The speed and insights delivered by analytics are far more powerful when integrated with innovative and creative ideas.
Over the course of the last years we see a steady and steep increase in marketing modernization in order to drive company growth. It’s always been dependent on new technologies, even more so in the last two years due to the pandemic. The main goal of most of the new tools and the reason for the reign of Big Data is to generate insights that translate into economical value.
One of the most modern tools applied in marketing is the use of predictive analytics based on machine learning – it processes data into trends and insights that allow marketers to make better decisions regarding customer engagement. The available data is distilled for better targeting, segmentation and personalization aimed at potential customers. Marketing automation is the big improvement that allows companies to save precious time and costs in order to optimize manual tasks and divert employees’ energy into more strategic work. All of that focused work fuelled by data analytics is often called “precision marketing” and it allows companies to offer products and services accordingly.
Looking at the Digital Revolution we all live in, one could think that machines, numbers, data and analytics are the dominant marketing instruments and leave no room for imagination and most of all – creativity. In fact, creativity and analytics are not enemies – when well integrated, they form a dream team that no company should ignore. A holistic approach that includes knowledge from different fields is a recipe to achieve the same goal – raise revenues and better engage customers.
A study by McKinsey actually adds a third element to the equation – called “growth triple play” it includes creativity, analytics and purpose. According to the study, the use of all three components can boost average growth rates by 2.3 times compared to companies that don’t use any of the three. The ever-changing buyer behaviour means fusion of creativity and data analytics is necessary to deliver deeply personalized customer experiences. At the same time, purpose allows marketers to correctly choose insights that best align with company’s values and goals.
According to McKinsey, companies applying creativity and data in tandem have growth rates twice as high as companies that don’t. The so-called “integrators” are aware that incorporating knowledge from both areas is the most beneficial for their work, and at the same time for their company – achieving a growth of 10% per year.
Another interesting survey, published by Walker Sands marketing agency, shows that marketing specialists are sure that a mix of creativity and technology is the best way to achieve future growth. 56% of marketers say that in the future their marketing strategy will be based on both of those values.
The best conclusion is this – make the most of your data, but also find the combination of data and creativity that allows your company to provide customers with the most engaging experience possible.
And you, are you already an integrator?
