It’s no secret that many companies today collect marketing data. This data is collective information from various outbound and inbound marketing strategies. That information also provides insight into the effectiveness of marketing strategies and insights about consumer behavior.
Unfortunately, many companies also withhold this data within information silos. Information cannot be accessed freely and different departments can utilize that information properly. Then what’s the point of collecting data in the first place? Data needs to be collected in one place and distributed to anyone who can make use of it.
Companies, such as Funnel, for instance, provide solutions for data collection and management. Only then can you actually make use of marketing data and ensure improved business efficiency, productivity and overall performance. With that in mind, here are a few reasons why collecting marketing data in one place is important.
How Important is Collecting All Your Marketing Data in One Place
As mentioned before, marketing data provides numerous insights that are valuable to any company. If that information is held within a silo, you won’t be able to make use of it.
Analyzing data and extracting information from it is the key to making more data-driven, as well as more strategic decisions. Your marketing and sales departments can use that information to improve their efficiency and boost company revenue.
On the other hand, your development department can also use this information to create better products, services or additional features. Therefore, everything is powered by data these days and if you don’t collect data at one place where it can be easily distributed, you’ll lose your competitive edge.
It’s no secret that time-to-market is a crucial factor that can influence business success. This is especially true in today’s crowded and oversaturated market. If your employees have to request access to data and then wait for approval, they won’t be able to make split-second decisions that will help them boost sales or conversion rates.
The same applies to the departments that develop products or services. If they’re not informed about the latest developments in the market, they won’t be able to make better products or services. Instead, you’ll start to fall behind and your company’s time-to-market will reduce drastically. This allows your competitors to outrun you.
Predicting market trends
Nowadays, consumers tend to change their behaviour in an instant due to emerging market trends and new technologies. Most businesses are caught off guard when such sudden changes happen and it takes them a lot of time to properly adjust. This isn’t the case when you collect your marketing data in one place.
In fact, marketing data can help you predict these changes in consumer behaviour, as well as help you predict upcoming market trends. This will give you enough time to prepare adequately and be among the first to capitalize when the shift actually occurs. This is how smaller companies manage to compete with industry giants. It’s all about being where your customers are at the right moment.
Understanding your target audience
The key to acquiring more customers and retaining existing ones is in understanding your target audience. Market research can tell you a lot about your potential customers but there’s always more you can do to learn more.
Marketing data is an excellent source of customer information. If you collect that data in one place, you can quickly gain insight into your target audience and their needs. That said, here are a few things marketing data can tell you about your target audience.
- Help you understand consumer pain points and obstacles.
- Provide detailed insight into your audience’s demographics.
- Give you information about your audience’s preferences, demands and expectations.
- Show you what type of content your audience prefers and their preferred media channels.
- Help you craft buyer’s personas.
- Help you visualize the buyer’s journey.
This information is vital for your future endeavours. The main reason is that you can’t really win over consumers unless you know what they truly want or expect.
Create better marketing strategies
One of the main purposes of marketing data is to show you the performance and effectiveness of your marketing strategies. As you may already know by now, your marketing strategies may or may not provide viable results. A lot of companies perform A/B testing to see which marketing tactic performs better.
However, when you collect marketing data, you can have much more detailed information about your current or future marketing endeavours. Marketing data can show you how consumers respond to your messages and offer on different marketing channels, such as email, social media, website or blog and so on.
This information can help you improve existing marketing strategies and create better ones. Without effective digital marketing, no business can hope to boost online visibility, exposure and awareness, among other things, of course.
Collecting marketing data in one place means all the information from various data sources is being poured into a single location where it can be properly analyzed and distributed company-wide. That way your company can actually utilize marketing data to its full potential.