It’s no secret that data-driven marketing (DDM) is top of mind for brand and agency executives. But what is surprising—shocking, in fact—is how vital first- and third-party information is for creative and execution strategies today. Case in point: 70% of senior marketing executives from brands, agencies, and related industry segments say data-driven marketing is a core element of a majority of their campaigns, according to a new Oracle-Forbes Insights survey.
This full immersion in data and analytics—more than what many industry insiders may have realized—shows how quickly brands and agencies have recognized the potential benefits and rushed to replace outdated “gutfeel” decision-making with quantifiable research. This was another recurring theme in the Oracle-Forbes Insights study, which found that marketing executives rely on advanced analytics to increase sales, attract new customers, and expand brand awareness. In addition, 71% of respondents feel they effectively use it to identify the best channels for cultivating sales or other customer actions. Analytics is also helping marketing dollars go further: 62% of marketing executives say analytics have noticeably decreased their cost-per-acquisition (CPA) rates.
“General marketing campaigns cast a wide net, which brings large numbers of buyers into the franchise. But that comes with a lot of waste,” says Randall Rozin, global director, of brand management and digital marketing at Dow Corning Corp. “Data-driven campaigns are by definition more targeted, which results in companies knowing their customers better and improving their ability to prioritize content creation and measurement.”
