{"id":2620,"date":"2023-01-17T21:00:00","date_gmt":"2023-09-04T21:00:53","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=2620"},"modified":"2023-10-19T12:37:52","modified_gmt":"2023-10-19T12:37:52","slug":"how-data-helps-do-business-better","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/how-data-helps-do-business-better\/","title":{"rendered":"How data-led approach helps business drive more value?"},"content":{"rendered":"\n

Today\u2019s marketing landscape has some unique challenges. Changing consumer preferences, shifting buying behaviours, and rising customer expectations are all having a major influence on the marketing strategy as revealed in the 8th State of Marketing Research<\/a>. <\/p>\n\n\n\n

So what can marketers do to keep driving value?<\/b><\/p>\n\n\n\n

Until recently, advertising was the main driver for new customer acquisition for many brands. But advertising has gone up in price by 60-70%<\/a> year-on-year. And even then, you\u2019re not necessarily hitting the right audience. Because while prices are increasing, the quality of audience segmentation is declining due to the loss of cookies.<\/p>\n\n\n\n

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The 8th Edition State of Marketing Report<\/span><\/h2>\n\t\t\t\t\t\t\t

Insights on changing trends, priorities, and challenges define the profession according to 6,000 global marketers and trillions of outbound marketing messages.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tLearn More<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
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Sure, marketers can keep doing what they\u2019ve always done. But it\u2019s becoming evident that this won\u2019t necessarily attract customers or keep them engaged for long enough. Especially when digital natives are disrupting industries we never thought would go digital.<\/b> Everything from grocery shopping and online beauty services to mortgages and healthcare counselling.<\/p>\n\n\n\n

On top of that, in-house customer data is getting harder to leverage because of siloed systems. Working in silos leads to inconsistent customer profiles. <\/b>Despite this shortcoming, these fragmented records are used for offering experiences across the various touch points. The result? Poor customer experience, decline in loyalty and, ultimately, revenue losses. <\/p>\n\n\n\n

Choosing the right CDP<\/b><\/h2>\n\n\n\n

We know that customer data is instrumental in driving better marketing. Making sure you\u2019re using the right Customer Data Platform (CDP)<\/a> is crucial for adapting to shifting market challenges. <\/b><\/p>\n\n\n\n

First-generation CDPs have been around for a long time. But are they enough? In today\u2019s economic climate, it\u2019s simply not sufficient to be data-rich and have your records neatly stacked up for an occasional quarterly analysis.<\/p>\n\n\n\n

In order to regain your competitive advantage and hold ground in times of economic downturn, you need to do more. Your marketing, commerce, service, sales, and other teams all need to follow a data-led approach to serving customers.<\/p>\n\n\n\n

But how? It requires putting an analytics dashboard shortcut on every desktop and zooming in on customer behaviour data in every meeting. <\/b>This real-time data intelligence<\/a> is your timely, reliable feedback loop about the market as it stands. It informs the next best step for a product or campaign.<\/p>\n\n\n\n

We have the technological tools. The question is, are we diligent and consistent enough when it comes to using those tools to inform better quality decisions?<\/p>\n\n\n\n

Collaboration tools like Slack<\/a> help marketers stay ahead of the competition. Allowing them to move at the speed of change, collaborating and connecting with both internal and external stakeholders. Besides speed, intelligent decision-making requires real-time data and the ability to adapt marketing messages and campaigns based on immediate audience feedback and knowledge about changes in your market. <\/b><\/p>\n\n\n

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Lower Customer Acquisition Costs By 27%<\/p>\nSource: 2022 Salesforce Success Metrics Global Highlights study*<\/cite><\/blockquote>\n\n