Mobilewalla recently partnered with ClickInsights, Asia-Pacific’s leader in market research and events, for a webinar on the topic of Data-driven Marketing Strategies in the New Decade.
ClickInsights’ Chief Analyst and Editor, Jeff Rajeck, has broken down some interesting highlights of the webinar in his blog and discussed about the three commonly asked questions on data-driven marketing that were covered by our CEO Anindya Datta in his presentation.
(REPOST) While most Asia-Pacific marketers agree that they need to be more data-driven, many need more information before they pursue data-driven projects and adopt new technology.
Specifically, marketers in APAC want to be sure that they aren't wasting time on marketing's newest 'shiny object', but are investing their time and effort into something which will help them solve the issues they face - and deliver improved results to the business.
Below are three of the questions marketers have asked about data-driven marketing to understand it better - and some of the answers provided in the webinar.
Critical Data-driven Marketing Questions Answered
1) What are the trends driving data-driven marketing?
The webinar opened with Anindya providing an overview of what has changed that is persuading marketers to be more data-driven.
- An increase in the complexity of customer journeys
- The wider availability of data about those journeys
- Rapid adoption of technologies that help marketers manage the data
The customer journey has become more complex because customers have more touch points with the brand. Whereas 15 years ago, consumers only used around 2 touch points when buying an item, now they are touching as many as 6 out of the dozens available.
This increase in touch points has resulted in an increase in the consumer data which is available to marketers. Google provides search data, Facebook collects interest data and Amazon has consumer purchase data.
To manage this data, marketers have turned to technology for help. The 2020 Marketing Technology Landscape from chiefmartec.com illustrates that the data subspace of marketing technology has grown by 25.5% since 2019, more than any other area of MarTech.
Learn More: A Guide to Data Enrichment
2) How are marketers using data to improve performance?
Data-driven marketing is widely seen as the next stage of marketing, but most marketers in Asia-Pacific need to know more before deciding how they will invest in it. Specifically, how are marketers using all the data that they are now able to collect to improve results?
Anindya explained that data helps marketers by addressing everyday marketing challenges - and the data can be greatly enhanced with artificial intelligence (AI) technology.
While that sounds somewhat complicated, Anindya assured attendees that AI is simply being used to help marketers with the tasks they already do.
- Identifying high-value customers (HVCs)
- Acquiring and retaining HVSc
- Building segments for advertising
- Attributing value to marketing channels
For each of these tasks, Anindya provided details and real-world case studies from Mobilewalla's top-tier client base.
Related Reading: How AI in Marketing Can Make Your Brand More Resilient
3) How can marketers get started with data-driven marketing?
First off, Anindya assured webinar attendees that it was a major misconception that AI and data-driven marketing was difficult to understand. The industry, he said, is full of complicated buzzwords, but marketers can safely ignore these.
Instead, marketers should know that AI is much more about getting the right data than using the latest techniques. In fact, he said, many AI project use methods which would be understood by anyone who had studied statistics at the high school level.
So, instead of concerning themselves with upskilling, marketers should instead focus on their current problem, look at the data that they have and identify what data they are missing. Once they have filled the 'data gap', then they can source the right AI technology to satisfy their needs.
Learn More About Data Enrichment with Mobilewalla
The AI technology they need could be as simple as a spreadsheet or require a dedicated team. But to know what AI would help, he explained, marketers need to first identify the problem and source the data. And, Anindya concluded, Mobilewalla can help you with every step along the way!
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