More Profitable Marketing With Data
This brief snippet from a new ebook from McKinsey & Company called Big Data, Analytics, and the Future of Marketing & Sales came across my news feed this morning. As we continue to try to find ways to help our customers grow in what appears to be a down bike market, our ability to turn a positive ROI relies more and more on quality data.
Data is about more than just analytics.
It's about using data to make better - and more profitable - decisions. McKinsey analysis has revealed that companies that take a more data-centered approach improve their marketing return on investment (MROI) by 15–20 percent. Given the roughly $1 trillion companies spend annually on marketing globally, that’s $150 billion to $200 billion in additional value. Creativity still has an important role to play, but no decision should be made without turning to the relevant data first.
Data must lead to action or it's worthless.
So much of what’s been written is about how to collect and crunch the right data, but far too little attention has gone to how to turn those insights into actions that drive above-market growth. That means having the people and processes discover insights from the data, design great products and offers based on them, and then delivering them to your customers wherever and whenever they are on their decision journey. It’s that complete “discovery-design-delivery” capability that is needed for above-market growth to happen.
The simple takeaway.
Collect quality data and choose marketing partners that are dedicated to helping you analyze the data to take action. The end result should be a higher return on investment and an efficient marketing strategy.
This is our goal with direct mail. We have a sophisticated solution for analyzing customer transactional data for clients in order to send the most effective mail campaigns possible.