On November 9, executives from the marketing industry joined us in Denver, Colorado for the Transformational CMO Assembly. Over two days, through a series of roundtables, presentations, and workshops, our attendees had the opportunity to learn from the best and take away new insight that will ultimately benefit their future business practices.
Mary Garrett, Chairperson of the American Marketing Association moderated an executive roundtable sponsored by Anthony Psacharopoulos, Executive Vice President of comScore, focused on the “Promises, Pitfalls and Best Practices of Data-Driven Marketing.” Marketing leaders from multiple industries engaged in active dialogue expressing viewpoints based on their real-world experiences. We share the key takeaways with you here on Digital Diary.
The Promises Of Data-Driven Marketing
During the roundtable, executives lamented the promise of data-driven marketing has fallen short of the hype. Expectations of real-time data access and data sharing alliances have proven difficult to execute. Tools are too complex and the dizzying number of marketing technology solutions require stitching together to be effective. These leaders are drowning in data vs. not having enough. And sometimes data is used as a shield in “internal warfare”. One roundtable member wistfully wished for a data general contractor, someone to act as the data aggregator and integrator across platforms. The sense was that the promise of data-driven marketing persists, but the gap between possible and practical is still too wide.
The Pitfalls Of Data-Driven Marketing
Marketing leaders reflected on what they would do differently given their experiences to date with data-driven marketing. There was almost unanimous agreement about budgeting. More, more, more! They would spend additional time getting buy-in on the metrics and educate the organization about the different outcomes driven by awareness vs. demand generation actions. They would set up data use journeys internally to help visualize the role data was playing. Acknowledging that technology alone wasn’t the answer, there was consensus on the need to align people and processes. And agencies would be held more accountable, perhaps even contractually, to achieve objectives. There was a spirited discussion about Facebook. While marketing outcomes were considered generally positive with Facebook, there was a desire for much greater transparency.
Data-Driven Marketing Best Practices
Roundtable members have had some victories with data-driven marketing and were generous sharing their successes. One member suggested considering social data as a predictor of market share data. Another executive found sharing marketing data with CRM data proved more effective than running parallel efforts. Third party partners can supplement and augment internal data and act as that general contractor mentioned earlier in this article. Roundtable members felt given data is a highly valued asset, actually a corporate asset, it is better maintained internally vs. turning over to an agency.
Roundtable members could have kept the conversation going beyond the time allotted. The dialogue was insightful and recommendations were actionable. Thanks to Mary and Anthony for leading this fantastic discussion into data-driven marketing.
ABOUT DATA-DRIVEN MARKETING DAY NEW YORK
According to the insights gained from the Transformational CMO Assembly, data-driven marketing has many promises when it comes to reaching the customer and expanding marketing strategies.
Digital technology has made it possible for marketers to collect a vast amount of data and put it to use. The pitfalls of data-driven marketing have to do with being able to put this data to good use, in order to successfully reach an audience.
As traditional marketing tactics take a step back, and new, innovative functions that involve data take their place, it is important to learn from professionals in the industry in order to gain first-hand knowledge about the importance of using data in marketing str
Join us in June 2018 for the first Data-Driven Marketing Day in New York City. With high-level content, disruptive solution providers, and enhanced networking opportunities, this one-day event promises to provide you with the knowledge you need to leverage the power of data responsibly.
This is not just another “Marketing” event. Spaces are reserved for the best in the business. Apply to attend here!