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1. Identify what’s important to record
2. Simplify the fields
3. Assign a department owner
4. Establish protocol for values
5. Regularly review for accuracy
6. List segmentation
7. Document
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"So, let’s look at how insight driven businesses are overcoming these issues. They take back ownership of data engineering and the computer science side of data architecture, management and governance. Data Engineers instrument data and analytics. They harness the strategy and investment plans of Data Architects. They enable analytics and data science. They adopt and activate data governance policies. They ensure data and analytic investment is getting its full return vertically and horizontally. - Want to accelerate data science – create a data engineering workbench.
- Want to ensure data lake adoption – create a data engineering workbench.
- Want to activate data and analytics in systems and processes – create a data engineering workbench.
- Want to create consistency and reduce data risk – create a data engineering workbench."
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Focus on the Customer Journey
Hyper-Personalization and Account-Based Marketing
A Greater Focus on Predictive Analytics
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So what do successful data-driven marketers do that others may not?
1) They obsess about data management
2) They test hypotheses to get insights
3) They stick to one attribution model
4) They insist on transparent agency relationships
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"So how can your organization begin the process of sales acceleration? - The first step is to break down the departmental and data silos present in your organization by having all teams work from one set of data, one set of goals and one set of measurements.
- Another shift from traditional prospecting is the need to make sense of all interactions, both online and offline, that influence the buyer journey. This disconnect between offline and online worlds is what is frustrating customers .
- In addition to knowing your data and establishing a connected identity, companies must use the right tools to generate that holistic and consistent customer view.
- Finally, companies must develop the right analytics to find truth and meaning from the data and surface those insights into the systems and the workflow of the people or sites that should take the next best action."
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A new study from Data as a Service company Synthio and Ascend2, a research-based marketing firm, shows that B2B marketers are aware of critical issues within their data-driven marketing strategies, but are not prioritizing a solution. While more than half (51%) of respondents said that integrating data across platforms was a critical challenge, only 37% said that it was an important objective in their data-driven marketing strategy.
The study, which surveyed more than 100 B2B marketers, aimed to gain deeper insights into the challenges and effectiveness of data-driven marketing strategies. Similarly, 37% said enriching data quality and completeness was an important objective to them even though 46% said it was a critical challenge. A clear majority of B2B marketers (88%) stated that the implementation of a data-driven marketing strategy is “complicated” to some extent, while about half (45%) said it is “extremely complicated.” The majority (93%) of respondents noted they outsource all or part of their resources to implement a data-driven marketing strategy.
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3. Take an action-based approach
The best data-driven marketers will find ways to minimize the time they spend "exploring" data and accelerate their time-to-insight. When you're considering the data you want to analyze, ask yourself two questions: - If I had this data regularly, how could I improve my efforts? If you can't answer, there is probably a better analysis to run.
- What is the quick-and-dirty version of this analysis? If a cursory analysis of the data doesn't yield much, it may be an indicator that the data isn't as important as initially thought—or, at least, not as actionable.
4. Pick your battles
There will always be an infinite number of metrics you can analyze; but, most often, less is more. Whatever the major needle-movers are for your business, put 80% of your effort into optimizing those rather than trying to focus on every possible metric. Once you've picked your battles, the real analysis begins to determine how to improve tracking, fine-tune efforts, etc.; then, over time, you just need to wash, rinse, repeat.
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"Experience analysis enables you to understand some of the following problems:
- Why do certain segments have higher open rates than others?
- Why you get unsubscriptions on every transactional campaign with no discounts?
- Why you get lower revenue per campaign during certain months of the year?
You can’t get the answers to these questions from your analytics provider; you need to get inside the mind of your customers. You can only achieve that by implementing some of the following analysis:
- Heuristic evaluations (i.e. when usability experts review your site’s interface and compare it against accepted usability principles with the intention of finding a list of potential usability issues)
- Lab testing
- Surveys
- A/B testing"
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"Our new research report evaluates marketing's maturity in data-driven marketing, by capturing the views of over 250 managerial to C-Level marketers. In this report you will discover:- How mature different sectors are with data-driven marketing
- The top data-driven marketing priorities for 2017
- How advanced brands are with personalisation and attribution techniques"
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1. Compete on Value, Not Price 2. Carve Out a New Submarket 3. Connect Content Marketing to the Sales Pipeline 4. Explore Alternative Marketing Channels 5. Reward Existing Customers for Their Loyalty
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We are experiencing an historic moment where we have more data than ever. We are overwhelmed by data. Yet, although the data volume continues to burgeon, companies often struggle to harness it. Indeed, the way they take decisions isn’t really changed over the past decade. We’re not able to use the data we have. Or at least, we use data, but they do not influence our decision as one might expect. Identifying patterns that enable you to make the right decisions at the right time is what could really make the difference.
Massive data volume generated from a side. The inability to decipher that data chaos and pull out actionable insights from the other side. This is where Artificial Intelligence comes in as a connecting link. One of the techniques widely used to reach Artificial Intelligence is Machine Learning. Machine learning relies on two key elements: algorithms and data sets to train those algorithms.
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Here are the top 5 reasons your marketing needs to be data-driven.
- PERSONALIZATION
- ENHANCED CUSTOMER EXPERIENCE
- OPTIMIZED MARKETING CHANNELS
- INCREASED CUSTOMER ENGAGEMENT AND LOYALTY
- CONTINUOUS QUALITY IMPROVEMENT
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Rule one: Chose quality over quantity
Rule two: Set measures for success
Rule three: Build the 360 view of the customer
Rule four: Don’t be afraid to try something new
Rule five: Keep an open mind
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B2B marketers are finding that third-party data has a positive impact on identifying prospects within target accounts, according to a study published by Openprise, a data automation solutions provider.
The 2017 B2B Data Market Industry Report, which surveyed 175 U.S.-based B2B marketing professionals regarding their use of external data, found that 62% of B2B marketers surveyed use third-party data to identify contacts within target companies. Of those marketers, more than half (52%) said it’s useful when identifying new target companies.
Of note, less than half (48%) of marketers surveyed leverage third-party data for their ABM efforts. This outcome is perhaps a reflection of the fact that ABM practices are still gaining widespread adoption.
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Senior marketing executives leading their organizations to more substantial and measurable returns from content marketing investments must focus on 3 key areas when it comes to content and experience:
- Content Discovery
- Content Consumption: Delivering content to customers in the formats and channels they prefer is as essential as the topics and utility provided.
- Content Action: Findable content that satisfies customer information needs isn’t effective for the brand unless it inspires action.
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Crawl, walk, run: three steps to establishing an effective DMP As digital marketers we're all too aware of the importance of data. For example, the typical. Marketing topic(s):Big Data. Advice by Gavin Llewellyn.
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1. Platforms, technology, and data are improving
These concerns are part of the reason why, as of late 2015, more than half (57%) brands have not yet implemented a DMP and most (61%) were not going to implement one in the coming year. What may alter this trend, however, is that marketers are becoming increasingly aware of the data-driven platforms and technology that is available and realize that they are improving.
2. Marketers are increasingly using data to improve performance
Along with catering for new marketing strategies, the improvements in platforms, technology and data also help marketers understand what is and what is not working.
3. Through combining first- and third-party data, marketers will be able to allocate budget more effectively
While it sounds like a complicated strategy reserved for only those 43% of companies who have implemented a DMP, combining first- and third-party data is actually straightforward to do with the major advertising platforms.
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- Data Science for Marketing: Embrace and leverage data science as an integral part of your workflow and marketing tech stack.
- Test Everything: Evaluate and test often, A/B test both your current stack, and put off-the-shelf solutions through rigorous testing. Ensure that they stand up to your data-first KPIs.
- Data-first Culture: Create a data-first culture within your marketing and sales teams. Use data analytics to constantly validate the funnel, and to optimize the performance of your lead pipeline, rather than relying on disparate marketing tools and anecdotal sales rep information.
- Build the Toolkit: The role and the acumen required to lead a marketing team today has evolved. Hire the best and the brightest to help bridge these gaps within your team, and bring data-first capabilities to your team.
- Democratize Data Access: As a company, you have common goals and metrics. Break down those departmental siloes and let data science help your organization create a tighter and more transparent integration between your marketing, sales, engineering, customer success, and product teams.
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DDM investment boosts revenues, execs say
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"Abundant data is better data. Everything about it is more delicious. Here are the trends in the kinds of data we are using to drive our businesses.
- From smaller samples sizes to larger sample sizes
- From self-reported input to behavioral input
- From less-recent to more-recent data
- From data collected at one point in time to data spanning months and years of data
- From periodic to real-time collection
- From qualitative to quantitative data
- From strangers to prospects and customers"
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Marketing leaders must create a data-driven marketing culture and organize the required people, processes and systems. They need to eliminate data silos and create a single source of truth - a 360-degree view of customers to reliably and efficiently target the right message, to the right person at the right time.
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Not every company can afford to have full-time people dedicated to analysis. Hence let me make optimal recommendations for three types of companies.
If you are a handful of employees small business, here's your balance between data capture, data reporting, data analysis: 05 | 20 | 25.
You are a small business, I get it, you only have a part of one resource dedicated to data. No problem. Ensure that part-time resource is spending their time with a 05 | 20 | 25 balance. At your size, you'll still win with data.
If you are a numerous employees medium sized business that is growing at a ferocious pace, here's your DC | DR | DA balance: 10 | 25 | 65.
Lastly, if you are a massive employees corporation here's your DC | DR | DA balance: 15 | 35 | 50.
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7 Ways To Get More Out Of Your B2B Database, Your Most Important Marketing Asset - Forbes
The #1 way: combine it with 3rd party sources into a CDP for the most complete customer view to accelerate your ABM efforts.,
This news comes to you compliments of marketingIO.com. #MarTech #DigitalMarketing