In this series, brought to you by FiveStones and our Google Marketing Platform consultants, we explore digital marketing and the GMP from different perspectives of our industry, to provide actionable insights to help you navigate these uncertain times.
4 Data-driven Marketing Mindsets you can use
Over the last couple of months, we’ve seen a major global impact from the Coronavirus (COVID-19) pandemic and with growing disruption of businesses including here in APAC, we’re going to explore data-driven marketing in uncertain times and tap into our consultants’ knowledge and experience in the Google Marketing Platform, to bring you step-by-step guides, deep-dives, practitioner tips and useful information on optimizing your GMP investment and making the most of digital media during time when people are possibly spending more time online.
What is a Data-driven Marketing Mindset?
A data-driven marketing mindset is a set of assumptions, methods and notations for building strategies based on insights from consumer interaction and engagement analysis to predict future behaviours.
Data-driven Marketing Mindset #1 - Make Informed Decisions Quickly
According to a PWC survey of 2,100 executives, data-driven organisations are 3x more likely to record substantial improvements in decision-making compared to those that don’t use a data-based strategy.
With a higher quality of data being available in an organisation, the more accurate its ability to understand where they are, look for patterns and respond to upcoming opportunities and threats. It also allows marketers and leaders to apply predictive analysis to get fast, efficient answers to critical questions in challenging times such as the current Coronavirus pandemic.
Harvard Business School research, also provides additional information which supports the advantages of data-driven decision making and in times of uncertainty, data and informed decisions can be the difference between surviving and thriving as a business.
Data-driven Marketing Mindset #2 - Data Brings Teams Together
For those that are used to face-to-face interactions with colleagues and clients on a daily basis, working from home can be an adjustment. In circumstances where we are seeing many large enterprises such as Macquarie Bank instructing staff to work from home, the accessibility of data and information digitally becomes even more important.
By having the right technology in place, you empower relevant stakeholders in your organisation to easily access data digitally and make informed data-driven decisions, even from home.
Data-driven Marketing Mindset #3 - Reduce Costs & Increase Revenue
According to research by the Boston Consulting Group (BCG) commissioned by Google, businesses that adopt full data-driven marketing and attribution practices achieve cost efficiency savings of up to 30% and increased revenue of up to 20%.
As well as being more adaptive from a decision-making perspective, those that are taking advantage of the cost efficiencies and increased revenue from data-driven marketing are in a better position to handle the uncertainty.
By also breaking down data-driven marketing more granularly into subsets such as data-driven creative (DDC), or the customer insights used to personalise the look and feel of an ad creative across different audiences, provides additional opportunities to maximise the effectiveness of your digital campaigns.
Data-driven Marketing Mindset #4 - Position Your Business For Success
By putting the building blocks in place for data-driven marketing now, you can be in a position to grow and succeed once things improve.
Monitoring and adjusting your media message is crucial in these uncertain times. According to CMO, the majority (63 per cent) of advertisers have increased mission-based marketing (up 42 per cent), and cause-related marketing (up 41 per cent).
As with other economic and market challenges, like the 2008 Financial Crisis, there’s the chance for leading organisations to secure their future and that of their employees for the years ahead by taking data-driven decisions across their marketing, creative and business.
Stay tuned for additional insights from our Data-driven Marketing in Uncertain Times series including step-by-step guides, deep-dives, practitioner tips and useful information. Feel free to contact the FiveStones team anytime to chat about the Google Marketing Platform and our services.
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