As a CMO, you face many challenges. Building an effective marketing team. Crafting engaging messaging and marketing materials. Working across the business to ensure every part of your organisation's operations supports your brand values.
Here are 5 challenges that can be solved with a modern data analytics solution:
1. Optimise your marketing spend
You're faced with a growing number of marketing channels, from your own website to your social media, affiliates and influencers, and in the form of paid advertising on both online and offline channels.
Modern data analytics allows you to pull together data on the performance of each campaign across each of those channels, so that you can easily compare how much each lead or conversion is costing you, see which campaigns and messaging are most effective at engaging with customers, which customer segments are most profitable and which channels are best at delivering those customers.
2. Increase customer stickiness
One of the ways to reduce customer churn and keep customers coming back — and spending more — is to give them more of what they love.
Companies like Netflix have shown the power of providing more personalised content, estimating that it saves $1 billion a year by using a recommendation engine. Determining which content is relevant to each customer typically involves applying a form of artificial intelligence called Machine Learning (ML) to analyse large quantities of data.
To do that at speed and cost effectively requires the right technical infrastructure: a modern cloud-based data analytics platform. It's a must-have if you want to use ML to add personalisation to your marketing toolkit.
3. Optimise your pricing and promotions
Get your pricing and promotional strategy wrong and you’ll lose out, either leaving money on the table or leaching sales to competitors. The goal is to find the right balance of profit, value and desire.
To do that, you need to have a good understanding of your customers and how they define value, to be able to continually feed in new data about how customers are responding to current promotions across your entire product range, and to be able to model how they’re likely to respond to changes in your pricing and promotions.
Modern data analytics platforms allow you to crunch the large amounts of data involved quickly enough, while providing tools to build models that accurately forecast the impact of each proposed change.
4. Monitor and manage your brands
The last ten years have seen a revolution in how customers find out about brands, how they share their opinions about them — and how quickly news about your brand can spread. You need to keep abreast of a growing range of social media channels and review sites, understand who the current key influencers are, and quickly pick up on and respond to news stories or what your competitors are doing.
A data analytics platform not only lets you bring together content from across all these communication channels for review but will also give you tools to automatically perform tasks like sentiment analysis on text, video and images.
5. Drive product and service development
Understanding how customers actually use products and services can provide valuable insights when considering which new features should be developed and whether you should add more options and accessories — or even where there's a gap in the market for an entirely new product.
With modern data analytics, you can build a more complete view of customer interactions and use powerful tools to identify trends in customer behaviour.
Solve your biggest challenges with Ancoris CMOLab
The benefits of a modern data analytics solution to solve some of your most pressing challenges are clear — but deploying one can seem a daunting prospect. That's why we've put together our CMOLab solutions. They make it easy to bring together and analyse your own data so you can take your marketing to the next level.
With Ancoris CMOLab Marketing Spend Optimisation, you can make the most of your marketing spend by tracking marketing KPIs and ROI in real time.
With Ancoris CMOLab Recommendation Engine, you can give customers more of what they love by suggesting products based on their preferences.
Get in touch with our Data, Analytics and AI team to find out more.
Working with our data analytics and AI team
Our Data, Analytics and AI practice brings together a highly committed team of experienced data scientists, mathematicians and engineers. We pride ourselves in collaborating with and empowering client teams to deliver leading-edge data analytics and machine learning solutions on the Google Cloud Platform.
If you'd like to find out more about how we can help you build your own modern data and analytics platform, why not take a look at some of our customer stories or browse our resources. Needless to say, please get in touch with our team if you'd like more practical support and guidance.