Marketing is experiencing a three-pronged assault of changing consumer buying habits, a vast sea of data, and a constant need to stay at the forefront of digital disruption. As a result, organizations are placing greater importance on using statistical insights to drive strategic decision making. By using data analytics in their core strategy, business executives are streamlining internal processes. Consequently, this change allows them to identify and react quickly to unfolding market transformations.
Show me the data
Surveys carried out by leading think-tanks show that a data-first approach has proven effective. For example, according to a study conducted by the McKinsey Global Institute, a data-driven organization is:
- 23 times more likely to turn prospects into customers
- 6 times more likely to retain customers
- 19 times more likely to generate a profit
Quite compelling numbers!
Tools and more martech tools
Due to the growing reliance on statistical analysis and data, there is a rise in technologies designed to extract lucrative insights. This supergraphic illustrates the solutions in the marketing technology landscape today. To sum up, back in 2011 there were only 150 companies, however, as of 2019 there are over 7,000.
Ultimately, the Martech boom is streamlining the marketing industry. Advertisers are growing efficiency and scaling efforts seamlessly. Tapping into artificial intelligence and machine learning to reach audiences more effectively is no longer a pipe dream; it is clear that marketing without some form of automation is a mistake that no business can afford.
Above all, the question rising from Martech’s rapid evolution is how to navigate it successfully. How do you determine which tools drive the most value and efficiency, strengthen risk management, and lift profits?
To help break it down, we’ve put together this handy infographic that sums up the main themes and the resulting changes on a performance marketing agency.
It’s clear that statistical analytics is breaking traditional business models and ecosystems. In addition, digital marketing is too complex to ignore the benefits of leveraging big data. The industry demands sophistication, machine learning, and automation to produce quick results and responses.
If you’d like to talk to a best-in-class performance marketing agency about the marketing challenges you’re facing and how to develop strategies that cater to your audience, get in touch with our experts at QuanticMind Digital.