Marketing's responsibilities in this digital-first era have grown around two important roles: caretakers of customer connections and the engine powering growth. Eighty percent of marketers say their organization drives customer experience efforts across the business, and 94 percent of marketers globally see marketing as vital to driving growth, up from 87 percent last year. Data has grown in strategic relevance.
1. Those in marketing report that proving impact is crucial
Marketers have a dual mandate: to increase revenue while also cultivating client connections. This may be seen in how marketers define success. Two out of every five marketers worldwide report feeling entirely effective in analyzing any of these criteria clearly. The top three success indicators are as follows:
- Customer acquisition
- Brand awareness
- Conversions, or desired action
2. Privacy changes have led to shifts in marketing strategies and investments
Data privacy legislation, such as GDPR, Apple Mail Privacy Protection, and Google's deprecation of the third-party cookie, have prompted marketers to take a consumer-first, consent-based strategy to data collecting in recent years. Simultaneously, marketers are experiencing downstream consequences in their analytics as popular performance indicators such as email openings become less useful when privacy regulations prohibiting monitoring are enforced.
In Singapore, 98 percent of marketers think that new data privacy rules have significantly altered how they analyze marketing effectiveness. Marketers are relying on technology to continue measuring success, understanding their customers, and providing them with personalized experiences.
3. Data quality is paramount
Marketers want reliable information to illustrate the value of their campaigns and drive results. Nearly four out of every five marketers worldwide believe that data quality is critical to enabling marketing-led growth and customer experiences. As with every difficulty, there is space for improvement. It's time for businesses to leverage artificial intelligence and automation to speed up laborious data integration and analytics procedures and free up marketing resources for more strategic, creative work.
4. Data-driven marketing cultures require a centralized view
It is difficult to offer significance to data-driven marketing initiatives without a clear, comprehensive understanding of data. The need of having a full, centralized perspective of all cross-channel marketing is emphasized by 99 percent of Singapore marketers. Marketers must not only integrate data from many business units and sources, but they must also share it in order to build value, develop team cooperation, and link marketing to business outcomes. Marketers are better positioned to influence growth in their organizations and engage their consumers now that their data is centralized.
As the quantity and diversity of data grows, and privacy regulations take effect, it's never been more crucial to make the most of marketing data. Marketers rely on data to inform and develop personalized, trustworthy consumer experiences, as well as to optimize campaigns and programmes to maximize ROI.