Data-driven marketing, once a novel type of marketing, has evolved to become an integral component of almost all advertising campaigns and strategy. And these changes have come quickly to match the quick pace of technological advances, forcing brands to rethink every aspect of their approach and restructure their spending.
"Real-time relevance is moving to become table stakes, and the quickest to move will win," notes analytic data platform Teradata in its 2015 analysis of the industry.
"Customers today expect—and demand—a seamless and relevant experience," Teradata said. "They have grown accustomed to marketers' knowledge of their preferences and anticipation of their needs. Fractured or conflicting messages from a brand make marketers seem unorganized and annoy customers, sometimes even driving them away."
In its survey of 1,500 marketing and communications executives around the world, Teradata found that most marketers are responding to this new reality, and made significant strides in improving data efforts over the past year—though new concerns like cybersecurity and the quick pace of change are making some executives feel pressure.
A global review of data-driven marketing by GlobalDMA and the Winterberry Group similarly found in its survey of 3,000 marketing professionals that nearly all recognize the importance of data in advertising and customer experience efforts, with over 77 percent saying they're confident in the practice and its prospects for future growth. That study also noted that spending on data-driven marketing grew for 63 percent of respondents in 2013, and 74 percent said that growth will continue this year.