Market research has always been the basic tool to design and develop strategies and campaigns. However, traditional market research consumes a lot of time and requires special skills to process and analyze and to derive insights.
Marketing campaigns in the past weren’t accurate because market samples did not truly represent a population, and both advertising and marketing strategies weren’t quite accurate. Campaign failures and losses can be tied down to incorrect insight or partial insight into a market’s needs and demands. In addition, most marketing agencies depended on print and TV to disperse marketing messages until the recent past. Digital media changed all that and democratized the process of marketing and advertising, while contemporary data techniques have taken digital marketing to the next level.
Thankfully, newer data analytics techniques have not only reduced marketers efforts to crunch data but have also ushered in a new era in which marketing campaigns are highly personalized, scalable and democratic. In this article, let us take a look at how data has influenced media and marketing, and how there has been a complete paradigm shift.
Software integration has led to richer insights and predictions, as there is a larger sample of data to analyze. Cloud-based solutions have helped companies to implement affordable integration solutions across departments. Integration has also brought together disparate software solutions such as CRM, ERP, and HRMS which help businesses to access more detailed data and predict outcomes accurately even on the go. Current marketing and advertising initiatives depend on such an integrated approach to make the correct move.
An increasing number of agencies use MarTech solutions to predict better campaign outcomes, and this is possible because of modern data analytics. MarTech consists of marketing automation tools such as Marketo, HubSpot, MailChimp, SalesForce, and Insightly. It also includes data and intelligence tools such as FullContact, Cloudinary, Decibel, among many others. In addition, predictive analysis tools help us make better predictions and foresee campaigns even before campaigns are launched. This allows us to have defined outcomes in mind. Some of the most important predictive analysis tools used today are Microsoft’s Azure Machine Learning Studio, SAP Predictive Analytics Software, IBM Predictive Insights, among many others. These tools can be integrated with each other, or with other enterprise software solutions for richer insights.
Earlier, personalized marketing was a challenge and a number of efforts never yielded the desired results. However, thanks to social media, it is easier to curate customers and people with specific interests and capture their sentiments easily.
All this data can now be crunched and analyzed for better insight, leading to highly specific marketing and advertising campaigns. There are a number of marketing automation tools that help you personalize advertising. HubSpot and MailChimp can be used by both small and medium-sized businesses to personalize campaigns, while Marketo is a value addition for larger organizations. All these tools use data to take personalization to the next level. In addition, you can use Google Optimize 360, which helps you create custom segmented customer experiences.
Forbes also listed Clearbit, Kickbox, Quickmail, Buzzstream, and other tools in its list of tools that help personalize marketing and advertising. In short, these tools help to gain better insight about customers and market, which helps personalize marketing and ad campaigns even at the micro level.
In the last couple of years, technologies that assist in automating and turbocharging marketing and advertising processes have been given the terms of MarTech and AdTech. Both these technologies have helped thousands of agencies to provide better campaign results, automate most marketing processes, and process data in a useful manner. The advent of MarTech and AdTech has also resulted in marketing Big Data. Various market-related data is constantly added to Big Data, and data analytics continue to derive richer insights.
Most importantly, MarTech tools like GetResponse, Autopilot, iContactPro can be integrated with ERP and CRM for more coherent insight. After all, both frontend and backend need to be in sync with marketing campaigns for the message to reach effectively to the right audience. It is important to note that while marketing technology tools can up your data game, it is really up to you how to use the insight your derive.
For example, integrating a digital asset management (DAM) with Adobe Creative Cloud can provide insights into how designers influence the marketing process. Or, you can choose to integrate Oracle Eloqua with an ERP like Sage 100 ERP or SAP Business One to better understand how order processing trends can improve future campaigns.
Most marketing campaigns tend to take a hybrid approach, combining online with offline. A survey conducted by Vistaprint Digital showed that 29% of businesses ignore either offline or online marketing practices, favoring one practice more than the other. However, a hybrid approach that uses both the practices is always more beneficial.
Some of the ways you can use data analytics to spur offline marketing success are by analyzing QR code usage, proximity marketing using Bluetooth technology, and tracking URLs and web traffic generated from offline visits to actual stores. Using data analytics to track these behaviors will help to launch more cohesive omnichannel marketing campaigns, which bring an integrated shopping experience to customers. Facebook and Google have come up with tools which help advertisers to understand the effect of online advertising on offline sales. They can predict and track online to offline conversions.
Data is here to stay for the long haul
As you can see, data tools have changed the game when it comes to marketing and utilizing media tools. While we are no longer reliant on traditional media platforms, and digital platforms have long become mainstream, data analytics has ensured that digital marketing will continue in a forward path in the months to come. All these trends will help agencies to develop and implement marketing and ad campaigns quickly across digital media platforms.
Dissemination of marketing communication will also take place quicker offline, thanks to data, as evidenced by the success of omnichannel marketing practices. Finally, organizations will find that their sales and marketing teams and others teams will all communicate with each other better, leading to a more cohesive operational strategy. Emerging trends like artificial intelligence and Internet of Things will continue to enhance data solutions, while also opening up newer avenues of marketing and media solutions.