In the report, “Data Driven and Digitally Savvy: The Rise of the New Marketing Organization”, released by Turn and Forbes Insight, it is revealed that nearly three-quarters (74%) of marketers achieved the advantage in customer loyalty and engagement through data-driven marketing while less than a quarter (24%) achieved similar results through the limited use of data.
Furthermore, more than half (55%) of marketers that use data insights said they had an increase in revenue compared to just 20% of marketers whose campaigns were not data driven.
The report identifies four levels of data marketer:
– Laggards: those marketers who do not collect data or analytics for marketers and have no plans to do so;
– Dabblers: those who have started to use data in some marketing processes but who lack the vision and skill to realize returns;
– Contenders: those who are already using data and analytics and have begun investing in the skills and resources needed;
– Leaders: those who always measure results with analytics, strive to make data-driven decisions throughout the process and actively transform personnel roles to be more digitally savvy.
According to the report, the benefits of data-driven marketing are even more noticeable among companies with “highly data-driven cultures”.
“When looking at results along the data-driven marketing continuum, organizations that are “leaders” in data-driven marketing report far higher levels of customer engagement and market growth than their “laggard” counterparts. Close to three-fourths of leaders say they are seeing increased customer engagement as a result of their efforts, compared with only 24% of the laggards. Likewise, while two-thirds of the leaders are seeing new customers as a result of their initiatives, only 19% of the laggards are acquiring new customers. A majority of the leaders also report high levels of customer satisfaction and retention as a result of data-driven marketing, contrasted with only 29% of laggards delivering customer satisfaction and 13% benefiting from enhanced customer retention.”