The new era of analytical marketing
The recent technological disruptions have deeply modified the value creation methods in businesses. What are the growth opportunities deriving from analytical marketing, and how can you organize to succeed in this transition?
The technological disruptions and their acceleration lead enterprises to rethink their value creation methods. Big Data, the Internet of Things, the lower cost of data storage, the increase in the computing power and in machine-learning capacity open new possibilities, notably in the marketing field.
A permanent flow of plentiful and specific data makes it possible to analyze the online experience of individual prospects, to identify their purchasing habits and anticipate on their behavior patterns. Consolidated and analyzed, these data are precious for the marketing teams. They can provide them the means to target the most relevant actions at the best time. They enable them to better measure the effectiveness of their actions, and to adjust them in real time.
But in most cases, the organizational structure, the competencies and the processes in place do not enable the marketing teams to leverage the full potential of these new possibilities. Enterprises thus run the risk of missing great opportunities for value creation. A study conducted by McKinsey shows for example that enterprises that engage in analytical marketing are able to reduce their marketing spend by 15 to 20%. But successfully managing this transition requires real changes:
- Develop a different conception of marketing. The point is not only to reinforce the finesse of the quantitative analyses, but also to rethink the interaction modes with clients and prospects.
- Decompartmentalize and share the data within the enterprise. The data that enable the optimization of the interactions are likely to come from different places within the enterprise—and deserve to feed the decision-making process of numerous stakeholders.
- Mobilize broadly. The analytical robustness can considerably reinforce the strategic impact of the marketing department… if it gives itself the means to convince all the decision makers.
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