It’s clear by now that the role of the marketer is changing: with the rapid advancement of technology, it’s increasingly important for marketing executives to be able to conceptualize, and then implement, digital approaches into marketing campaigns that creatively integrate traditional methods. CMO.com notes that CMOs have the power “to impact revenue, increase profitability, and generate growth”; yet, a Forrester study showed that only 8% of CEOs rely on marketing data to make decisions. Part of the reason, Forrester data points out, is that “marketing leadership continues to use metrics to report on performance and justify budgets. But far fewer use data and analytics to … link what they do to business goals.”
It may seem almost counter-intuitive that with all the big data and analytics available to marketers today, they are having difficulty translating this data into actionable business strategies. Big data creates the opportunity for marketers to be smarter about their audiences, campaigns, and results. And yet, the digital age – with its vast wealth of data, statistics, metrics, and analytics – is making marketers doubt themselves, because they are so overwhelmed by this data available to them. Therefore, marketers need to decide on what data to focus on, and this is where brand comes in. A brand foundation that is aligned to business strategy clarifies a company’s goals and defines success. With these objectives in mind, a marketer will be able to smartly pick through the myriad data not only to prove the value of marketing, but also to improve it.
We expect to see marketers gaining confidence in their digital marketing strategies in the coming months, and AdAge even speculates that “the CMO will soon have a better pulse on the business than the CFO.” With a defined set of goals, marketers will be able to wade through data more effectively, and not only be able to track results, but also learn how to strategically build on them.