How Important is Data?

Since the beginning of advertising, marketers have been on the hunt for data. It's no longer an effort to find it ... in fact, there's so much of it out there, many brands don't know how to handle it in mass quantities.

  • 33% of elite marketers say that having the right technology for data collection and analysis is the most useful in understanding the needs of customers
  • The frontrunners of the advertising industry are 56% more apt to tell you that decisions backed by data are superior to those based on a gut feeling or prior experience
  • Leading advertisers are 33% more likely to say that strategy is what defines how they integrate data (and other related technology) into their marketing
  • 88% of marketers surveyed use data obtained by 3rd parties in order to enhance their understanding of each customer
  • According to Forbes, 66% of marketing data is used to better focus on targeting offers, messages and content
  • Companies that adopt data-driven marketing are 600% more likely to be profitable year over year

In order to take full advantage of the onslaught of information, marketers today must take on new data strategies for improved marketing.

On the other side of the coin, today's customer expectations are at their all-time high. They want (and expect) relevant and useful experiences from every brand, at every crucial moment in their purchasing journeys. No longer can brands sit on data, they must implement it before they begin to lose their customers, which will surely happen if they can't keep up. In fact, anyone who has experienced something negative with a brand is 62% less likely to buy from that brand in the future.1 This sobering reality should be enough to make brands take every action they can take to serve the specific needs of their customers.

All the data in the world is not going to help a business that is struggling with what to do with it. Data is like a source of fuel in the ad industry, but in order to take full advantage of said fuel, you must fill your gas tanks and drive, rather than just having it sit in barrels. Such is the case with data; without a good strategy, the data will do you no good. That's where Genius Monkey comes into the picture, as programmatically harvesting data and incorporating it into an advertising strategy is what has made us the ones to set the bar in programmatic success.

Successful marketers are 56% more likely to agree that conclusions based on data are way more superior to those that are based solely on gut instinct or previous experience.2

Businesses that are sitting on piles of data without knowing exactly how to process it are faced with what seems like a daunting, if not impossible, task. But, like a shark smelling blood, it only takes one epiphany of the necessity of data for a company to catch on to the importance of what can be done with it. Not only do leaders have a data and analytics strategy, but leading marketers are 33% more likely than the mainstream to say that it's their data strategy defines how they integrate information and related technologies.3

So all of this begs the question, "How do I develop a strategy for my business?" It's not an instant process; it takes time and knowledge, not to mention some of the technical (and human) hurdles, to evolve. But, in the end, any business that begins to put their ad dollars into a wise strategy and proprietary infrastructure is bound to be successful in the long run.

Because of the advanced, proprietary technology of Genius Monkey's programmatic data collection and utilization, the landscape of our marketing has continued to flourish. Advertisers no longer have to try to "wing it" on their own. We know when someone is searching for an item. We can then begin placing ads directly in their path, leading them to where they need to be ... on your site or in your shop! We essentially remove the burden of search from both the marketer and the shopper, which takes a large load off the shoulders of both parties.

Sources (2)

1 Google/Purchased, How Brand Experiences Inspire Consumer Action, U.S. Smartphone Owners 18+ = 2010, Brand Experiences = 17,726, April 2017.

2,3 Econsultancy/Google, "Customer Experience is Written in Data", May 2017, U.S. (n=677 marketing and measurement executives at companies with over $250M in revenues, primarily in North America; n=199 leading marketers who reported marketing significantly exceeded top business goal in 2016, n=478 mainstream marketers (remainder of the sample).

 

 

Get Started With Genius Monkey Services

Share this blog: