Last week, I moderated a panel on†analytics driven digital strategies†at the†Marketing Partner Forum, an annual conference hosted by Thomson Reuters.
The panel (comprised of†Gregory Fleischmann,†Jennifer Mir,†Mike Mellor†and†myself) discussed a number of key components to creating and managing successful marketing strategies that move their organizations forward. The following are takeaways from the panel that are relevant to organizations across all sectors and industries.
The Role of Digital
It is impossible to ignore the integral role digital plays for organizations in all industries and sectors today. Digital is not just a tactic, it is what powers most successful marketing strategies.
The Role of Research
The most effective strategies are those that are well informed. Winning strategies donít just come together out of nowhere; winning strategies are the result of an investment in research to understand the landscape, competitors, and target audience segments that are synthesized as insights and recommendations to inform positioning, approach and execution.
The Role of Data
Successful strategies and campaigns are a mix of both art and science. From the quantitative side, data is required to determine a baseline and/or benchmark, inform decision making, and develop an approach.
Deciding what data is relevant is key to avoiding analysis paralysis. Identifying goals and objectives and determining what key performance indicators (KPIs) will accurately measure those goals and objectives is necessary to using only the data that matters and moves the organization forward.
Every organization faces challenges in grappling with digital, research and data. For some, those challenges are resource constraints, and for others, it is simply not knowing where to start. There is also a fear factor that comes with navigating unknown territory. But evolution and innovation have to start somewhere, and partnering with experts and building coalitions of the willing internally are good ways to start navigating and overcoming these challenges.