This week is all about where marketers get tripped up in the transition to data based marketing programs. Here is what experts are saying about these pain points and how to cure them.
So, in this write up, I can’t give you all the charts, but the message here is powerful. Marketing has taken a hard turn towards data, which means marketers need to change fast. This article highlights the following challenges: programmatic marketing, data management, marketing technology, insufficient data analysis capabilities, turning data into compelling stories, and centralizing data. The trend seems to be moving toward centralizing data ownership so that the information creates a more unified and complete picture, and breaking down traditional silos within companies.
The Takeaway: With the quick turn towards data driven marketing, there are naturally some sticking points for most marketers. Unsurprisingly, those sticking points have everything to do with managing data.
Micro-moments are instances where customer’s personal needs and considerations drive them to make a purchase. This article argues that in order to reach customers successfully, marketers must tap into the exact need or want that drives customers to a search, and then make sure their products meet that need. The represents a dynamic shift away from presenting items for the sale, and towards an approach that helps potential customers meet existing needs.
The Takeaway: Rather than pushing reasons your customer should buy your product, it will be increasingly important to demonstrate ways you can help your customer meet an immediate need.
There is no dearth of articles on the importance of running marketing experiments. Heck, we have a whole blog series dedicated to it. But author Chad Sanderson’s article here focuses on hypothesis driven testing — a factor that can either make or break your experiment. In addition to a starting hypothesis, you’ll also need a null hypothesis, which represents the negative of your theory. From here, your expectations can help you determine important factors like you KPIs, creative ways to test the hypothesis, the scale of your test, and your leading and lagging indicators (that is, the end numbers, and the factors that influence those end numbers).
The Takeaway: Experimentation is vital, but it must be done systematically and with thoughtful structure and hypothesis.
A Little Point of View
The conversation around data-driven marketing and changes in marketing methodology isn’t going anywhere. Now that we’ve experienced the problems associated with the shift to digital marketing in an intensely data driven world, we can build the skills and aptitude to thrive.