The Importance of Data in Marketing and Business Success

– Proper utilization of data can significantly impact marketing budget and content creation plans.
– Data should be tied to revenue generating activities and the customer’s journey to be relevant.
– Many marketers struggle to leverage data effectively and fail to understand its broader impact on business objectives.The key action item is to leverage data and use it to improve businesses by focusing on revenue generating activities and the customer’s journey to reach a purchase.With 30 days of zero-party data, asking the right questions, your entire marketing budget and content creation plan will likely change. This plays directly into capital and resource allocation, which are the only two things you can control in business. The caveat is that the data collected has to be used and related to revenue-generating activities. If it’s not tied to those activities or the customer’s journey to reach handing over money, it doesn’t matter. This concept is basic in principle but not readily understood in practice. Many marketers don’t actually understand how to leverage data and how data can be used to improve businesses because they are unable to look at it from a broader business lens. Capital and resource allocation for marketing doesn’t come from a data standpoint today for the vast majority of brands. Instead, they are constantly making changes, focusing on the immediate results driven by paid channels, instead of building the best processes and practices that are focused on real business objectives. Ironically, my conversations with CFOs go better than those with CMOs because one of them does nothing but financial modeling with data, while the others just report on KPIs without understanding the why behind them. Finance requires modeling and confidence intervals to know success or progress. If something doesn’t work in marketing, the best we have is “trying new ideas,” largely without a ton of direction. Data-driven approaches can add direction, but it requires an approach that most current marketers simply struggle with because, as much as a more numbers-focused approach is needed in marketing, there’s still an idea that marketing is about ideas rather than testing and measurement guided by insights. #marketing #ecommerce #data

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