The urgency of adopting new data based marketing strategies

FAST PACED TECHNOLOGIES FOR MARKETING STRATEGIES

Marketers have been collecting and processing data for decades. But in recent years something new has happened; the amount and variety of data has increased dramatically. Data is no longer scarce or difficult to collect, and used in most digital marketing strategies. This trend has increased the level of personalisation of brand-consumer interactions. While it has become progressively easier for large brands to increase their customer acquisition and retention, customer expectations have also surged. Consequently, most small-to-medium sized businesses, who usually cannot justify the expense of a large and qualified in-house marketing team, often struggle to compete.

People who have a negative brand experience on mobile devices are 62% less likely to buy the brand in the future. The worst-case scenario is that they will lose the competition to survive in a rapidly changing market. It’s surprising to see that how many well-established companies still refuse, in 2021, to utilise digital tools to reinforce their communication with clients and prospects.

If we look at historical business data and operational trajectories, many household-name brands that refused to embrace innovation inevitably failed. Kodak refused to embrace the digital era, and subsequently filed for bankruptcy in 2012. Nokia was once the global leader in mobile phones, but was late in its decision to develop a smartphone line of products, and so lost its competitive edge to Apple and Samsung.

GET A COMPETITIVE EDGE WITH DATA-BASED MARKETING STRATEGIES

After analysing over 120 start-ups and established companies’ branding and marketing strategies, failures or difficulties, our team of marketing consultants has come to an undeniable conclusion; the number one reason for failure was a marketing strategy based purely on creative content whilst utilising outdated strategic planning techniques that cannot compete with current fast-changing digital marketing trends. Most of these businesses have invested heavily in marketing, sometimes in the order of hundreds-of-thousands of dollars, but have mistakenly trusted companies that have been grinding out the same product for decades, and have failed to keep abreast of ever evolving digital technologies and data sourcing processes to incorporate into their client’s strategies. According to Farhad Malegam, one of the directors of Sydney Digital Agency, the best results that Sydney Digital Agency has observed for website conversions were obtained on websites that were designed by implementing well-researched and detailed marketing strategies, particularly for those projects that are aiming an audience overseas, as cultural differences has a strong influence on communication and marketing efforts.

LET’S BREAK THE MYTH: WHEN IT COMES TO MARKETING, THE BIGGEST PROVIDERS AREN’T ALWAYS THE BEST

Change is, and has always been, a constant in the life of all companies. The ability to master and use change is one of the most important management skills. This is especially true in marketing, where the pace of change is constantly accelerating and the playing field is in a constant state of flux. Hiring a marketer that has 15 years of experience is pointless if that marketer doesn’t make the effort to keep updated with the key technological advances that are impacting the industry and creating opportunities for savvy operators. One of the main marketing channels is Google. Google’s search algorithms are updated thousands of times per year. Although not all of these updates will have crucial consequences on marketing strategies, nevertheless, it is essential to hire marketers who understand how to navigate these fast shifting trends in digital marketing infrastructure.

TO USE THE DATA, YOU MUST MASTER YOUR INFORMATION

Accumulating data isn’t everything. According to Harvard Business Review, “Too often, marketers invest countless hours collecting a sea of data without a clear strategy for harnessing that data to drive decisions.”Competitive advantage is dependent on then understanding your data and how to process it to create a marketing strategy that delivers. Our Marketable Strategies blueprint has been perfected over four years and is constantly being updated to keep up with digital marketing trends.

Not sure if we are the right agency for your business? Contact us today for a chat.

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