy technology are endless, the above three reasons highlight why even the world’s largest organizations choose to employ its help.
How Big Data Can Lead To A Better Marketing Strategy
Big data refers to extremely large and intricate data sets that require complex systems to extract information from them. Millions, if not trillions of data records are stored in these sets, potentially amounting upwards of 1024 terabytes.
These records can be accumulated from a diverse range of sources; from social networks to medical records.
Developing conclusions and observations based on these data sets can help address business problems that previously would not have been possible to deal with.
Why is big data important?
Analysis of big data can help businesses better understand the behaviors of their consumers, competitors and the external environment. Through this, they are able to make informed decisions that can improve operations, enhance customer service, develop more targeted advertising campaigns and consequently boost profitability.
If big data is effectively utilized, businesses will develop a competitive advantage over those who do not use it, since they are able to make quicker and more productive business decisions.
The value of big data is not determined by how much a business is in possession of, but rather, how they manage it. Effective use of big data should reveal answers that enable businesses to reduce costs and time, optimize offerings and make smarter decisions.
How can big data benefit your business?
- Better understand your customers:
The more information you have about your target customers, the better you can serve them. Using big data to track customer behaviors such as average spending on a typical purchase, how long they were active on your website, or what time they visited, can all contribute to your business’s success. Information regarding all these variables can help your business provide a more personalized and targeted experience for its customers.
- Make more informed business decisions
Big data allows businesses to make decisions based on facts and accurate predictions rather than gut-instinct. While organizations may use data to generate valuable customer insights, it is also critical that the data is used to improve productivity and performance internally.
Analytics can assist with workplace planning by tracking employee behaviors. Relocating staff into positions they are better suited to, or restructuring team arrangements will consequently improve staff morale and retention.
Conversely, big data can help discover opportunities or threats in supply chain operations. Not only will companies be able to reverse inefficiencies, they can also seek improvement opportunities. Also, big data can provide businesses with a foundation for risk management. By creating an accurate reference for measuring risk, businesses can consider this in their marketing strategy.
- Optimize business operations:
Automation is becoming more prevalent in today’s businesses. It allows businesses to become more efficient and productive, with big data providing the basis for it to work. The combination of big data and automation allows dull and repetitive tasks to be replaced by machines. By automating these tasks, time is freed up for skilled workers who can better contribute to the business through creative and productive input.
- Develop targeted offerings:
Once you know more about what your customers want, you can develop offerings that directly appeal to their needs. For example, simply aligning customer behaviors with marketing messaging can be all that is necessary. Utilizing big data to analyse which products consumers are buying and pairing with other items, allows for menus and suggestions such as “Customers also bought…” and “You may also be interested in…”
In a volatile and unpredictable environment, businesses are seeking certainty. Big data allows companies to measure risk and reward in their strategic decisions, while providing outcomes that will best suit their target consumers.
The Role of Big Data in the World of Marketing
A friend of mine once said, “Instagram and Google can read my mind!”.
While this was said in a satirical tone, he did make a very good point. At some stage in our life, we’ve wondered on how the internet knows all about our favourite brands. How on earth do marketers always send us emails about a new discounted suit when we’ve got a mate’s wedding around the corner!?
All the answers to our questions lie in our browser history where our internet activities are stored somewhere in the digital realm, and that’s just the tip of the ‘big data’ iceberg.
In order for us to understand big data’s significance, it is first necessary to know what it actually is.
Big Data
Oracle defines big data as “larger, more complex data sets, especially from new data sources that are so voluminous that traditional data processing software just can’t manage them.”
But why should big data be a big thing to us?
According to Bernard Marr & Co, big data’s principle is simple, the more you know the current situation i.e. the more data you currently have, the more reliable your new insights and more accurate your predictions of the future will be.
Forbes shows that customer analytics is found to be the largest proportion of big data usage (48%), followed by operational analysis (21%), fraud and compliance (12%), and product & service innovation (10%).
The high proportion of customer analytics is indicative on how important big data is to the marketing world in particular.
So, let’s explore some ways big data helps marketers today and how it can further enhance the quality of decision making in the future.
Targeting the Right Customers
Customers like to receive straight-forward ads that are relevant and based on what they need, not random calls from total strangers. While cold-calling was a thing of the past, today it is seen as a nuisance meant to waste time.
Big data helps save consumers’ time on researching discounted products, looking for the best services, and browsing endless promotions. It also provides marketers with clear, detailed and structured information. Thus, preventing clueless bombarding.
Rather than running aimlessly, marketers can now target their products to the right customers. By tracking their online activities, data compilation shows their interests and needs based on their preferences in a real time situation. Therefore, big data helps marketers to concentrate their resources onto their target market.
Understanding Customer Behaviour
Customer relationship management (CRM) is another area that big data contributes significantly. While getting a customer to the purchase stage in their lifecycle is hard, retaining them as a loyal customer can be even harder. Having the purchase history of a customer is good but may not be enough to sell future products.
Currently, this is being addressed by analysing reports generated from electronic direct mail (EDM) campaigns. But, sometimes EDMs do not provide accurate enough information.
Big data reports offer the opportunity of higher accuracy and a comprehensive picture of customers. It allows for customer retention to be more effective because as more data is stored, the pattern of customers’ behaviour is also predictively revealed. Therefore, this data can be used as the most reliable insight for companies to manage, interact with and offer to customers effectively and efficiently.
Making Informed Decisions
Past performances and current market analysis are used traditionally for making decisions. However, now with the availability of big data, making informed decisions can be taken to the next level.
Analysis is often limited by the information we have. But if marketers had access to all the information stored and processed, decisions based on a big data analyses would surely be more accurate and reliable.
If the assumption of Trump won the election by using big data in political campaign is proven true, how much more can marketers use it in their marketing campaign to create a winning strategy?