Want your company to be the leader in your industry?
I’ll tell you how. For clues, look at business information leaders such as Oracle, Teradata and SAP, the dominant industry leaders specializing in business information. They’re investing a lot of time and money in developing and promoting products focusing on marketing data.
For another clue, look to Chief Marketing Technologist Scott Brinker. On his infographic on the marketing technology landscape, the vast majority of industry focus is on tactical customer interaction, as you see in the top left of this graphic. The big players are betting on demand for marketing data focusing on the customer.
Want to be the leader in your industry? Then evolve beyond data-driven marketing, and become the data-driven enterprise. Here are 9 key pointers:
1. Marketing Data = Future Growth
The leaders in business information technology are focusing on marketing. That’s because marketing data is a high-growth sector, and where successful businesses are looking to find roadmaps to future growth. Look to your marketing data to find your strategy for growth
Customers allow a business to exist. As business becomes more competitive, and innovations are unleashed at an ever-faster rate, business leaders know they must adopt a customer-centric philosophy to survive and thrive. Put your customers at the center of your enterprise.
3. Marketing Knows the Customer
To grow your business, you need to know your customer. And marketing interacts with the customer more than any other business function. Thus marketing has the data that will reveal to you how to earn more business from your existing customers, as well as find new ones.
4. Organizational Alignment and Synergy
The value of marketing data extends well beyond just the realm of marketing. Indeed this information can be used to provide roadmaps and make smarter business decisions across the enterprise: R&D, forecasting, budgeting, sales, pricing, channels, supply-chain management and more. Leverage your marketing data across the enterprise.
5. Unleash Your Marketing Data
A number of problems are preventing businesses today from fully leveraging this extremely valuable asset. One of these problems is the fact that marketing data is siloed into lonely areas such as lead-generation and digital campaigns. Make this valuable intelligence widely available across your organization.
6. Data-Driven, Enterprise-Wide
Many companies today have embraced the idea of being data-driven marketers. However, they strictly limit the concept to promotional functions such as email marketing or social media. The fact is this data can and should be used to guide the entire enterprise, precisely because it reveals everything you need to know about the customer.
7. Go Tactical, Bottom Up
Many of today’s leading-edge businesses are running their business with a tactical bottom-up philosophy, rather than the traditional top-down strategic philosophy. Rather than looking at the forest, they’re looking at the individual trees – or even pine needles – to then get a more accurate view of the forest.
8. Unify Your Data
Another challenge is that marketing data is far-flung. It resides everywhere in the organization, from real-time data on customer interactions, to underutilized dark data hidden away in disparate applications. Find out how to access all your data, the more the better.
9. Partner With IT
One of the keys is to collaborate with IT. Since customer data resides across departmental silos and applications, it’s important to partner with IT to collect all this priceless data, and leverage it into a cohesive whole.
Conclusion – To be the leader tomorrow, you must make data-driven decisions today. The only way to do that is to know your customer better than ever before. The best way to do that is to better leverage new marketing technologies, and move beyond data-driven marketing, to become the data-driven enterprise.