Future of Data, Analytics, and Marketing
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.