Future of Data, Analytics, and Marketing

2021-02-16 by Ronn Torossian
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Analytics and data have become the core of digital PR, marketing, and advertising, which means having the right skills and proficiency in those skills on board leads to business growth and excellent marketing performance. Marketing leaders and their teams have to collect, track, analyze and apply the marketing data and analytics so they can differentiate how the brand’s customers are being engaged on different channels.

While we’re still living in uncertain times, analytics and data matter to brands and corporations more than ever. Marketers have to improve the customers’ experiences, increase their brand loyalty, drive acquisition and create growth for a business, and they have the most powerful tool to do so – data.

Although some people believe we’re heading towards the end of the pandemic and the global crisis, things aren’t as crystal clear as optimists would like to believe, because unexpected events could turn the entire situation around. This means brands have to proceed carefully. Marketers and businesses have to take strategic actions to adjust to the new reality and prepare themselves for whatever might come in the next few months or years.

There are three efficient ways that marketing teams can adjust their data and analytics strategies to enable a fast and strategic response for the future.

Marketers and digital PR pros should be adopting the lean framework and its principles which has become very popular in startups and manufacturing industries because those principles can be used to guide companies to efficient analytics and insights functions. Companies should be focusing on the three most important categories – overproduction, processing, and inventory.

Since teams aren’t able to address every single request with the same intensity and resources without expending unnecessary resources, companies should create their own vetting systems that will help in identifying which projects can be fulfilled without the typical requirements and resources that could lead to overproduction.

If a marketing team doesn’t have a good process design, it will lead the company to create and develop projects that don’t have a high value, or sometimes, to inadequately communicate the results, which is why companies should create high-quality processes that have excellent and efficient communication.

Finally, there’s inventory – more specifically, the inventory that’s created with collecting customer data which can end up being unnecessary. To fully take advantage of a company’s inventory, the business should outline and clearly distinguish which type of data is valuable and should be collected, and what should be ignored because it has no value for the company and its efforts.

Brands and corporations can also learn and incorporate agile principles to easily guide the different departments and teams through uncertain times. With these principles, companies will be able to create a culture of collaboration, because they come with frequent checks, timed efforts, and an overall flexible business environment that’s able to shift or change as the company’s needs or priorities change in the coming months or years.

Ronn Torossian: Insights from a Native New Yorker and CEO of 5WPR

Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 200 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, a 2020 Top Crisis Communications Professional by Business Insider, and a recipient of Crain’s New York 2021 Most Notable in Marketing & PR. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, is a contributing columnist for Forbes and the New York Observer, and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities