Becoming more data-driven is top of mind for so many of us. But when we ask for more resources so we can become more data-driven, too often we’re met with questions from those with the purse strings like, “But what’s the payoff for being more data-driven?”
So if justifications like “deeper insight” and “better understanding of our customers” (although very great reasons for becoming data-driven) are falling on deaf ears, here’s a collection of great arguments for funding more investments in data-driven marketing talent, processes and technologies—and the data points you can use to back them up:
We have no choice. It’s a data-driven world, now.
• 2.5 billion gigabytes of data are created every day and that number doubles every month.
• There has been a 9-fold increase in the amount of digital information created and shared in the last five years.
• Gartner Research reports that the amount of data businesses collect and store is growing at 40% per year.
• Analyst firm IDC predicts a 44-fold increase in the amount of data businesses collect between 2009 and 2020.
Integrated marketing is too complex to manage without data insight—and too important to ignore.
• 31% of marketers say integrated marketing is important for improving business performance.
• 83% of sophisticated integrated marketers report that they see “a direct relationship between higher revenues and integration.”
There are big bottom-line benefits.
• 68% of marketing leaders—those who always use analytics for making and evaluating decisions—say it’s given them competitive advantage when it comes to increasing revenue.
• 61% of marketing leaders say the use of data analytics measurably increased the ROI of marketing campaigns
• 43% of all marketers say data-driven marketing has given them a competitive edge when it comes to customer acquisition.
• 34% say so when it comes to increased revenue.
• 30% say data-driven marketing gives them a profitability edge.
We can grab a culture booster shot.
• 54.3% of data scientists think they should be provided with more technology resources.
• 45% of marketers say data-driven marketing frees up strategic employees from administrative tasks.
• 29% say it automates their ability to collect insights.
• 26% say it’s changed their organizational structure.
And if you’re the one with the purse strings who still isn’t convinced …
Grow your professional mojo!
Top CMOs show above average performance in:
• Data-driven culture.
• Data insights.
Sources: DestinationCRM, LocalVox, CrowdFlower, Forbes Insights, eConsultancy, Gartner, Salesforce