Data is the currency for doing business today.
Data drives decision-making and learning. That’s the basis for why many organisations are now investing more in data-driven marketing spending, as this chart from eMarketer.com illustrates.
A recent research brief sourced a Millward Brown study stated marketers are demonstrating a lack of confidence in their media allocations. The article went on to say only 32% of marketers surveyed reported having confidence that their organisation had optimised its media mix between traditional and digital. And 50% didn’t feel confident in their organisation’s media mix.
The fact that most marketers are not confident with their ad channel mix would seem to suggest there is a lack of information or data to prove or disprove the mix is working or not.
Optimising the marketing mix across channels has often been high on the list as one of the biggest challenges facing marketers. But, that would tend to explain the fact 55% of respondents in the Millward-Brown study said they’re not confident their organisation understands the customer journey.
Businesses are calling for better attribution views, the quest for a more holistic single-customer view, and lifetime value. These all require the right data.
These issues point to the need for better data, systems, and people to get the answers necessary to improve the situation. It absolutely makes sense that many companies are going to be increasing their spending on research and data budgets.
The real interesting part is this also offers a huge opportunity.
If we, in our own industry — which is in the business of helping businesses grow and fund real journalism — are also going to be among those increasing spending on data and systems, then we can compete and win on behalf of our business clients.
We will continue to win business if we are using data and systems providing proven ROI with a trusted and data-transparent relationship with our clients.
After all, it’s about the data and our approach with data, not the platform. We need to tell that story to our prospective customers. Look at us for what we can do for you.
We’re about the data, not exposure platforms.