ADA Study: Marketers need to get good at data mining and analytics
GETTING the attention of customers, on increasingly ‘saturated’ platforms, is the biggest challenge for modern marketers.
Given the changing economic climate, a recent ADA study found that a large number of professionals believe marketing budgets in 2020 will shrink — amplifying their challenges.
The solution? Data mining and analytics.
“Budget constraints are going to be a key challenge for marketers, with 66.5 percent of them having to sacrifice certain marketing activities to make their budgets work in 2020,” ADA Chief Operating Officer (COO) Anurag Gupta told Tech Wire Asia.
“This means the biggest challenge for Southeast Asian marketers is doing more with less in a difficult economic situation.”
According to the COO, a simple yet effective way to optimize budgets is to leverage data. However, a common mistake that marketers make, Gupta cautions, is they assume that data is a silver bullet.
“What data really does is provide the basis for marketers to gather insights which can lead to actions that deliver clear business outcomes.”
To help marketers tackle the problems that are associated with data mining and analytics, ADA believes they need to divide the task into four steps.
In the first step, marketers should work to identify the problem in as precise a manner as possible and gather or mine the relevant data. Next, they need to use data analysis to reveal specific and actionable information.
Third, marketers must extract unique insights and perspectives from the information. Finally, marketers must create actionable strategies and solutions to deliver results.
“Content is more important and brands need to focus on creating good creative content drawn from consumer insights. Videos and podcasts are just mediums to reach consumers and what brands should focus on here is in optimizing the efficiency of output instead.”
According to the COO, using the four-step process, marketers can hone in on the kind of content that is most suitable for the brand — they can also make the most of their spends by studying the data to see which formats and platforms deliver best returns.
The emphasis on creating good and relevant content is easy to understand given consumption trends.
“The social platforms that marketers choose are entirely dependent on their target consumer behavior. Although there are platforms like Tik Tok and other short video platforms that will grow to generate over US$6.5 billion in revenue in 2020, content is still the main pull factor for all platforms.”
At the end of the day, Gupta advised marketers to cultivate a strong culture and mindset around data. Ultimately, in 2020, when money is tight, that’s what will deliver the best results — for the brand as well as the company.