There is no doubt that marketers today have access to tons of data. But because all of this data is fragmented and stored in disconnected data sources, marketing teams are not able to fully leverage data to run better personalized marketing campaigns or improve budget management.
All of this put together has boosted the demand for marketing analytics, which is expected to grow from USD 2.13 billion in 2020 and reach USD 4.68 billion by 2026 at a CAGR of 14%. Some of the other factors spurring this growth are the adoption of cloud technology, easier access to data and advent of AI-based solutions to aid marketing teams.
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Marketing Analytics Trends for 2021
According to Snowflake, marketing analytics and customer 360 are expected to evolve in 2021 in the following ways:
● Continued Demand for Real-time Marketing Analytics: Marketers can assess the impact
of their campaigns in real-time by running queries in a low-latency customer data
platform. They can extract profiles of their customers, improve customizations, identify
underperforming segments to change their strategies for better impact.
● Data Security, Privacy, and Regulatory Compliance: Ensuring the security and privacy of
marketing data is not only a regulatory requirement but also essential to protect
business interests. Deploying the right infrastructure with emphasis on encryption,
access control, network monitoring, and physical security measures has become
essential. Providing users with controls to opt-out, purging out unnecessary data,
erasing data once they have left the platform will be some of the other important
measures.
● Adoption of Predictive Analytics: Machine learning is enabling the analysis of historical
data to conduct predictive analytics and forecast future outcomes. It helps identify
customers who have the potential to become high-value or leave using look-alike
modeling and affinity scoring modeling to gauge their interests based on their browsing
history.
● Waving a Bye to Cookies: With Google sounding the death knell for third-party cookies,
marketers will need to depend more on first-party data sets to get holistic insights into
their customer behavior. This will require marketers to understand their tech stack, the
way data is collected, their marketing attribution models, and review optimization
strategies. This will prove to be beneficial as now apart from getting the customer
profile, they will also be able to set the context for their customers such as where they
are in the journey of engagement with the business and what they feel about it. For
effective contextual targeting, marketers will need a 360-deg view of their customers by
unifying their marketing data in a single platform.
● Increased Data Sourcing from Third-party Sources: First-party data alone will prove
insufficient to provide a holistic view of market trends and customer behavior. Thirdparty data will help enrich the data for a more holistic view of customers and augment
the first-party data they collect.
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Not Any Data, But Relevant Data
Businesses wanting to grow in these changing times need to invest more and more in datadriven marketing as this will provide them with insights about customers. This can help improve engagement through personalization of campaigns and provide feedback about the effectiveness of the various promotion channels
To develop an effective data-driven marketing strategy, businesses need to clearly define the
objectives as this will decide the kind of data they will need access to. This is also the time to
establish the metrics to measure the effectiveness of the strategy against the goals.
Having the right team is essential. Data scientists and analysts will be needed right from the time of defining the objectives to assessing the data, acquiring relevant data to fill up the gaps,design and execute the marketing strategy. This could be a centralized data team or distributed across different functions based on the business need.
Identifying the data sources and creating the infrastructure for managing storage, security, and accessibility requirements, choosing the customer data platform to activate customer data is the next crucial step. These decisions should be based on the size of the company, the complexity of the customer information, and business priorities. This will also influence the decision on the degree of data velocity required to be supported to ensure up-to-datedashboards and queries. Serving infrastructure that is production-grade maybe important tohave uptime that is comparable to a website. Real-time data access with security andgovernance also will need to be in place. Integration of the enterprise systems such as CRM,ERP, point-of-sale, or supply chain data on a single platform is another must for the success ofthe data-driven marketing strategy to provide a unified view of enterprise-wide data.
Running analytics on unified enterprise-wide data provides businesses with the insights they
need to be able to create marketing strategies that can meet their objectives of improved
customer engagement, sales, and revenue growth. The metrics can help assess the
effectiveness of the strategy and facilitate course correction in case it is ineffectual.
Snowflake Data Cloud for Effective Data-Driven Marketing
Traditional, on-prem data warehousing solutions do not meet the needs of today for real-time
data access. Data tends to be siloed and prevents getting a holistic view or an accurate
understanding of customer behavior.
A cloud-based data platform such as the one from Snowflake helps with managing
the complexity, volume, variety, and frequency of data requirements and helps
with:
● Unified Data Sets – Snowflake provides a centralized data platform with centralized
computing power to unify real-time access to disparate data.
● Unified Reporting – Centralizing data in one cloud-based architecture provides a holistic
view with greater accuracy in real-time.
● Easier Management – Storing data on the cloud data platform also enables faster
queries and retrievals with easy scaling up and down based on need.
● Seamless Sharing – Being on a cloud data platform makes data sharing easier.
● Lower Costs – Easy scaling without capacity constraints and pay-per-use model makes
this a cost-effective solution.
With Snowflake’s platform, breaking data silos and collecting and analyzing all customer data in a unified manner becomes easier to drive data-driven marketing strategy.
Indium for Implementing your Snowflake Data Cloud for Marketing Analytics
Indium Software is a rapidly growing technology services company with deep digital
engineering expertise across Cloud Engineering, Data and Analytics, DevOps, Application
Engineering and Digital Assurance.
Over the years, we’ve enabled several enterprises to transform their marketing organizations to become more data-driven, by taking advantage of the latest technologies. If you’d like modernize your marketing processes and leverage Snowflake for marketing analytics, Indium is an ideal implementation partner for this.
