New technology plays a huge part of every aspect of everyone’s lives. It offers convenience, but also provides companies with a large amount of data. Marketers need to know how to effectively harness this data—seeing consumer trends and preferences—and incorporating this information into their firm’s targeting strategy. Another secret sauce to marketing success is embracing both traditional and data analysis—being a hybrid CMO.
Businesses that outperform are aware that personalization and instant gratification are sought-after by consumers. However, new established data privacy laws have made data collection, usage and marketing in general, more complex.
Transparency, accountability, and ethics are needed to verify the quality of the marketer’s data. It is important for marketers to know that the source of their data is reliable. Flawed data will result in misused media spending and wasted marketing budgets.
Marketers should fully evaluate and investigate the potential of a certain tool before fully investing in them. Employing marketing analytics dashboards and business intelligence platforms are principal drivers for CMO success.Last modified on Sunday, 16 February 2020