Of all the corporate functions, marketing is perhaps the one most impacted by digital transformation. The days of catchy tag lines and slick advertisements are over. Today, marketing success is all about data. And with the proliferation of digital channels and platforms in the modern world of commerce, there is more data in the hands of marketers than ever before.
So, what exactly is marketing doing with all this newfound information? The short answer: A lot. Below we look at how today’s CMOs are putting data-driven marketing to work to drive growth, including how they use data to make smarter decisions and report on a wide range of metrics and focus areas.
Personalizing Offers with Data
Making the right offer at the right time is the holy grail of marketing today. Whether the offer is a simple eBook or a promotion aimed at closing a sale, using customer data to personalize the experience and drive growth is a requirement for today’s marketing department. Thankfully, new tools powered by artificial intelligence (AI) and predictive analytics are helping get the job done, allowing companies to better anticipate a customer’s individual behaviors or changing business conditions that may impact the market.
In a never-ending effort to factor more information into the decision-making process, innovative CMOs are bringing “offline” data into the data-driven marketing mix. By matching personal information from both digital and physical engagements, marketers can build a more complete picture of a customer’s wants, needs, and preferences. This is especially valuable for understanding the customer’s state of mind in any given moment. With a more timely and accurate view of the customer, companies can make better offers in real time, decisions about proactive outreach to solve an issue or when to target them with a specific ad.
Managing a New Set of Data-Driven Metrics
Today’s CMOs are also using the new wealth of information for internal purposes. Reports on what the department is doing have steadily evolved from a general statements and tactical updates to highly specific, data-rich overviews that leverage information from numerous marketing apps and digital platforms—all of which are in play in today’s data-driven marketing organizations.
Looking beyond typical website metrics like traffic and page views, today’s newest marketing metrics are tied to actions, including:
- Conversions: Perhaps the most measured statistic in marketing today, this metric is used to track everything from white paper downloads to webinar signups to demos and free trials. Conversions are a key top-of-funnel metric that shows your prospect is interested, setting the stage for lead development further along in the customer lifecycle.
- Marketing Qualified Leads (MQL): Moving down the sales funnel, MQLs are those leads that have been reviewed by marketing and determined to be “more likely” to buy than other leads, perhaps because they map with a target buyer persona or vertical market. MQLs are typically put into specific content nurture streams based on their needs to keep them engaged with the company as the buying process advances, but before the lead is passed to Sales.
- Sales Qualified Leads (SQLs): Typically the next stage following an MQL, SQLs are leads that both Marketing and Sales have reviewed and vetted and are ready to move on to the next stage of sales development. A validated SQL usually moves to a Sales Accepted Lead (SAL), where the official hand-off from Marketing to Sales takes place with Sales now “owning” the lead.
Is your company making the most of today’s data-driven marketing strategies? See how TIBCO customer Bank of Montreal used data analytics to achieve a 30–50 percent faster time-to-market and 3x improvement in offer acceptance. Read the case study here.