Marketing has evolved dramatically with the advent of data analytics and technology. Today, marketers have access to vast amounts of data that can provide valuable insights into customer behavior, which is crucial in creating a data-driven marketing strategy. However, without the ability to analyze and interpret this data in a timely manner, these opportunities can quickly slip away.
Speed to insight allows marketers to spot trends, identify emerging opportunities, and address issues in real time. It is the key to staying agile and responsive in an ever-evolving marketplace. In this blog, we will explore why speed to insight is crucial for a data-driven marketing strategy and how it can give businesses a competitive edge with the help of Salesforce Marketing Cloud and Mevo.
What are the Problems of Traditional Data Analysis?
Traditional data analysis faces several challenges in today's fast-paced digital age. Firstly, traditional methods often rely on manual processes and are time-consuming. With the ever-increasing volume of data generated, it becomes difficult to analyze and derive insights efficiently using traditional techniques.
It is also limited in handling complex and unstructured data types such as text, images, and videos. This restricts the ability to gain comprehensive insights from diverse data sources. Lastly, traditional approaches may not be equipped to handle real-time data analysis, which is crucial for making timely and informed business decisions.
The Marketer’s Challenge: Speed to Insight for Better Marketing Strategy
Automation and standard procedures are crucial for marketers as they strive for speed in their decision-making processes. According to Salesforce Research, many marketers are unable to access insights quickly enough to make impactful decisions. Waiting for 6-12 months for traditional mix modeling and attribution implementations is not feasible for marketers who need fast and data-driven decisions. Legacy Solutions' slow speed-to-value track record serves as a warning for buyers, highlighting the need for a solution to address the critical need for speed in marketing decision-making.
The challenge lies in receiving these data insights as quickly as possible. With the rapidly-changing market landscape and consumer behavior, marketers must stay agile and adapt their strategies accordingly. By having access to real-time data, marketers can make timely adjustments, optimize their campaigns, and ensure they effectively reach and engage their target audience.
The Solution: Getting Actionable Insights Efficiently with Salesforce Marketing Cloud and Mevo
Manual processes and a lack of automation have long hindered legacy marketing mix and media attribution. This has led to inefficiencies, errors, and the need for constant rework. The Salesforce Marketing Cloud and Mevo combination aims to address these issues by leveraging end-to-end technology.
The Mevo App automates the ingestion of various data feeds from Salesforce Marketing Cloud Intelligence, utilizes GenAI for automated modeling, and presents the data in an easy-to-use UI. Additionally, it provides a comprehensive consumer-level outcome data set for further analysis and mining. By streamlining and automating the marketing mix and media attribution process, this combination offers improved speed and accuracy in delivering results.
Recent Salesforce customers have experienced remarkable results in terms of throughput due to the implementation of this data mastery solution. In collaboration with the Mevo App and Salesforce Marketing Cloud, a significant agency complex updated its Marketing Intelligence base data on April 8th. Two days after, the UI started displaying modeled media optimization and reallocation recommendations that produced a return on investment.
This remarkable speed sets a new record in the Martech sector, enabling marketers to swiftly adjust and act across the entire media mix in near real time. Gone are the days of waiting for months to obtain actionable insights; now, marketers can make informed decisions promptly.
What are the Best Practices for Implementing Speed to Insight in Data-Driven Marketing Strategy?
Quickly gathering and analyzing data allows marketers to make informed decisions and adapt their strategies in real time. However, achieving speed to insight requires following best practices and implementing effective strategies.
Here are some of the best practices to consider for your business:
Utilize Real-time Data Analysis
Implementing speed to insight in a data-driven marketing plan requires real-time data analysis. This involves utilizing tools and technologies like Salesforce Marketing Cloud and Mevo that can process and analyze data quickly, allowing marketers to make informed decisions and take immediate actions based on the insights gained from the data.
Automate Data Collection and Integration
Automating the collection and integration of various data sources is crucial to achieving speed to insight. This includes integrating data from different channels, such as social media, website analytics, customer relationship management (CRM) systems, and third-party data providers. By automating this process, marketers can save time and ensure they have access to up-to-date and comprehensive data for analysis.
Implement Agile Marketing Practices
Adopting agile marketing practices can greatly enhance the speed to insight with data-driven marketing strategies. This involves breaking down marketing campaigns into smaller, manageable tasks and continually testing and iterating based on insights gained from data analysis.
Foster a Data-Driven Culture
Establishing a data-driven culture within the marketing team is essential for implementing speed to insight. Hence, it involves investing in the right tools, promoting the use of data in decision-making, encouraging collaboration between data analysts and marketers, and providing training and resources to enhance data literacy among team members.
Maximize Speed to Insight Data for Better Decision-Making with Salesforce Marketing and Mevo
In previous months and years, marketers have faced increasing challenges in accurately measuring the effectiveness of their marketing efforts. Traditional media mix modeling and marketing attribution methods have taken too long to implement, delaying obtaining valuable insights. This has become a cautionary tale for buyers, as the speed to value provided by legacy solutions has not been satisfactory.
However, the combination of Salesforce Marketing Cloud and Mevo solves this challenge. By providing built-in foundations for more standardized and rapid implementation, these tools enable marketers to access fast-speed data for better data-driven marketing strategies. This combination offers a way to overcome the previous hurdles and achieve more efficient and effective marketing campaigns. Request a demo today to learn more.
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