Challenges of Data-Driven Marketing

While data-driven marketing is the new wave in the marketing sphere, CMOs are struggling to utilize its full potential. Marketers are facing challenges at different stages of data-driven marketing starting from collating data to making data an integral part of marketing. Here are some of them discussed.

Collating data

With the evolution of omni-channel consumer, collating behavioral data becomes a primary challenge. A Microsoft study reveals 46% of consumers use multiple devices to accomplish a single task. While this is an extraordinary opportunity as many marketers say, it is quite a challenge to collate data from across consumer touch points.

Assembling the data together

As marketing experts predict, 2014 is just the beginning of developing single consumer view (SCV) and it continues to grow in the coming years. Of the marketers who believe SCV is here to stay 70% cite it offers better customer insight and 60% improved marketing personalization. With multiple data sources available, assembling all this data to paint the complete picture is another challenge marketers are yet to address.

Turning data into consumer insights

With so much data available from so many sources, turning data into actionable consumer insights is the key. These insights offer a plethora of opportunities in better understanding the customer. It all begins with segmenting consumer data followed by predictive analysis based on these insights. However analyzing this data is no easy task, it sometimes relates back to poor data collection methods.

Using relevant tools

For the purpose of channelizing multiple data sources and analyzing data to develop a 360° profile, choosing the right tools matter. A research report suggests that 36% of respondents cited storage and integration of customer data into a single customer database as a challenge to their marketing teams, preventing their digital marketing efforts from capitalizing on their customer data. Encouragingly; nearly half of respondents (49%) expect to have deployed single centralized databases by 2016.

Training employees

Before jumping head first to buying and implementing new technologies, it is important to equip employees for the new business process. Data-driven marketing entails the need to change the way copy writers and tech teams work. Need of the hour is a seamless process where teams across work in-sync to fetch data, segregate, analyze and utilize the resource to maximize the revenue.

Ref: Teradata blog

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