The Emerging Role of Data Driven Marketing

G Muskaan Nasreen Institute of Public Enterprises, Secunderabad

Data-driven marketing is a strategy for optimising brand communications based on customer data. Customers' needs, desires, and future behaviours are predicted using data-driven marketing. Such knowledge aids in the development of personalised marketing strategies for the greatest possible return on investment (ROI).Marketers' roles have been evolving in our data-driven environment. 91 percent of marketers plan to increase their ROI and customer lifetime value. To utilise their data for demonstrable growth, future marketers and CX professionals will need a cloud-first data analytics platform.

WHAT EXACTLY IS A CLOUD DATA ANALYTICS PLATFORM? Cloud analytics is the application of analytic algorithms in the cloud to data in a private or public cloud to produce a desired result. Cloud analytics entails the use of scalable cloud computing in conjunction with powerful analytic software to identify patterns in data and extract new insights. The terms cloud analytics, artificial intelligence (AI), machine learning (ML), and deep learning are frequently used interchangeably (DL). It is also widely used in industrial applications such as scientific research in genomics or in the oil and gas fields, business intelligence, security, the Internet of Things (IoT), and many others. In fact, data analytics can help any industry improve organisational performance and create new value.

Organizations of all sizes can quickly make data-driven decisions to improve the efficiency of their products and services by leveraging AI and other analytics approaches. The cloud is an indispensable platform that enables rapid prototyping of ideas via proofs of concept (POCs) and

and provides a rich software ecosystem for developing AI applications and training DL models.

DATA-DRIVEN MARKETERS OF THE FUTURE MUST IMPROVE CX TO GENERATE REVENUE AND LOWER COSTS To offer hyper-personalized, relevant, and transparent consumer experiences that drive engagement, data is the most crucial asset for marketers and customer experience (CX) specialists. In order to expand their business and achieve their goal of providing experiences that result in recurring and passionate consumers, businesses must get to know their customers. That, however, is no longer sufficient. Marketers are under increasing pressure to not only meet or exceed client expectations but also to drive revenue and growth. According to a CMO Council global marketer survey, 91% of marketers believe senior management and board members expect them to produce demonstrable growth. One-third of corporate leaders believe that driving growth is the key responsibility of marketers today. Marketers' roles are increasingly shifting from optimising the customer journey to leveraging data to drive growth, increase ROI, reduce customer churn, and increase customer lifetime value. Success is all about successfully exploiting data.

IDENTIFYING AND RESOLVING THE MAIN DATA DIFFICULTIES FACED BY MARKETERS

Marketers are well aware that their tactics must be based on facts. The problem isn't a shortage of data; there's more data from more sources than ever before. It's not because there aren't enough Mar Tech tools on the market; there are more than ever. The top barriers to extracting more value from internal data assets were:

Gaps in technological systems that prevent data from being connected to a single consumer view Individual touchpoints and platforms are encasing inaccessible data. The team does not have the necessary expertise to completely unlock data and apply intelligence.

A modern data platform that brings together all available data is a solution to these and other pain issues. Teradata VantageTM, for example, is a cloud data analytics platform that combines data lakes, data warehouses, analytics, new data sources, and data types in a hybrid multi-cloud environment. This provides marketers with a 360-degree view of their customers across all touchpoints.

In the consumer economy, understanding customers and leveraging behaviour data to personalise and create relationships, as well as providing real-time experiences, can be a difference. Marketers anticipated that more successfully harnessing data would lead to engagements and companies that are more collaborative, customer-focused, efficient, connected, responsive, and profitable.

OVERCOMING THE DATA SILO PROBLEM Companies are still plagued by data and analytics silos. Individuals, departments, analysts, and others want to use their own data or shadow IT to quickly obtain what they require. Businesses and users are aware that this limits insights, relies on incomplete or outdated data, and does not provide a single source of truth; however, the problem persists. Data silos continue to emerge and defy best practices. These data silos are frequently found in multiple technology stacks, cloud platforms, departments, and customer facing channels with varying levels of data quality. A unified data foundation is required to turn customer insights into action. Isolated channels are brought together for frictionless integration using this platform. Each channel is aware of the customer interactions that occur across the other channels. Marketers can provide consistent customer experiences across all channels.

IMPROVING CUSTOMER EXPERIENCE NECESSITATES A CLOUD-FIRST MINDSET.

The cloud is the future of business and marketing. A cloud-first data analytics platform provides the speed, ability, flexibility, and innovation needed to answer any question against any data. Marketers and customer experience professionals of the future will require this type of platform to gather more data from more sources in order to engage customers. Engagement will not occur in a group of many customers, or even a group of a few. Individuals will receive personalised interactions at a segment of one level.

by a cloud-first data analytics platform with hyper scalability. A telecommunications company with 20 million network subscribers, for example, has 5,000 interactions per day and over 100 billion data points. It processes trillions of interactions per month, processes 100 million queries per day, and has millions of models running mostly in real-time to better understand consumer behaviour changes and preferences, among other things. A platform that can handle these massive workloads enables marketers to use data as an asset to see, understand, and plan not only for what customers want now but also for what they will want in the future.

Marketers' current mandate is to leverage real-time data across channels and touchpoints in a way that feels personal, relevant, and even anticipatory. Marketers can achieve this using Vantage CX. It provides the autonomy, visibility, and insights required to keep up with everchanging customer demand. It also provides the critical capability of transforming customer data into insights and insights into action.

Surprisingly, it has been found that only 3% of marketers believe their organisation is exceptionally effective at turning data and intelligence into actions. Delays in insight gathering can mean the difference between failure and success. This highlights the need for a solution tailored to the specific requirements of marketers and customer experience professionals. A brief demonstration demonstrates how Vantage CX predicts customer needs and optimises end-to-end customer experiences to assist marketers in getting more value from their data and being more effective at their jobs.