{"id":11965,"date":"2020-06-25T13:45:39","date_gmt":"2020-06-25T17:45:39","guid":{"rendered":"https:\/\/brainstation.io\/blog\/?p=11965"},"modified":"2020-06-25T15:12:59","modified_gmt":"2020-06-25T19:12:59","slug":"how-brands-are-winning-with-data-driven-marketing","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/how-brands-are-winning-with-data-driven-marketing","title":{"rendered":"How Brands Are Winning With Data-Driven Marketing"},"content":{"rendered":"\n<p>The<strong>&nbsp;How Brands Are Winning With Data-Driven Marketing&nbsp;<\/strong>panel discussion, the latest in&nbsp;<a href=\"https:\/\/brainstation.io\/events\/online\">BrainStation\u2019s Digital Leadership Event Series<\/a>, took place on June 24th, and professionals around the world tuned in to discuss the impact data has had on marketing.&nbsp;&nbsp;<\/p>\n\n\n\n<p>You can watch the full panel discussion here:<\/p>\n\n\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" src=\"https:\/\/player.vimeo.com\/video\/432352130\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n\n\n<p>The exponential growth of online consumption in recent months has made marketing all the more competitive and nuanced. Now the world\u2019s best brands are relying on data to identify new market opportunities, develop and measure marketing initiatives, and optimize campaigns and content.&nbsp;<\/p>\n\n\n\n<p>Today and in the future, leveraging data for your marketing will keep you ahead of the competition and help you to cater more directly to your customers.&nbsp;<\/p>\n\n\n\n<p>Here are some of the ways brands are benefiting from a data-driven marketing approach. <\/p>\n\n\n\n<h2>Limiting the Guesswork<\/h2>\n\n\n\n<p>2020 has forced many organizations to accelerate digital transformation initiatives, particularly in marketing, where digital channels and eCommerce have taken center stage.&nbsp;<\/p>\n\n\n\n<p>\u201cWe\u2019ve transitioned from an era where marketing was an art and now it\u2019s definitely a science,\u201d said Deborah Tampubolon, the Director of Marketing, Customer Acquisition at Home Point Financial.&nbsp;<\/p>\n\n\n\n<p>\u201cAs marketers, we\u2019ve always had to be very good storytellers, and now it\u2019s not a question of understanding just the story to tell the audience, it\u2019s the story of understanding what the data is telling you,\u201d she said.&nbsp;<\/p>\n\n\n\n<p>Jeremy Silkowitz, the Director of Ecommerce at L&#8217;Oreal Luxe, agrees and believes that a more data-driven approach has taken the guesswork out of marketing ideation, helping brands better tailor marketing to their customers.&nbsp;<\/p>\n\n\n\n<p>\u201cWhat are their shopping behaviors? Where are they engaging? What is working and what is not working? Taking that approach and applying it, we can make sure we\u2019re getting results,\u201d he said, adding that data-driven marketing allows for ongoing optimization.&nbsp;\u201cWe\u2019re constantly scrutinizing product pages and looking at analytics to see where conversion is low and how we can quickly make adjustments.\u201d<\/p>\n\n\n\n<h2>Showing Measurable Results<\/h2>\n\n\n\n<p>Marketers who use data to track and measure performance can better direct campaign efforts, adjustments, and demonstrate which channels will result in the best return on investment. For example, the volume of email marketing sent across industries increased by 26 percent in the last three months, with open rates and conversions up by 31 and 22 percent from this time last year. Data like this can help marketers get ahead of the competition.<\/p>\n\n\n\n<p>\u201cFirst and foremost, [data] has made every marketing dollar more accountable,\u201d said Rahul Chowdhury, the Head of Marketing, eBusiness at RB. \u201cWe ask ourselves every day, \u2018is this moving the needle?\u2019 When you start doing that, you quickly see that search and social media have been elevated,\u201d he said, adding that the rise of data-driven marketing will only increase the amount of testing and experimentation. <\/p>\n\n\n\n<p>\u201cData-driven marketing has moved us from an era of MadMen to being able to truly test and learn; to get insights by understanding consumers and customers better,\u201d Chowdhury said. <\/p>\n\n\n\n<p>Silkowitz agrees, explaining that L\u2019Oreal has experimented with increased video content and paid social advertising over the last few months, but always keeping an eye on performance.&nbsp;<\/p>\n\n\n\n<p>\u201cEverything needs to ladder back to an expectation in return, in making sure that we&#8217;re going to get a return out of any decision to invest time and money. So we develop business cases to understand, as we make these optimizations, what will it trigger \u2013 increased engagement or conversion \u2013 and then we\u2019re able to track that on an ongoing basis to show that those changes were impactful,\u201d he said.&nbsp;<\/p>\n\n\n\n<h2>Testing to Define Long-Term KPIs<\/h2>\n\n\n\n<p>A Marketing Week study found that only 24 percent of B2B marketers run campaigns that last longer than six months, a trend that may have been exacerbated by COVID-19 and the need to cover short-term losses.<\/p>\n\n\n\n<p>In <em>The Long and the Short of It<\/em>, authors Les Binet and Peter Field suggested that while short-term tactics are important for sales, growth and profit are driven by long-term tactics like brand building.&nbsp;<\/p>\n\n\n\n<p>Adopting a data-driven approach can help in this regard, encouraging a longer lens and a culture of experimentation, both of which allow organizations to identify trends and gaps in performance over time.\u00a0<\/p>\n\n\n\n<p>\u201cWe&#8217;re testing and launching every single week because every week there&#8217;s something new to learn. It&#8217;s too easy to say I&#8217;m going to plan X weeks of a campaign and then I can go on my virtual vacation, but you can&#8217;t do that \u2013 there is no rest for the marketers,\u201d said Tampubolon.&nbsp;<\/p>\n\n\n\n<p>\u201cNothing happens overnight; it takes 30-60-90 days if you&#8217;re lucky to see real changes,\u201d she said, adding that a long-term approach often requires a mindset shift.\u00a0\u00a0<\/p>\n\n\n\n<p>\u201cIt&#8217;s an advantage to have a view on what you expect your sales to look like, what budgets you think you\u2019ll have,\u201d Silkowitz added. But, he also warned that long-term planning needs to be flexible and adjust on a rolling basis.&nbsp;<\/p>\n\n\n\n<p>\u201cPlans can change quite significantly vs. what we thought our business was going to look like, but the ability to react quickly, adapt, and shift resources is critical as you experience changes.\u201d<\/p>\n\n\n\n<h2>Continue Learning<\/h2>\n\n\n\n<p>In the end, continuous learning is a job necessity for marketers.&nbsp;<\/p>\n\n\n\n<p>\u201cThe digital space is so quickly changing that you never get a grasp of it,\u201d Chowdhury said, adding that as we rely more on data, it can mean rethinking strategies from the ground up.&nbsp;<\/p>\n\n\n\n<p>How can professionals stay ahead in a data-driven world?&nbsp;<\/p>\n\n\n\n<p>\u201cSkills can always be acquired and BrainStation is a great example of that,\u201d Tampubolon said. \u201cBut we also need a mindset shift. We used to have big picture thinkers and small, on-the-ground thinkers, but now people have to be flexible and think big <em>and <\/em>small. We&#8217;re in a global economy now.\u201d<br><\/p>\n\n\n\n<p><em><a href=\"https:\/\/brainstation.io\/events\/online\">Register now for the next BrainStation Digital Leadership Event.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out why the world\u2019s best brands are using data to identify market opportunities, develop and measure marketing initiatives, and optimize campaigns.  <\/p>\n","protected":false},"author":117,"featured_media":11968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[783,169,1276],"tags":[1259,332,920,134],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Brands Are Winning With Data-Driven Marketing | BrainStation\u00ae Blog<\/title>\n<meta name=\"description\" content=\"Find out why the world\u2019s best brands are using data to identify market opportunities, develop and 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