Business today is changing so rapidly, that before companies even begin to become proficient at a new facet of business, industry leaders have already moved on.
For marketers stuck on data-driven marketing, it’s essential that you shift your focus now to the next waves of marketing: insight-driven marketing and innovation-driven marketing. Each is progressively more valuable than the last.
“In-depth customer data analysis can raise marketing’s profile inside a company, better use of data and reporting helps marketers make the transition from the role of brand center to the source of insight,” states Laura Ramos from Forrester.
Indeed there’s a growing divide between the haves and have-nots of marketing, and the market share of tomorrow. The majority of businesses are struggling with proper implementation of data-driven marketing. At the same time, a few select marketing leaders have already moved on to focus on insight and innovation.
Most marketers today are stuck on the idea that all they need to do is focus on data, then employ some high-end visualization tools, end of story. But these marketers are failing to evolve to the more intellectually-demanding and financially-rewarding phases: insight and innovation.
Many tech-focused marketers today believe that if they simply track consumer behavior, they’ve done their job. This is wrong, dangerously wrong.
Being an advanced data-driven marketer is only the 1st step in being an effective marketer today. The primary value in data is using it to extract insights into customers – and their future behavior. Next, companies need to take these insights and transform them into innovation, from marketing and operations, to products and services.
What is holding back marketers from progressing to these next levels? According to recent surveys, these obstacles include:
- processes (42%)
- advanced analytics (39%)
- insufficient funding (35%)
- lack of skills (31%)
- corporate culture (27%)
- data management issues (22%)
Indeed, these businesses’ ability to extract insight from data is so underdeveloped, that 3 out of 4 marketers can’t even answer such basic questions as is marketing making any return on investment, and if so what efforts are making this profit?
Insight-based marketing requires a shift away from a focus on data. Instead, it focuses on advanced analysis that extracts valuable insights from the data. These insights or ideas are then incorporated back into the business to innovate – and run it more effectively and profitably.
Today, insight-driven marketing – and innovation-driven marketing – are concepts exploited exclusively by the world’s most successful enterprises – those that will dominate the markets tomorrow. If you wish to be among those leaders, it’s essential that you immediately incorporate these strategies into your marketing and business processes.
In marketing, it’s no longer enough to look at the horizon – you must look over the horizon, and adopt tomorrow’s marketing strategies today.