Data Driven Marketing: The Next Generation Marketing Techniques

Abundance of relevant data and the welcome age of digitalization have brought the marketing and sales functions closer. Next-generation sales technique that consist of data-driven sales processes and lead generation aligned to the customer journey have proven three times more effective than traditional sales methods. Content has long been king in selling, however that king has currently been dethroned. Data has emerged as a new need of today’s time. With advancement in technologies marketers are able to track individual actions, from initial contact to final dealing, in an Omni-channel selling atmosphere. They are able to shape content in order to get desired business outcomes. With advancement of data every day, marketers are finding it a necessity to transform data quickly and easily.

They have realized that companies spending more on marketing technology analytics are the top performers. Adequate investment in the right data transformation and analytics tools can send companies ahead of their competition. The purpose of the current research is to investigate the significance and effectiveness of data driven marketing as the next generation marketing techniques and the major challenges associated with it. Key words: digitalization, next generation, Omni channel marketing, marketing analytics Introduction:Data has made an identity for itself. From professional sports activities to healthcare, retail and beyond, almost every industry is speaking about massive records and analytics. Marketers are an increasing number of relying on statistics for their campaigns, measuring the effects of each and every effort so that they can streamline their messages. Five years ago, the McKinsey Global Institute (MGI) launched big data, the subsequent frontier for productivity and competition. In the years since, information science has persisted to make rapid advances, mainly on the frontiers of machine getting to know and deep learning. Organizations now have troves of uncooked information blended with powerful and sophisticated analytics tools to achieve insights that can improve operational performance and create new avenues for marketers. Most profoundly, their choices no longer have to be made in the dark or primarily based on intestine instinct; they can be based totally on evidence, experiments, and extra accurate forecasts. A study conducted in the year 2017, reveals that 9% of retailers finds a huge opportunity in the coming year if marketing is done on the basis of data. However this percentage has doubled, with 19% of retailers now saying it is number one (compared to 16% across all sectors).

The developing enlargement of accessible data is an identified style worldwide, whilst treasured expertise springing up from the information comes from facts analysis processes. In this context, the bulk of businesses are collecting, storing and inspecting statistics for strategic enterprise selections main to treasured knowledge. The capability to manage, analyze and act on statistics (“data-driven choice systems”) is very vital to businesses and is characterized as a considerable asset. The potentialities of big data analytics are necessary and the advantages for data-driven agencies are full-size determinants for competitiveness and innovation performance. However, there are enormous obstacles to adopt data-driven method and get valuable understanding via large data.