Over the past few years, many brands have focused their marketing technology investments efforts on breaking down data silos to develop a centralized repository for all customer data – first, second and third party.
However, tracking customer behavior with centralized data-driven marketing is only the beginning of an ongoing process to understand how to deliver personalized customer experiences.
And as many companies are finding out, having the data does not mean it is being analyzed effectively. In fact, 61% of CEOs believe they are under-leveraging their data — source: CMO Council.
Graduating from Data-Driven Marketing to Insight Driven Marketing
The reason for many companies continuing to under-leverage their data is the lack of technology, tools, and resources to advance their efforts to becoming insight driven. Without insight, we cannot deliver the customer experiences our customers demand, drive loyalty, or topline revenue. But how do we get beyond insight based on “hunches” to insight based on “knowledge”.
Insights-driven companies are 2x likely to achieve 15%+ growth
“Data analytics marketing leaders are using advanced technology and machine learning to increase speed to insight—and to action, by embedding actionable, predictive insights directly into their processes and workflow. And those organizations that have committed to turning data into action are transforming their businesses.
“In-depth customer data analysis can raise marketing’s profile inside a company, better use of data and reporting helps marketers make the transition from the role of brand center to the source of insight,” Laura Ramos, Forrester. And a Forrester Study, shows that this strategy pays off – “Insights-driven companies are 2x likely to achieve 15%+ growth.”
Deploying Insight Driven Analytic Techniques
Mastering the ability to deploy various analytic techniques and embed them into operational processes is at the heart of any customer personalization strategy. Analytics provides insight into future behaviors and enables marketers to grow existing customer relationships.
Different analytic techniques are used to produce different types of models and insights. For example, propensity is used to predict an event, or likelihood of an event, when two possibilities exist. A propensity technique, therefore, is used to create a churn prediction model.
For analytics to be meaningful, marketers should align their business objectives, and customer personalization objectives, to the analytic model that facilitates insight and execution. Marketers wanting to drive engagement by personalizing marketing efforts can turn to next best action models, and/or expand wallet share using market basket analysis to make effective product recommendations, and increase retention with churn prediction models.
Insight Driven Marketing – a Learning Ecosystem
As we head into Personalization 2.0, insight-driven marketing is becoming a key competitive differentiator. It is the insights that drive marketing to infuse campaigns, messages, and offers that deliver personalized experiences for our customers, not the data. To win the battle, we need to be asking ourselves this question, “How do we operationalize analytics?” The goal? Create a learning ecosystem, one that connects insights to outcomes as part of a continuous, self-improving cycle.
To learn more about advancing your insights driven marketing programs and modern customer engagement technologies contact VeraCentra, here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.