Why Marketing Is Important
Those who ask themselves why marketing is important. Lets first start with Big Data. Big Data and its enhanced usefulness through advancing predictive analytics has changed the marketing game forever, and with technology evolving and expanding consistently, the tools available for measuring and escalating sales, understanding and bettering customer engagement, and recognizing and meeting product and service expectations are surpassing even the most eager marketer’s desires. In this three-part exploration of digital marketing, we’ll investigate the basis of a successful digital marketing campaign, some of the tools and strategies available, and efficacy measurement for further development.
Martech, the inevitable amalgamation of marketing and technology, involves the management of all digital marketing including, but not limited to, automated email marketing, social media campaigning, website content administration, and growth hacking. Today’s marketers have a lot of different platforms and services to exploit and keeping up with the latest advances, while knowing which tools best fit a brand, marketing objective, or specific campaign, requires much research, time, and experience. However, surveys and studies of chief marketing officers find that most show a strong dedication to advanced martech strategies and implementations, recognizing that sophisticated customer knowledge, engagement, and communication are key to brand building, product development, and increased revenues.
Predictive Analytics and What It Has to Do With Martech
(Infographic Source: Econsultancy)
Employing statistical algorithms with quality data makes it possible for us to predict future trends and probabilities, and for digital marketers, this can mean the difference between a routine campaign and a highly engaging one. Understanding how customers think and behave can be extraordinarily challenging, but thanks to the vast amount of data we now gather as a matter of course, and some highly meticulous analytics of this data, we have far more accurate insights that can be used to inform marketing operations. In retail, for example, predictive analytics is often used to predict future purchasing behaviour, providing a focal point for marketers to target; the entertainment arena makes strategic decisions based on predictive analytics, distributing vendor locations in high activity locations; and insurers have been benefiting from predictive analytics for some time now, not only for the measurement of premiums based on potential claiming, but also helping uncover fraud.
For any business that collects data, and today that’s just about all of them, predictive analytics is a foundational tool in the marketer’s bag. Taking a well-maintained customer database, complete with purchasing behaviors, product and service ratings, and personal information, marketers are able to create tailored shopping experience, targeted sales campaigns, and promotions that often leave customers feeling as if a brand knows what they need before they even know it themselves. This is a powerful form of marketing that undoubtedly builds brand loyalty and promises revenue and overall business growth.
The Benefits of Martech
Aside from the obvious benefits of traditional marketing, digital marketing helps companies attain a global reach without hefty investment, and through well-planned and accurately targeted campaigns is able to lower marketing costs via more accurate hit rates. Digital marketing is also more easily tracked and measured through web analytics which means campaign efficacy can be determined, allowing for tweaking where necessary and expansion as required. Thanks again to all of the data we’re collecting, personalisation is a primary feature of digital marketing, and customers can be provided with targeted offers they’re less likely to click away from as well as upselling promotions that are highly relevant to the individual and the transaction in question. Overall, digital marketing improves conversion rates through seamless and immediate sales techniques and helps build customer bases with savvy social media campaigns that have satisfied customers doing your marketing for you in a more personal and direct way than you could easily manage yourself. Effectively implementing online activities for the building and maintaining of customer relationships ensures progressive customer engagement and communication for powerful product and brand stimulation.
We will continue with why marketing is important in part 2.
By Jennifer Klostermann