A three-pronged combination of changing consumer buying habits, the vast proliferation of data, and a constant need to stay at the forefront of digital disruption has prompted organizations to place greater importance than ever before on using statistical insights to drive strategic decision making. By embedding data analytics into their core strategy, business executives can begin to streamline their internal operational processes and then identify and react quickly to unfolding market transformations. The effectiveness of employing such a data-first approach has been proven time and again in various surveys carried out by leading think-tanks. According to one such study conducted by the McKinsey Global Institute, a data-driven organization is 23 times more likely to turn prospects into customers, six times more likely to retain them, and 19 times more likely to generate a profit as a result. Quite compelling numbers.
In order to keep pace with this newfound reliance on statistical analysis, there has naturally been a rise in marketing technology designed to extract lucrative insights found within the troves of data. Chiefmartec illustrated this in their latest supergraphic that details all the solutions at play in the marketing technology landscape today. Back in 2011, there were only 150 companies. As of this year, there are over 7,000.
This Martech boom has ultimately streamlined the marketing industry in multiple ways, empowering advertisers to become more efficient and scale their efforts seamlessly. It now rings true that tapping into the potential of artificial intelligence and machine learning to reach desired audiences more effectively is no longer a pipe dream. Many companies have already realized this, and so as technology progresses, it has become clear that marketing without some form of automation is a mistake that no business can afford; not if they want to outperform their competitors that is.
The question arising from this rapid evolution, then, is just how can it be navigated successfully. How do marketing managers decipher which tools will drive the most value, improve efficiency, strengthen risk management, and lift profits?
Inside, we open up with some commentary on why investment in digital ad spending has skyrocketed before moving on to analyze the ways digital teams can exploit technology to gain more frontline monetization opportunities. We then close with what we see as a paradigm shift in the industry and discuss how the fundamental role of a performance marketing agency must change in 2020 and beyond.
To help break it down, we’ve put together this handy infographic that offers a quick snapshot of the main themes.
It’s clear that statistical analytics, with its multiple use cases and wide-ranging applications, is breaking traditional business models and ecosystems. There is now simply too much complexity in the world of digital marketing to ignore the benefits of leveraging big data. The industry demands sophistication, machine learning, and automation to get everything you need quickly and to respond to what is available for a targeting perspective.
If you’d like to talk to a best-in-class performance marketing agency about certain challenges you’re facing and how to develop strategies that cater to your audience, get in touch with our experts at QuanticMind Digital.