Driving growth with the right data and the right partners
Achieving organic growth is becoming more challenging than ever. Chief Marketing Officers and their teams know the key to pushing through lies in customer data and the insights it contains. Many marketers, however, find the insights uncovered using in-house data and analytics don’t deliver the digital and database marketing results they want. Campaign response rates are low. Conversions aren’t happening. Customer numbers aren’t rising. And there’s this sense that opportunities are being missed because potentially lucrative target groups simply can’t be reached effectively.
There are many reasons why so many companies struggle to target—and convert—the right people:
- Economic challenges: Rapidly changing competitive landscapes and customer behaviours require marketing teams to continuously shift gears, adapt, and respond to remain effective. That’s costly to maintain.
- Technology capacity: It’s no longer feasible or effective for companies to build their own standalone customer relationship management system and expect it to meet their needs.
- Legal factors: Data privacy regulations and other legal concerns can prevent companies from sharing or accessing customer data for certain uses.
- Limited understanding of customers: It’s hard to identify potential customers when you’re not sure why existing ones became customers in the first place.
- Marketing spend: It’s difficult to optimize expenditures to drive growth when companies don’t know where their best growth opportunities are.
- Marketing effectiveness uncertainty: Measuring marketing effectiveness across multiple channels is highly complex, and insufficient data makes it hard to know if the assessment is accurate.
- Too slow to be agile enough: The existing data mining or analytics solutions can’t provide insights quickly enough to enable companies to respond quickly to changing conditions.
In many cases, these issues arise because companies don’t have the data they need to gain accurate and valuable insights into their customers, nor the ability to respond swiftly to those insights. That’s why the current environment calls for marketing to make way for performance marketing. Performance marketing exploits rich, diverse, granular, and complex data along with leading-edge technologies to provide faster insights, deliver meaningful value, and drive authentic organic growth.
To succeed with performance marketing, it’s essential companies find the right partners. External partners can provide access to leading-edge technologies that would be too costly, time-consuming, or complex for companies to bring in-house. More importantly, partners can provide companies with access to rich sources of customer data they may otherwise be unable to access on their own. This more complex, individual data can greatly improve both the relevance and accuracy of a company’s marketing campaigns.