Data-Driven Marketing Seen Most Useful for CX

By Marketing Charts

Marketers are generally happy with the overall success of their data-driven marketing strategy in achieving objectives, though only 1 in 5 rate it as “very successful,” according to a report [pdf] from Ascend2 and its Research Partners. About half of respondents reported that budgets for data-driven marketing initiatives will increase in the year ahead, with the customer experience (CX) appearing to be a strong reason why.

Data-driven Marketing

Currently data-driven marketing is most useful for CX and journey mapping, with 48% of respondents tabbing it as such. More than 4 in 10 also see data-driven marketing as being useful for email marketing and personalization, though fewer see the most useful current use cases being for forecasting results/performance and omnichannel marketing.

Looking to the year ahead, marketers believe that the data-driven marketing trend most critical to the decision-making process will be improving the customer experience. This is a key area that other research has likewise found to be one in which marketers want to improve.

Other data-driven marketing trends that respondents believe will be critical to the decision-making process will be increased personalization, improvement of data tools and integration, and use of predictive analytics.

As for predictive analytics, the part of their data-driven measurement approach that marketers would most like to predict is customer lifetime value. That is followed closely by sales close rates and customer upsell/cross-sell.

For now, those efforts will not be aided too much by machine learning. Only 1 in 7 (14% of) respondents say they’re currently using predictive analytics with machine learning capabilities in their data-driven measurement approach. And while an additional 27% have plans to do so in the coming year, the majority (59%) have no plans to do so, whether or not they would like to. Indeed, using AI/machine learning was the trend that was deemed the least critical to respondents’ decision-making processes in the year ahead.

Other Findings:

In other highlights from the report:

  • Almost half (48%) of marketers disagreed that they have prepared their data-driven strategy for the potential impact of the loss of 3rd-party cookies, with more strongly disagreeing (16%) than strongly agreeing (12%) that they have done so.
  • Virtually all (93%) either strongly or somewhat agree that having the ability to predict the impact that changing circumstances would have on their business would improve their data-driven strategy.

Article originally appeared on Marketing Charts.

Interested in learning about V12’s suite of marketing and audience solutions to help you target and convert today’s consumers? Click here to learn more.