Today’s Chief Marketing Officers (CMOs) and marketing technologists are on the clock. Their challenges are threefold: have the predictive marketing tools that can keep up with the speed of today’s mobile customers, justify technology purchases and upgrades with a well-researched return on investment (ROI) analysis, and have the knowledge and requisite skill set to continually enrich and improve data quality. This is no easy task, but it is doable.
Marketing technologists must ensure that their company’s martech stack is up-to-date and the gap in that stack constantly filled up with new predictive marketing tools and technology upgrades that accelerate data gathering, data dissemination, and data enrichment. Only then can data-driven business growth become a reality.
The key is good data management. It is the glue that holds everything together. However, good data management only happens when you can enrich your data through data management software.
The Importance of Data Management Software
Managing multiple data streams through multiple channels can quickly become overwhelming. The right data management software can remove this as a going concern by helping you focus on the data that matters. The goal is to avoid having a series of disjointed digital marketing tools that provide different data at different times, where none of those tools communicate with one another.
Data management software allows you to benefit from collaborative efforts. It is a real-time solution that helps you turn data into insights and it is those insights that lead to better campaigns. Unfortunately, many companies are still unable to connect the dots between good data management and growth. So, what are some of the ways that good data management leads to accelerated business growth and stronger customer relationships?
1. Good Data Management Leads to Faster Response Times
Today’s tech-savvy customer want brands that can read and react in real-time. Competition abounds. The faster your digital marketing team can respond, the more likely it is to secure that all-important first order. However, it is not just about the winning that first order, but ultimately about reintroducing that customer back into their buyer’s journey. Good data always improves the customer’s experience and a stronger experience translates into repeat business.
Customer retention comes from increasing customer engagement, and you can only engage your customers at the right time with the right offer when you have clean, enriched data. It is the quality of your data, how you interpret it, and how you leverage it that provides the right insights so that you are making the right campaign decisions with the right buyer personas. Time is your ally. The more data you gather, the more it validates your approach to the market. However, your data is never static or stationary. It is constantly evolving, which is why data enrichment is so critical to business growth.
2. Good Data Management Justifies Technology Upgrades
Stronger data management helps marketing technologists justify new technology upgrades and purchases, which invariably leads to a stronger digital brand and happier customers. A smaller gap in a company’s martech stack means that marketing technologists have justified their technology purchases based on a proven read-and-react digital marketing model. They have closed the gap in communication with customers and their successes have shown that solid data management has improved the customer’s experience. This makes closing the martech stack gap in the future a much simpler process. Each technology upgrade should improve response times, and the faster you respond, the faster you will position your offering as the brand of choice.
3. Good Data Management Improves Digital Marketing Strategies
Leveraging the right data means you are able to duplicate results because you are aware of the multiple touchpoints that must be maintained throughout the buyer’s journey. Enriched data improves your content marketing, your email marketing campaigns, and your digital advertising. Enriched data gives you the impetus to properly layout individual landing pages or push for a website upgrade or redesign. It is the data that helps you reach your customers through social media and drive new prospects into your funnel. Solid data management helps you move those prospects through your funnel, helps you improve that funnel, and allows you to introduce the right offer at the right time.
4. Good Data Management Means Better Channel Management
Good data management also improves how you manage multiple digital channels so that customers can easily navigate from one purchasing platform to the next. Your retarget marketing efforts improve overnight. You know when, how, and why customers abandoned pursuit and you have a better understanding of what you must do to re-engage them. Enriching data is a validation process. The more data points you gather, the more you are able to justify factual assertions about what your customers want and need. Data enrichment takes the guesswork and assumptions out of the equation. It is no longer about what someone believes or feels. It is about what your customers are telling you right now.
5. Good Data Management Improves the Customer’s Experience
It is ultimately about improving the customer’s experience. More accurate data helps you round out your buyer personas. It allows you to gain invaluable insight into what makes each persona tick and it allows you to personalize the customer’s experience in a way that positions your company as that must-have solution.
Your data also helps with demand generation. The ability to engage your audience and generate interest at every stage of their journey only comes from having data upon which you can rely. You are able to define when decisions are made, how they are made, what content works best with each persona, what social media channels those personas prefer, and how you can drive demand all the way through your funnel. When your data helps you to incentivize customers to purchase, then you know your data is sound.
There was a time when a company could dictate its value to customers. That time has passed. Your audience defines your value. They are your partners in this journey. The data they provide is invaluable. Marketing data must be captured and enriched in real-time so that your predictive marketing tools help you influence future customer actions, while also helping you to maximize customer lifetime value.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization, and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.