Marketing In Data Rich World
Marketers are seeing more data about customers than ever before. This increase in data is changing how they are planning to do business. Data is at their disposal with online use increasing through sales and social media. This increase in data is giving them a better demographic and when put to good use can help them target their projected audience better than before. All these opportunities are changing their expenditures with hopes in increasing their insight.
What Should you Spend?
This new way to market is causing many obstacles for the marketer that they didn’t face in the past. They will have to deal with data analysis, applying, cleaning, protecting, and collecting data as well as needing new employees. These new expenditures could pay off and help them target and market more efficiently.
With all this new data, forty-eight percent of marketers are intending to increase their data marketing expenses slightly in the next year. While twenty percent intend to increase it greatly. That is a lot of new expenditures for data marketing in the very near future.
Processing all this information is going to be more time consuming and some will lead to employment expenditures for the marketers. Fifty-Six percent are planning on hiring new employees to help them filter and apply all this data knowledge to their marketing strategies. Marketers are going to need data analyst, programmers, and data engineers just to name a few.
Gathering Private Information
Collecting this private information from the public is likely to form a need for more protection in privacy for the consumer. This can lead them to more expenditure in the areas of marketing. For marketers who choose to increase privacy this could mean more data collection to help their strategies in profit. The consumer is more likely to give the information requested when ensured by privacy protection. Therefore, the gain in data may likely be worth the expense.
Think Social Media
Social media is a huge outlet for real time marketing. The advertising on the social sites is aimed to target what a customer’s interest are like by picking up cookie data from other sites the customer has visited recently. This is increasing marketer’s interest in the social sites. Eighty-three percent of marketers are planning on considering real time marketing because its probability to be efficient by making use of all the data collected through cookies. This increase in real time marketing could be why seventy-eight percent of marketers plan to make better use of social site data.
Therefore, it can be expected to see an increase in expenditures for the marketing world due to hiring new employees needed to handle all the data for these marketing strategies. All the insight gained from these expenditures and adjustments could help them reach their target audience creating more profit.