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Top 3 Ways Savvy Marketers Can Address Data Challenges to Drive

• Posted by Karthik Mind March 21, 2022 Filed in Business #marketing intelligence  #marketing data analytics  #marketing analytics  11 views
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  Gone are the days when marketing was seen as a cost center and the first one to see budget cuts during periods of crisis. Today, businesses understand that marketing is a revenue driver for sales, profitability, and growth. A recent McKinsey study reveals that 83% of CEOs expect the marketing team to be the major player driving the company’s growth plan.

  The role of marketers goes beyond designing efficient marketing campaigns. Marketers also oversee the company’s data acquisition, integration, and marketing data analytics to deliver a better and enhanced customer experience (CX). Armed with key data insights, marketers can design efficient campaigns that target the right customer at the right time, in the right place, with effective personalized messages.

  However, marketing analytics comes with a steep learning curve. There are several challenges along the way, making it difficult for marketers to leverage the full potential of available data. This post looks at the top ways marketers can address data challenges and leverage data-driven marketing intelligence to deliver growth.

  #1: Get an integrated view of all marketing data

  One of the biggest challenges for marketing teams is making sense of data across different platforms and channels. The right marketing data analytics tool can help you centralize data generated from various marketing platforms. This provides your marketing team with a unified view of helping you identify what's working, where to increase the marketing budget, and optimize campaigns based on the unified data. Cross-analyzing data from all channels improve campaign performance and ROI in the long run.

  #2: Focus on the ‘right data’

  As a marketer, you may think, “the more data we collect, the more marketing intelligence we derive.” The irony is that having too much data can be a bad thing, especially when your team finds it challenging to derive the right insights from the collected data.

  You can address this data challenge by identifying the goal of data collection. Instead of randomly collecting data and deciding what to do with it later, you need to have a clear data strategy. Identify the overall goals and objectives of your organization and work backward. Understand your main KPIs and identify the right data that helps you get there.

  By leveraging marketing data analytics, you can set goals and objectives to get the right data that delivers more-focused insights, helping you better understand customer behavior. Historical and real-time data help marketers gain critical insights about the customer's buying journey, thereby helping them deliver a personalized and optimized marketing experience.

  #3: Integrate data security and privacy from day one

  The savvy customers of today care a lot about data privacy. They want to know how their data is collected, stored, and used. This presents a unique challenge as you have to address the data security concerns of customers.

  The more data you collect, the higher are the opportunities for security breaches. Security vulnerabilities are exacerbated when your data is unorganized. As your business grows, you need to update your marketing analytics tools to ensure that the collected customer data is secure and safe.

  Optimize marketing data analytics to leverage the best results

  Data-driven marketing intelligence is not a one-time process. Just like a science experiment, you have to keep working with your data and reconfigure your strategy and test to achieve the desired results. When done right, marketing data analytics helps improve sales and revenues and can act as the cornerstone of business growth.