With marketing, it’s okay to worry about being trendy.
When it comes to data…One problem with staying on top of the most important trends is that brand managers are collecting so much data they don’t know what to do with it. Or, they don’t have the support to effectively analyze it or extract those valuable and actionable insights.
It’s an exciting time for marketers with all the remarkable improvements in technology over the last few years. But, with all of that advancement comes a number of challenges. Brand managers want to make those crucial marketing decisions in a timely manner with utmost confidence. They want to spend less time analyzing the data and insights, and instead know exactly what to do with the information quickly in order to best plan for the future.
Every marketing brand manager faces these three analytic challenges:
- Data is constantly growing across marketing channels, agencies and geographies
- Standard business intelligence tools cannot connect these sources and identify opportunities with agility.
- Brand managers struggle with easily communicating the story of their brand’s performance and making timely data driven decisions.
When it comes to making the most of data, brand managers must know how to turn those insights into action. Understanding the industry roadblocks or opportunities that are becoming more prevalent is a great place to start. We break down three of the biggest trends currently impacting the role of brand manager.
Trend One: Getting Dialed Into Mobile Marketing
Where is mobile marketing heading? And how does a brand manager like yourself stay ahead of the pack without falling behind? Let’s get dialed in.
Ten years ago, it was rare to own a smartphone. Now, 77% of Americans own one—more than double the number just five years ago, according to the Pew Research Center. In fact, many are abandoning home broadband for mobile connections. It’s estimated that this year the number of smartphone users in the US will reach 222.9MM.
Get excited about this mobile revolution. A study by Smart Insights found that mobile marketing is one of the top-rated digital marketing techniques in 2017.
The smartphone has essentially rebuilt how we use technology. And for marketers, this mobile revolution is all about data instead of the devices themselves. Smartphones are constantly streaming valuable data for marketers to collect and use.
5 trends in mobile marketing trends this year
Oh There’s An App For That. Mobile app revenue has been predicted to reach a whopping $77 billion with 197 billion mobile app downloads. More and more businesses will start using and creating mobile apps to engage with their customers.
People Prefer Messaging Apps. Texting is so 2010. Digital communication is all about the messaging apps nowadays. Think Snapchat and Facebook Messenger. The number of mobile messaging app users worldwide is still growing at a significant rate, according to eMarketer. Connect with the customer using messaging apps. They are soon becoming the connection medium of the future.
Mobile Only Social Media. Apps like Instagram and Snapchat are only continuing to grow in popularity. It’s important for marketers to add these platforms to their social media strategies in order to build authentic communications with their audience.
Moving Beyond Mobile. With smartphones continuing to become more and more popular, mobile is even moving beyond the phone. Mobile doesn’t only mean a phone or tablet. It’s someone’s watch, bracelet or car. It’s important to find opportunities for each mobile device type—each one will have its own unique requirement and format. It’s key to build a cross-device marketing strategy.
Mobile Video is Taking Over
Mobile video is so hot right now. And continues to get hotter! Video content for mobile devices will continue to get more sophisticated and video ad spending for mobile will go over $6 billion this year! And the mobile video market is expected to reach $13 billion by 2020. From adhesive banners to content delivery, mobile video continues to deliver dynamic consumer experiences. Don’t miss jumping on the mobile video train. Smart marketers will update their content marketing and advertising accordingly and combine videos with predictive data analytics and A/B testing.
Take Control of Your Mobile Data
The key to implementing and maintaining a successful mobile strategy is focusing on the insights and metrics that matter - and their relationship and patterns with one another. To make sure you’re getting the most out of your mobile marketing, it’s crucial to have a platform that helps you analyze performance and behavior from your mobile data to make decisions moving forward. You must understand how consumers are using social media on their mobile device, or how they’re behaving with your app. Everything should be united, cross analyzed and broken down into actionable insights. Use a platform that helps you:
- Track the success of your mobile app or consumer behavior
- Get all your key metrics in one place
- Make data-driven decisions
- Know what works and what doesn’t
- Understand common usage patterns
It’s essential to have tracking and analytical tools that measure your consumer’s mobile data. Mobile analytics as a whole is driven towards the nuances of user behavior. According to WIREDSEO’s 2017 mobile marketing statistics report, now more than ever it’s critical to be tracking and analyzing your marketing data, and comparing to the general trends in mobile marketing and the behavioral shifts of consumers.
A data analysis and reporting tool will help your insights make an impact—you’ll be able to effectively and accurately analyze and share powerful insights across your business.
Capitalize on these mobile trends to put you in the driving seat when it comes to making informed decisions on what the future holds for mobile marketing.
Trend Two: Brands Are Diving Deep Into Data-Driven Marketing
There are nearly limitless ways to track marketing data with new tools and innovations. It’s crucial to keep a finger on the pulse of your data to determine your next move. Making marketing decisions from data should become a habit and will help you lay the foundation for success.
69% of marketers believe data-driven marketing will increase over the next three years. One out of four executives report this growth will be significant. (Source)
About half (50%) of executives admit their data-driven marketing efforts are lagging or siloed, and another 22% report their data-driven marketing efforts are virtually non-existent. (Source)
Data-Driven Marketing Defined
The idea behind data-driven marketing isn’t complicated: you collect customer data and use that data as your guide to your marketing efforts in a more effective direction. You wouldn’t head out on a road trip without a map. And you wouldn’t—well, shouldn’t—move forward with a marketing strategy without collecting and analyzing data.
Data-driven marketing refers to strategies built on insights pulled from the analysis of big data. This data is collected through consumer interactions and engagements to form predictions about future behaviors. You need to understand the data you already have. The data you gather and effectively organize, analyze and apply to better your marketing efforts.
While the idea of data-driven marketing may seem like a no-brainer, the actual practice isn’t always so easy. The sheer amount of data being generated can be overwhelming, to say the least. But it’s critical to curating and creating marketing content for your audience and personalizing that message you’re sending out. Here’s why that’s important and why you should care:
- Data-driven marketing allows you to pinpoint who your marketing campaigns should be targeting and how you can reach them. It allows you to connect with the right people.
- You understand why they buy. This will help you bring a focused approach to your marketing efforts.
- Your content efforts won’t be wasted. When you use data-driven marketing your content hits its mark.
- You can measure success. Data-driven marketing creates a kind of roadmap towards your customers—what do they need. What do they want.
- You can measure your data. Constantly measuring the effects of your marketing efforts will keep you on the right path and help you target the right audience. All your marketing efforts are worth nothing if you can’t measure their effect.
Fortunately, there are plenty of solutions to help make gathering and utilizing your data easy. To do so, keep up with the newest trends in data-driven marketing to make sure you’re measuring and applying the right metrics.
Marketers must stay up-to-date on the latest data-driven marketing trends. Here are 5 to watch for.
Deliver Real-Time Personalization
If you want to provide the customer with the ultimate positive experience, you must deliver personalized, unique, individual communication. Through the process of data management and analysis, you’ll be equipped to get more personal with your marketing to increase engagement and spend.
More and more customers are willing to share more data in return for personalized marketing. Savvy brands use data based on attitudes, interests and perceptions to guide their decisions. They embrace data-driven decisions and quickly adapt to the ever-changing consumer needs.
Understanding data will show you consumer behavior and buyer/purchase decision behavior. Behavior research should be your primary driver at the core of any good marketing strategy—providing actionable insights and ensuring business success.
Global Web Index shares 5 Brilliant Examples of Personalized Marketing and Why They Worked.
Creating an automated process that still allows for personalization will help you stay true to your data-driven marketing objectives and avoid complicating results. Automation and data analysis has given marketers the tools necessary to personalize online interactions with their customers. To do so, you must first understand your customer.
Data-driven marketing is by no means a one-size-fits-all solution. You need to constantly monitor and switch gears or change your tactics based on the results you’re seeing (successes for failures).
Predictive analytics doesn’t involve a crystal ball. Although that would be pretty cool. It’s the tactic of taking statistics and data to analyze current and historical facts to make predictions about future events. It’s possible to predict future behavior based on historical and real-time actions and address upcoming customer needs and wants. In order to do this, you must know your customer better than anyone else. Imagine knowing what types of content your customer prefers or what kind of offers they’re looking for. When you’re armed with these insights into the future, you’ll be empowered to be better at what you’re already doing.
Investing in Data and Analytics
In order to drive value from customer data, utilize emerging technologies and techniques to mine these data sources. It’s increasingly challenging to find the valuable pieces among massive amounts of data that you collect. Investing in technology and insight allows you to collect more data than ever before and analyze it to pull actionable insights faster.
Data-driven marketing is taking the marketing world by storm. If you don’t jump on board, you may get left behind. Analytics and insights need to be the cornerstone of an effective marketing strategy. Take the right steps to ensure that you’re fueling your marketing efforts with meaningful data.
Trend Three: Brands Are Embracing Lifetime Customer Value
Take a moment and think about what sets your brand apart. Here’s a hint: it’s not your service or product. It’s that experience you create, how you meet their needs and saturate your brand right smack dab into their personal identity. Reap the benefits and drive growth in a competitive marketplace by embracing lifetime customer value. Here’s how.
One of the most impactful marketing trends out there now is having a tighter focus on improving the customer experience while driving growth. And that means rethinking your analytics strategy to focus on lifetime value.
As Jane Yu, Senior Director, Digital Analytics and Ad Operations with Experian Consumer Services, states, in order to differentiate yourself you must:
Emphasize delivering value to consumers by using the right messaging at the right time and at the right state of their financial life cycle
Customer lifetime value is a metric that allows brand managers to understand the overall value of their customer base. It will help you relate this value to three customer strategies:
- Attracting new customers
- Maximizing the value extracted from each customer
- Retaining existing customers for life
Even though most businesses realize customer connection and embracing lifetime customer value should be a continual part of your mission, only 63% of marketers actually prioritize implementing technology investments that will help them reach their goal of improving customer experience, according to recent Forrester data. Connect technology and marketing to make sure you are always delivering optimal customer experiences and boosting retention. In fact, studies have shown that even just a 5% increase in customer retention can boost a business’s profits by 95%.
There are thousands of different ways to calculate your customer lifetime value (CLV). KISSmetrics has an outstanding infographic on how to calculate yours here. The more information you compile on your customer’s behavior and potential, the better your marketing plans will be. And don’t forget to measure and optimize all the data you gather. Then repeat. If you’re just reading the data, you’ll results will stay stagnant. Measure online performance indicators, track the customer’s journey and continually identify pain points. If something isn’t working, move on and try something new. You’re constantly using this data to evolve and adapt to your audience’s forever-changing needs. Find what makes them take action and then build upon that success.
Create effective marketing strategies that keeps the customer experience at the heart of marketing. Embrace it. Love it. Live and breathe it. And watch those customer loyalty bonds become stronger resulting in higher revenue.
It’s Time to be Intelligent and Intentional with Your Marketing
How? You’re taking the reins and making the decision to work smarter and faster—not harder. Velocidi has created a single-view platform that helps marketers (like you!) better understand their data, improve it for analysis purposes and ultimately accelerate the development of marketing insights. You have an incredible tool right at your fingertips that was built to face the realities of today’s data challenges.
Harness Your Marketing Data. Quickly.
Request a demo with us to learn how Velocidi can enable you to make faster, more effective marketing decisions with confidence.