Data is all the rage in marketing today. Everyone is talking about it. “A carefully considered data strategy must be a CMO’s top priority,” says AdAge. Data has been called the “new oil” that fuels marketing today. But B2B marketers still struggle to get their full share of value from data. One reason is that they are missing some important ways to apply the data to marketing problems. So here’s a list of the top applications for business marketers today. Are there any opportunities here that you can pursue?
Business marketers put the marketing database to an enormous variety of uses, among them:
- Capturing data about customer behavior from all sales and communications channels, including social media.
- Modeling and predicting customer behavior.
- Querying and performing “what-ifs” to stimulate marketing ideas and actions.
- Profiling customers to gain insight into their needs, also known as creating “personas.”
- Segmenting customers for differentiated treatment.
- New product simulation and testing.
- Identifying prospects, scoring them for assessing quality, and nurturing a relationship with them until they are ready to buy.
- Selecting customers and prospects for promotional campaigns.
- Measuring campaign performance.
- Tracking marketing tests and experiments.
- Ongoing marketing communications to build and sustain customer relationships.
- Calculating the value of a customer.
- Tracking and managing the entire customer experience.
This is my list, but I won’t be surprised if I’ve missed something. Can anyone add to it?
Courtesy Ruth P. Stevens. This article was published on July 2nd 2015 in Biznology.com.