Rich Clayton, Vice President of Business Analytics & Big Data Product Group, Oracle, and Ray Owens, President, DX Marketing, examined data-driven marketing and its impact on today's organizations during a presentation to Argyle's CMO membership at the 2016 CMO Spotlight on Retail and Consumer Goods & Services Forum in Chicago on June 21. In the presentation, Clayton and Owens discussed ways that marketers can optimize the value of analytics.
According to Clayton, many marketers "don't feel confident in their segmentation." However, analytics may help marketers become more confident in their day-to-day campaigns, along with provide support in many other business areas.
"We know that analytics is high on everyone's mind," Clayton noted. "We know that with a good marketing analytics strategy, we can probably take 20 percent out of the budget."
Data-driven marketing organizations represent a rare breed, as they do things differently than many traditional organizations.
For instance, Clayton pointed out data-driven marketing organizations employ workers who are ready to embrace analytics and use it to drive results.
"From a people perspective, [data-driven marketing organizations] have a plan," he said.
Technology also plays a key role in an organization's marketing analytics success.
"You have to have a platform that can integrate all of the touch points with your customer," Clayton noted. "Marketing, unlike any other function in the company, has more transactional systems than any. Those source systems are great, but you have to be able to put [all of the customer data] together."
Marketers require agile technology platforms that are capable of adapting to customers' requests in real-time. Otherwise, marketers who fail to deploy such platforms put their organizations in danger of missing out on opportunities to build long-lasting partnerships with consumers.
"Marketing, unlike any other function in the company, has more transactional systems than any. Those source systems are great, but you have to be able to put [all of the customer data] together."
Building predictive models may help an organization learn about its customers and how customers feel about a brand and its products and services, according to Owens.
However, today's organizations must be able to collect large amounts of customer data and understand how to utilize it properly to maximize the value of this information.
"There is a tremendous amount of good digital data out there in the digital exchanges," Owens noted.
Using a combination of online and offline tools may help marketers analyze customer behaviors and trends and find innovative ways to connect with customers.
Typically, online tools are valuable because they can provide marketers with real-time customer insights.
"You have to be able to have the offline tools that identify rooftop to rooftop where [customers] are in a very manageable distance," Owens stated.
On the other hand, merely collecting customer data from online tools is insufficient. Instead, marketers must be able to mine large customer data sets to find actionable insights that they can use to drive better customer experiences.
Getting support from data scientists is an option for organizations, as these data experts possess the skills and know-how needed to mine large customer data sets quickly and efficiently.
Ultimately, data scientists can work with marketers to explore customer behaviors and trends and ensure that marketers are able to make the most of the customer data that is available.
"There is a tremendous amount of good digital data out there in the digital exchanges."
Data scientists, however, are one of several solutions for marketers to analyze customer data.
For an organization to deploy a successful data-driven marketing strategy, it must make all of its workers accountable for the customer data that is available.
Creating long-lasting partnerships requires a company-wide effort, and workers who understand how to evaluate customer data are better equipped to find innovative ways to improve the customer experience.
Also, marketers may be able to collaborate with other departments more effectively and reduce the time it takes to transform customer insights into sales conversions.
"We don't wait for our customers to get to paid search," Owens said. "We try to move up the funnel a bit."
From healthcare to real estate, businesses across all sectors can reap the benefits of data-driven marketing.
Owens pointed out data-driven marketing empowers marketers to provide targeted ads to the right people at the right time, thus increasing the value of an organization's marketing campaigns.
Going forward, companies that invest in data-driven marketing will need to understand how the use of analytics can drive better interactions with customers.
Customer data can come from a wide range of online sources, ensuring marketers can discover what customers want faster than ever before. Meanwhile, marketers are responsible for finding ways to leverage this data and incorporate it into their everyday campaigns.
Leveraging customer data requires a team effort, and marketers who use data to understand customers will be better equipped to interact with them in real-time. And with the right technologies and processes in place, marketers may be able to help their respective companies enhance their customer experience levels for years to come.
Rich Clayton is vice president of Business Analytics Product Group and is responsible driving global adoption of Oracle’s Business Intelligence, Big Data Analytics and Enterprise Performance Management solutions. He has a passion for helping companies transform their operations with analytics and driving change in financial management processes. Mr. Clayton is continuously researching industry trends, interacting with customers and partners, and presenting at finance forums, big data events and analytic symposiums around the world on Oracle’s strategy and the future of analytics.
Mr. Clayton currently serves on the Board of Regents for Loras College in Dubuque, Iowa. Collaborating with faculty and administration, he founded the Loras College Center for Business Analytics and led the development of the first MBA program in the state of Iowa focusing on business analytics.
Prior to joining Oracle, he was vice president of product strategy for Hyperion where he we was responsible for go-to-market planning, market strategy, pricing and sales enablement. Mr. Clayton has held several executive marketing positions for venture backed cloud startups. Before joining the technology industry, Rich held various corporate finance roles and was a public auditor with McGladery in Chicago.
Mr. Clayton earned his bachelor's degree in accounting from Loras College.
President of a targeted marketing firm featuring industry leading data analytics, location intelligence and direct marketing services. We bring enterprise level marketing tools to both large and small businesses - guaranteeing a level playing field when it comes to acquisition and CRM based programs.
DX Marketing serves many business verticals including Healthcare, Major Retail, Financial, Hospitality, Food Service, Real Estate and many more. Our staff of data and account service professionals provides our diverse client base a custom marketing playbook designed individually for each business. Everything from research, creative services, production, full digital support (email and web) - all combined with a data driven obsession and commitment to generating the right ROI for each client's marketing spend. We never template a strategy - it has to be based on the client's needs and what it will take to grow their business. Ray is based in Savannah, Ga.