In the information age, the most valuable asset for business is information. And in your business, data is your diamond mine. This data can be everywhere, from real-time customer interactions, to underutilized dark data waiting to see the light of day.
What is the most valuable data of all? Customer data. After all, without customers there is no business. When this fact is kept front and center, data will be gathered, managed, and analyzed to fuel customer and business growth.
And within a company, there is one department that gathers and manages more customer data: marketing. After all, marketing is unique in that it spans the enterprise, and touches customers in one way or another in virtually every engagement.
Here are 5 key reasons why marketing captures the data that is the key to organizational alignment and business growth:
- customers interact with marketing more than any other department
- marketing is unique in its virtually unlimited ability to interact with customers
- marketing is unique in that it touches all organizational functions
- marketing and sales can be unified, not divided: sales can market, and marketing can sell
- data-driven marketing fuels the customer-centric business, and vice versa
This raises the question of why data-driven marketing is often relegated to some subset of that one department, for such relatively trivial tasks as increasing impressions or clicks. After all, while the growth agent of business is sales, the growth agent of sales is marketing. Ergo, marketing is the growth agent of business.
Indeed, today’s most successful, fastest-growing companies are applying data-driven marketing, enterprise-wide. That’s because data-driven marketing is the cornerstone of the 21st century philosophy on how to conduct business.
These industry leaders are making data-driven marketing the cornerstone of their business, because it allows them to make smarter, more profitable decisions. They’re leveraging marketing data throughout the enterprise, including product R&D, forecasting, budgeting, sales, channels, pricing, supply-chain management, and more.
Indeed, the world’s leading B2B tech companies – from Oracle to Teradata – are focusing heavily on data-driven offerings and the like. That’s because they know that marketing is increasingly becoming a high-growth power sector.
Unfortunately today, many businesses tend to think of data-driven marketing more as a persona, such as the data-driven marketer. They focus on website analytics or social media, and believe that’s the endgame. But the fact is, this is only a very small portion of the marketing data universe, information that can be used enterprise-wide to make smarter, more profitable decisions.
What do marketers need to do? Leverage their marketing data. Celebrate that more than any other data, marketing data is the key to future overall company growth. Marketing needs to stay abreast of new technologies, invest in all the essentials, and continue to leverage data-driven marketing to fuel business growth.