Too Much Data, but Not Enough Clarity
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New research, The State of MarTech, by the research firm Ascend2, reveals that marketing teams have trouble utilizing distinct types of data collected to deliver that 1:1 experience those customers crave.
The research found that 59% of marketers feel that they DO NOT have the data they need to feel confident about which marketing campaigns are working and which are not.
But as agencies know, it is not always an issue with not having enough data, but that the data is scattered about in different systems that are not connected, or if they are connected, it is not an efficient and effective process.
Consider these data points when marketing professionals were asked to rate how well their current marketing tools enable them to do the following:
Work with customer data seamlessly across all tools
With an average score of 6, that is a failing grade and highlights the frustration that companies have with the integration of data across their tools. As you dig deeper into the research, it indicates that the problem is not the amount of data but an inability to connect that data and make it usable.
Data should be connected so you can have a single, centralized view of the customer, but that is not the reality for most companies. Again, the average score was 6 on the ability to achieve a single, centralized view of the customer.
Achieve a single, centralized view of the customer.
The Problem: Inability to connect data to deliver a 1-1 experience.
There are three types of data that help marketing professionals understand and personalize the customer experience:
- Firmographic data is a set of characteristics related to firms or companies that group them together to form market segments. Examples are location, employee size, industry, revenue, etc.
- Demographic data is a set of socioeconomic information to break down a group. Examples are gender, age, income, employment status, etc.
- Behavioral data describes the observed actions of prospects or customers as they engage with your brand. Examples are website analytics, email analytics, ad analytics, etc.
Most companies have data but lack the skills necessary to bring that data together to personalize the customer experience.
Percent of marketers who have the skills necessary to personalize the customer experience based on the following types of data:
Why are these three data types so important? By leveraging firmographic, demographic, and behavioral data, you can give customers content that’s suited to their interests and activities – without lifting a finger. And since every customer interaction provides additional insight, your brand experience becomes increasingly relevant across channels. Visitors feel understood, which incentivizes them to return to your brand.
The Solution: Consolidate and integrate tools and technologies
Consolidating tools in our marketing and sales tech stacks would increase productivity and efficiency.
Running with a lean technology stack can reduce data silos and enable better end-to-end visibility of prospects and customers and as a result, you can deliver a 1-1 customer experience. Consolidating tools can also decrease the time it takes to solve issues, significantly reduce costs, simplify forecasts and tracking KPIs, and streamline the training of staff members.
Research shows that the #1 way to manage customer data is by using a customer relationship management (CRM) system. A robust CRM improves customer relationships in the following ways:
- Better knowledge of customers: See above discussion on firmographic, demographic, and behavioral data.
- Better segmentation and personalization: Segment contacts to specific target audiences to customize the customer experience.
- Better customer retention: Optimize communication to improve customer satisfaction.
- Better and speedier communication: Automate and customize workflows to improve conversion.
- Better lead management: Use a Life of the Lead approach for a visual representation of which campaigns, touchpoints and activities attribute to each sale.
Learn more, download the 18-page research report, The State of MarTech. Coverage and analysis of this research are also available by MarketingProfs, MediaPost, and Convince & Convert.