Data-driven marketing
What is data-driven marketing?
Gartner describes data-driven marketing as:
Using data, acquired through customer interactions and third parties, to gain insight into customer motivations, preferences, and behaviors.
Gartner
Data-driven insights enable organizations to enhance and personalize customers’ experience. Simply put, data equals intelligence, and intelligence enables brands to better understand people, deliver experiences people value, and as a result, grow. We call this “customer intelligence.”
Companies that believe they are what they sell are quickly being displaced by those that see themselves not as a product, a service, or a solution but as data-driven customer problem solvers. While what a brand sells may define its goals, objectives, and competitors, the innovative use of data and technology will define its future. Data and technology underpin everything, and they are the driving force behind almost every major global business transformation. Businesses are being challenged and transformed everywhere, and it’s happening at unbelievable speeds.
What are the benefits and value of doing data-driven marketing right?
Companies that are data-driven see themselves as capable of disrupting any product or industry by using data ethically to their advantage. Upstarts are making huge waves in categories long thought to be completely commoditized. Look no further than the re-invention of shaving with companies like Dollar Shave Club or of car service with companies like Uber or hotel stays with the likes of AirBnB.
These companies, and others like them in every industry, have been out front because they saw an opportunity or a differentiated approach and used data and technology to disrupt the market. They are proof that when done right, data-driven marketing helps brands grow through the ethical, privacy-compliant use of customer intelligence.
What are the latest trends in data-driven marketing?
So then the question really is – how do you use your data, your customer intelligence, to transform your business, disrupt your own category and start to see your brand beyond what it sells?
Data-driven marketing starts with the foundation of understanding people, or customer intelligence, and there are four pillars that must support any effective customer intelligence strategy:
Strategy and mindset
Is CI embedded at leadership level, are analytics and commercial strategy aligned, and is the organization committing sufficient resources?
Data health
What is the quality in range and depth of data, how it is collected and stored, and how regularly is it updated.
Analytics and enablement
How sophisticated are the analytics used to drive insights, and are those insights translated into actions.
Operations and support
Does the organization have the infrastructure and operational setup to deliver market-leading CI.
In addition to these pillars, brands are leaning into evolving technologies that further enable them to build and take action on that customer intelligence to be more relevant.
More top global brands choose Acxiom for their data-driven marketing needs than any other partner
9 of the top 10
credit card issuers
7 of the top 10
retail banks
9 of the top 10
insurance providers
5 of the top 10
major retailers
8 of the top 10
U.S. hotel brands
3 of the top 5
pharma manufacturers
8 of the top 10
telco & media companies
8 of the top 10
auto manufacturers
6 of the top 10
brokerage firms
7 of the top 10
tech companies
4 of the top 5
domestic airlines
4 of the top 5
gaming companies
How Acxiom helps brands with data-driven marketing
Acxiom’s Customer Intelligence Cloud provides award-winning services and integrated growth solutions that include marketing cloud platforms, data, identity, and analytics.
