In today’s world, customers give brands copious amounts of information, leaving breadcrumbs that are a marketer’s gold dust. There is so much to know about your customer, so much rich insight that tells the story of the customer’s journey. All this information should be a marketer’s dream.
However, this massive amount of data can create a nightmare scenario.
Marketers are trying to gather all these stats and put them into reports and dashboards. Unfortunately, those are backward looking tools, and it’s not enough to just gather information into reports, and slice and dice it to share with executives and colleagues on facts of the past of where the brand has been. Marketers are looking into a mirror and still aren’t ahead.
To be competitive today, marketers need a lot more than backward-facing dashboards to keep up with customers and stay ahead.
Recently Forrester conducted a survey, and found that – yes, marketers know the marketing landscape is changing, but they are not sure how to respond and are therefore moving too slowly to get ahead and be the leader.
Three-quarters of respondents said that marketing intelligence is important or critical to their companies’ ability to meet business goals. Respondents also acknowledged that marketing intelligence improves customer satisfaction, customer loyalty and marketing ROI, among other advancements.
Sadly, respondents also admitted that they are failing on harnessing the full power of marketing intelligence and the actionable insights gained. Respondents graded their own brands C-minus in marketing intelligence maturity.
So, if marketers today know that they need marketing intelligence in order to succeed, and that dashboards aren’t enough, marketers must:
- Put data management at the center of the marketing strategy
- Ensure that technology partners provide more than backward-looking dashboards and are able to offer recommendations for future campaigns
- Fully leverage marketing intelligence