Why Marketers Need A Single Source Of Truth In The Age Of Data-Driven Marketing

Business partners team achievement concept. Multi-ethnic diverse group of colleagues join hands together. Creative teamwork,business agreement. Important of teamwork.
SHARE
THIS



With Australian businesses showing their desire to spend big on data, a ‘single source of truth’ is required to lead the way, explains Datorama (a Salesforce company) CMO Leah Pope (pictured below).

Marketers have come a long way in how they make decisions about how to best connect with customers. However, technological advancement has meant that marketers now have access to real-time data, enabling them to engage in even more meaningful interactions with customers and drive profitability. We’ve already seen a large investment in data-driven decision-making here in Australia, with IDC revealing that businesses likely spent as much as $2.7 billion on building analytics capabilities in 2018.

However, while data is the heartbeat of modern marketing, the age-old saying of “too much of a good thing” is no exception here. Marketers today are flooded with an insurmountable volume of data and keeping track of it all is a problem in itself. In fact, IDC predicts that the global ‘datasphere’ will grow at a compounded annual growth rate of 61 per cent to 175 zettabytes by 2025. This presents both an opportunity for the data-driven marketer, as well as a challenge.

More data, more opportunities… and problems

Marketers today face many challenges, but the biggest of them all is the lack of a single source of truth to understand their performance data holistically. The modern marketer uses a multitude of channels, platforms, and touchpoints to connect with customers, whether that’s while customers are scrolling through their social media feeds, or simply searching on Google. As a result, marketers are required to collect dozens, hundreds, or even thousands of disparate data streams to understand their campaign performance and customer engagement.

This fractured data landscape proves to be a challenge when attempting to construct a holistic view of marketing performance to maximise return on investment (ROI) and growth while delivering exceptional customer experiences. And without a single source of converged customer data, marketers lack crucial transparency into the input-output flow of all their marketing investments. This also means marketers are spending more time aggregating data rather than gaining insight from it.

Marrying technological solutions to business goals is the key

Marketers need to take a ‘Marketing Intelligence’ (MI) approach to connecting with customers. Enter the growth marketer, a marketer who embraces MI solutions to enable transparency, speed and growth across their organisation, impacting top-line business goals through daily decisions and long term strategy.

Leah Pope _Headshot (002)The result is that marketing becomes directly connected to broader business growth outcomes and associated KPIs. Growth mandates need to be operationalised across the organisation – which requires a measurement system that ladders up all the way from campaign and creative performances to the business performance KPIs needed at the executive level.

Driving business growth through connected marketing insights

One example of a company that brings this concept to life is Ticketmaster, which brings live experiences to fans worldwide, with almost 500 million ticket transactions a year. Ticketmaster has thousands of client campaigns to manage every month. A company operating on a massive scale such as this needs to ensure it’s making smart decisions on campaigns in the span of weeks, even days, leading up to an event.

Ticketmaster is able to do this by connecting data from any source and format across channels, campaigns, placements, and creatives, enabling a holistic view of the entire customer journey. By arming internal teams with a way to not only track top-line KPIs by client and campaign, but also optimise at any level of granularity.

This gives Ticketmaster both the speed to insights and the transparency needed to directly tie marketing activities to every other department of the business, including finance teams that need to accelerate billing cycles to realise revenue quickly and efficiently. As a result, Ticketmaster has been able to connect over 300 marketing and sales data sources, resulting in 30 per cent revenue growth and campaign KPI performance, and can now confidently run 2000 campaigns per month, while saving up to 120 hours.

Marketers who are able to work off of a single source of truth are able to make smarter decisions about how to best connect with their customers, by utilising real-time data analytics. The future of marketing requires a modicum of transparency between all departments, and intelligent solutions will be fundamental in helping companies achieve this.

Please login with linkedin to comment

Data Datorama IDC Marketing Salesforce

Latest News

Twitter Lifts Revenue 74% On The Back Of Advertising Boom
  • Technology

Twitter Lifts Revenue 74% On The Back Of Advertising Boom

Twitter has just experienced its fastest growth in revenue since 2014, with the social media platform benefiting from increased interest from advertisers. Revenue was up 74 per cent YoY, according to the company’s Q2 results, reaching $US1.19 billion ($1.6 billion) from $US683.4 million ($925 million) 12 months ago. The strong results came in the same […]

by B&T Magazine

B&T Magazine
Wild Turkey Whisky Campaign Stars A Smouldering Matthew McConaughey
  • Advertising
  • Campaigns

Wild Turkey Whisky Campaign Stars A Smouldering Matthew McConaughey

Wild Turkey has announced the launch of its new global creative campaign and platform, ‘Trust Your Spirit’, featuring the brand’s creative director and spokesperson, Matthew McConaughey. The global campaign and platform ‘Trust Your Spirit’ is to encourage people to be bold, unapologetically themselves, and stay true to who they are. The global tagline and ethos […]

Optus Teams Up With TikTok To Launch Sign-Language Campaign
  • Marketing
  • Technology

Optus Teams Up With TikTok To Launch Sign-Language Campaign

Telecommunications company Optus has announced it will launch the world’s first TikTok sign-language activated filter. Featuring Optus ambassador Ian Thorpe, Optus will unveil a branded effect that shows TikTok users how to say key phrases in Auslan sign language, including ‘How are you?’ and ‘It starts with Yes’, through the hashtag challenge #SignYes. Optus will […]

Heckler Appoints Charu Menon To Partner
  • Advertising
  • Media

Heckler Appoints Charu Menon To Partner

Heckler has announced the promotion of Charu Menon to Partner, Singapore, making her the first female member of the Board.

Bapcor Debuts First Campaign With AJF
  • Campaigns

Bapcor Debuts First Campaign With AJF

Asia Pacific’s leading provider of vehicle parts, accessories, equipment, service and solutions, Bapcor will launch its latest campaign, ‘The unseen parts of every Australian journey’ this weekend.

Professional microphone in radio studio
  • Advertising
  • Media

Podsight’s Benchmark Report Shows Podcast Advertising More Effective Than Other Digital Channels

Podsights has revealed new insights into the effectiveness of advertising in podcasts, tracking global and Australian podcast advertising trends. This is the first Australian report to be published since ARN partnered with Podsights to set the standard for best-in-class podcast advertising measurement. The report includes additional analysis and follows a series of Measurement Masterclasses held for […]

NGEN’s Charity Cup Raises Over 175K For UnLtd Charity Gotcha4Life
  • Campaigns

NGEN’s Charity Cup Raises Over 175K For UnLtd Charity Gotcha4Life

NGEN’s 2021 charity cup has raised over $175,000 for UnLtd charity partner Gotcha4Life. Gotcha4Life is a not-for-profit foundation raising awareness and funding to provide educational workshops and innovative programs that build mental fitness in individuals and communities. While Sydney and Brisbane completed the Charity Cup in June, before Covid restrictions hit, the final leg in […]

Biennale Of Sydney & Cicada Innovations Launch Sustainable Materials Challenge
  • Campaigns

Biennale Of Sydney & Cicada Innovations Launch Sustainable Materials Challenge

Australian tech incubator Cicada Innovations and Biennale of Sydney are launching the ‘New & Sustainable Materials Challenge,’ in an effort to create a more sustainable future. The works of chosen material-makers will be showcased to millions of Biennale audiences, exhibition partners, and exhibition makers globally. The Challenge is open to any Australian and UK startups, […]