The age of using spreadsheets to monitor marketing performance is coming to a close. Gone are the days when marketers had to painstakingly enter huge volumes of data into static software programmes, and the late nights they had to spend manually pouring over spreadsheets just to develop their ROI and pipeline reports.
Traditional methods of marketing analysis are not only time-consuming, they are also inefficient. This means that many businesses continue to miss opportunities that are hidden in plain sight in their data and develop content that does not resonate with their audience. Results from a recent study by CSO Insights reveal that 88 per cent of sales and marketing leaders admit they missed opportunities due to inadequate information1
Marketers today realise that to succeed in an increasingly competitive market, they must find a way to tie together the enormous amount of data they collect from customers and from across their organisations. This will help them to develop more engaging content.
That being said, with so much information to process marketers will need to modernise their systems and turn to more powerful reporting technologies to get the job done.
Turning data into results
Intelligent marketing technologies offer businesses a robust set of analysis and reporting tools that make it much easier for them to collate all their valuable data and measure the effectiveness of their marketing efforts.
Systems such as these have already helped many marketers boost sales and hit their ROI targets.
Leading media and intelligence firm Thomson Reuters was looking for a way to better align its sales and marketing operations, improve prospect segmentation and targeting, and minimise lead leakage from its sales and marketing funnel. Following the implementation of new marketing and customer profiling technologies, the company gained a clearer understanding of the quality and quantity of leads it needed to achieve its revenue targets. By adapting its marketing operations to these insights, Thomson Reuters saw a significant boost in the number leads sent to sales and a 72 per cent reduction in conversion times, which allowed it to almost double its marketing lead revenue2.
Of course, it is not enough to only collect large volumes of data and expect change organically. The success of Thomson Reuters’ implementation was built on both powerful technologies, and on well-defined strategies that allow the company make the most of these resources.
A well-defined data collection strategy can provide businesses with the means to better understand how the market is reacting to a chosen approach, and to quickly adjust their tactics when needed. Just as importantly, the more feedback businesses collect and action, the more focussed and relevant their marketing content can become. In this way, new technologies promote an evolutionary approach to marketing that can help companies build incrementally stronger strategies over time.
Develop ideas that stand out
The truth is that while many marketers know a great deal about their audience, they have struggled to execute campaigns that really tap into this knowledge. According to SiriusDecisions, 70 per cent of marketing content that is created goes unused3.
To excel in today’s digital and mobile environment, businesses cannot afford to waste time and money developing content that will not resonate with customers. With the marketing technologies now at their disposal, these companies can align the marketing functions across their organisations to make the most of their efforts and separate themselves from the competition with truly impactful ideas.
By Rob Heerdegen, Senior Marketing Advisor at Oracle.
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