The Marketing Strategist:
Leveraging Data for Insight-Led Marketing: Organizational Commitment
For most B2B marketing organizations, the practice of data-driven marketing has yet to measure up to the promise. Amid the explosion of big data and the hype about creating much more targeted, personalized, and insight-led marketing, the reality is that most B2B marketers are just getting started. Only about one third of marketers in ITSMA’s recent study of Insight-led Marketing reported significant impact on marketing strategy and performance.
The ultimate challenge, of course, is working through the vast streams of customer, market, and performance data to extract usable insights that can improve marketing results.
Interestingly, the ITSMA research did not suggest any great differences in the objectives for insight-led marketing. Both leaders and “aspirationals” have similar goals for using data and insight to improve marketing: measuring marketing performance, optimizing the marketing mix, improving campaign targeting, identifying new market opportunities, ensuring customer success, and so on.
Three of the biggest differences, however, reflect clear differences in the level of organizational commitment.
First, the leaders are much more likely to have data that they consider to be accurate, accessible, timely, complete, and real time.
Second, as shown in Figure 1 below, the vast majority of insight leaders have a formal data and analytics strategy for marketing, or are in the process of creating one, while far fewer of the others have taken that powerful step.
Finally, the majority of the leaders have reorganized marketing in the last two or three years to help improve the use of data.
These are just some of the steps that organizations are taking to utilize data and insight more effectively for marketing impact, but they all suggest a clear and strong organizational commitment to moving from hype to reality. Absent that commitment, the gap between promise and performance is unlikely to close any time soon.
Join ITSMA’s Julie Schwartz, Senior Vice President of Research and Thought leadership, and guest speakers from member companies to dig into the new ITSMA data and discuss emerging best practices as we take Insight-Led Marketing on the road. Upcoming briefings include:
- October 4 – Dallas, TX (with Dana Hyatt, VP Customer Experience, Thomson Reuters)
- October 5 – Santa Clara, CA (with Greg Dalzell, Director, Seller Acceleration, Cisco Central Marketing)
- October 13 – Bernardsville, NJ (with Michael Simone, Senior Manager, Digital & Social Analytics, Deloitte)
- October 18 – Web Briefing
- October 19 – London, UK