The Zeitgeist of Marketing
Welcome to the Zeitgeist of marketing, the era of marketing through data science. Today’s marketing sustainability movement and there is no going back. Sustainable marketing is about leaders making decisions based on an understanding of the businesses true costs. It’s conservation, and for management will become an obligation shifting into an insight-driven organization.
In the past 20 years, the role of a marketer has changed significantly. More than ever, managing a significant portion of the customer life cycle, their responsibility has dramatically increased, which is both challenging and exciting. Their success lies not only in branding and sales but also in helping businesses streamline processes with platform technology.
Their function has evolved from a centre of cost, to a profit maker primarily responsible for piloting lean processes to better business outcomes. Setting reliable technology along with selecting multiple frameworks to collect user and system data. Tasked with cloud-based platforms to design work systems and workflow processes that leverage the best of people and machines to increase ROI.
While marketers use analytics to refine, improve and fight for audience attention. The practice of data science deep learning in marketing is no longer for big corporations anymore. When your operation is up against a multinational organization, a smart, lean strategy is imminent for success.
To become a better marketer to future proof business, we have to explore data and test forecasting capabilities — the process of capturing and measuring past performance data analytics to forecast what to do in the future. Predictive analytics is the practice of revealing insights from historical data. It helps marketers understand and determine the customers buying patterns, and forecasts future trends and outcomes to prepare and better position the business.
Instead, past marketers applied a somewhat arbitrary “gut feeling” attribution model approach to assign values to each touch point along the way. But, now marketers can assign values based on real data to learn what their best customers do, and take user behaviour signals and campaign outcomes to inform attribution models to prescribe actions for future efforts, such as which channels and pages drive each prospect to, and which segments or market to focus on, and much more. Forecasting with a complete view of the customer. Have the ability to extend out to the customer beyond the purchase, with loyalty marketing, to reduce churn.
We have found that most businesses use backwards looking static data to measure what has happened, “descriptive analytics.” We also have learned that less than 7% of companies have tried some scenario modeling to achieve data-driven forecasting capabilities with definitions of what the best course of action is, otherwise known as “prescriptive analytics.” Like a crystal ball, the value of predictive analytics is to help decision makers anticipate issues and informs them with future outcomes, while prescriptive analytics provides the guidance and accurate recommendations toward their efforts.
What is Zeitgeist of Marketing?
A recent Nielsen consumer loyalty survey reports that consumers are more than ever brand disloyal. The staggering data shows that only 8% of consumers are loyal to the products and brands they’ve always bought. When it comes to what influences what we buy, the success drivers are new products, value for money, promo/price, superior quality/function and ease/convenience. For growth success, marketers need to move away from the 80/20 rule and no longer expect 20% of their portfolio drives 80% of their sales. Brands need to focus on retention, extension, and more than ever offer new products that motivate a much larger audience. Increasing customer retention rates by 5% to increase profits by 25% to 95%
By refining sales, social and customer data into predictions and actionable insights, companies can now have the capability of optimizing inventory. Have the ability to ensure that all locations will always have the right stock available, and perform the right advertising campaign, to the right customer, at the right time, to lift sales. The Zeitgeist of Marketing is to have the precision of optimising these touch points in all levels of the marketing journey.
Now what? Taking Market Share From the Large.
Today, marketers use technology to centralize their audiences across different parts of their operations such as CRM, point of sale and apply behavioural analytics, taken from social media data providers. Once their audiences are centralized, they create user groups for various marketing efforts to personalize the buyer’s journey across all marketing and advertising channels. By testing every part of this journey, makes it smart and lean. A crucial component to optimize ad spend, maximize conversions and dramatically increase profit.
How can marketers become smarter?
If you look at the elements that make for a successful AI system, marketers need to become more intelligently equipped with centralized technology and have the ability to understand all the sources of your data to make informed decisions.
Are you making the right decisions?
We are evolving to bring data science and marketers together to help drive effective, and transparent business decisions. However, data science will no longer be for large corporations. The democratization of data science has already begun, and we at Data Insight enable marketers to become ready for the challenge.