As businesses work to reopen and adjust to the “new normal”—navigating changes across customer preferences and the economy—marketers continue to employ agile strategies to contend with the shifting environment. Marketers are working to stabilize their operations by becoming radically efficient with time, resources and budget while simultaneously planning for future growth and transformation.
With a marketing strategy founded in marketing intelligence, they are fully equipped to tackle this seemingly daunting journey. Yet each marketer and marketing team is at a different stage in establishing their marketing intelligence strategy. To best understand where to improve and shift focus, it is important to assess your maturity when it comes to the three main pillars of marketing intelligence:
1. Data integration
How connected are your data sources and how seamlessly and quickly can you access them?
Today’s marketers are using a vast number of channels and platforms to reach their customers, with high volumes of siloed data stemming from each. As a result, data integration—the process of unifying and connecting marketing data—is a challenge for many. In fact, 57 percent of marketers spend a week or more trying to unify their data.
Without accessible, consistent data and a holistic view, it’s difficult for marketers and their stakeholders to see which new tactics and campaigns are working and which are not. To fix this, marketers need to harmonize their data and structure their taxonomy. With these processes in place, marketers are able to see any data– such as social, search, display, programmatic, web, email and CRM data– all in one place.
2. Analytics and insights
Next, take a look at your insights—how are they being generated and what actions do they inspire?
With landscapes shifting faster than ever, marketers need to act more nimbly in order to keep up. Marketers need to gain insights from their data swiftly in order to engage customers with relevant and helpful content and ensure they are using valuable budget efficiently and effectively.
With all the information in one place, marketers can quickly gather insights at scale. The power of artificial intelligence (AI) can also provide marketers with always-on insights into important KPIs and suggested actions for optimizing campaigns. Currently, 80 percent of marketers don’t have access to daily or real-time reports, but marketers are keen to expand their use of AI tools, with 47 percent of marketers planning to do so in the next year.
With consistent reporting and insights across channels, marketers can identify where to spend and move budget across marketing campaigns and channels in real time. They can also adjust messages, content and tactics to account for any changes across customer behaviors to drive better customer experiences and impact long-term loyalty and brand health.
3. Alignment and collaboration
Marketers are constantly working across multiple brands, business units, teams and regions, and a majority of companies are now contending with remote working environments. Marketers need to understand whether they’re operating cross-functionally in a successful manner. Is the entire business aligned to a unified marketing strategy? Does everyone agree on KPIs, goals and benchmarks? Are key stakeholders receiving the information they need, when they need it?
With a single system of record, marketers can build customized data visualizations, personalized to different stakeholders. This way, each stakeholder will receive the exact data and insights they want to track, all in real time. With all teams working from the same set of facts, KPIs and taxonomies, the data-driven culture across the organization will become elevated, leading to smarter decision-making that impacts the customer experience and business success.
Marketing intelligence allows marketers to power true business transformation. But this doesn’t happen overnight. No matter where you are in your journey, now is the time to assess your maturity when it comes to current capabilities, progress and goals for the future. Marketers and their teams have the opportunity to reflect on these three key pillars and understand their marketing intelligence maturity—where they might be able to improve and rethink processes and maximize efficiency and impact.