What is Modern Marketing & Information Management?

What is Modern Marketing & Information Management

What is Modern Marketing & Information Management?

Data is our lifeblood as marketers. It is crucial to be able to create content that is relevant, personalized, and valuable for our target audience by using data. What happens if data isn’t up-to-date. Our jobs often become more difficult than necessary.

It’s not necessary to keep up with the data You need to spend time creating great content. We’ll tell you a secret: You only need marketing information management software.

What Is Marketing Information Management?

Let’s take a look at what marketing information management means.

Your team collects a huge amount of customer data at any one time. Statista estimates that 74 gigabytes of new data will be generated by 2021. Although it can be hard to visualize this number, we will just call it a lot. Marketing information management’s ultimate goal is to help you make sense of the noise and improve your marketing plan.

A system is in place to collect, sort, and analyze the most relevant data. Your team will be able to spend less time digging through your databases and more time creating industry-leading content. A marketing information management system is not only a time-saving tool that will allow your marketing team to work more hours. You’ll also be able to reap other benefits with a solid data strategy.

  • Real-time data provides a better understanding of your customers.
  • Greater data management can lead to significant operational cost savings.
  • Ability to anticipate and react to new market data.

A strong marketing information management system is not just beneficial to your internal team. All data collected by your company, from internal media assets to industry research, will help you create a customer experience that is unparalleled.

Also read: What is Business Analytics? Definition and Solutions

Different types of marketing information and channels

There are many sources of marketing data, and they come in all sizes. Your team’s data requirements will depend on the projects they are working on and the goals they have in mind. However, your marketing information management software will organize all the pieces according to the three main categories.

1. Internal

The basic concept of internal data is exactly what it sounds like. This category includes all information that your company collects from customers and potential customers during your day-to-day operations. Some forms of internal data include:

  • Sales records.
  • Customer history.
  • Performance trends from the past.

It was normal in the past for data within an organization to be shared between different teams. Collaboration is essential as we understand more about the customer experience and expect personalization at each step of their journey. A system that organizes and analyzes internal data allows marketing, sales, and service personnel to easily exchange information and communicate as required.

2. Competitive Intelligence

Although competitive intelligence can vary, some of the most commonly found information in this category is:

  • Consider your current market share and position.
  • Reports or insights from third-party sources about competitors.
  • Information, comparisons, and reviews of products from industry experts or consumers.

It can be difficult to find this information as many competitors will keep their cards close. Your marketing information management system can play an important role in gathering and analyzing this data to help you understand how customers move along the path to purchase. It will also give you insight into how to make sure that you are there.

3. Market Research

To provide an in-depth understanding of the industry and give your team insights into possible opportunities and areas for improvement, market research requires a bit of everything. The following are some of the most common areas of market research:

  • Customers’ attitudes, beliefs, and perceptions.
  • Data about product performance and opportunities for new options.
  • How environmental factors like the economy, technology, and emerging social trends can influence consumer behavior

No matter what industry or target audience you are in, these channels will prove invaluable to your team. You’re about to get top-level marketing information management software to help you manage all the details.

Marketing Information Management Systems: Set Up And Challenges

To build your own marketing system, the first step is to find out if you have data for each of these three categories. If you don’t have data, step one and a half will be to determine which metrics your team will track as well as the channels they’ll come from.

There is a silver lining: once all your data has been sorted, you are already one-third done. These are the two remaining components that you will need to get your marketing information system up and running.

  • Software that can not only analyze and gather data but also allows you to create insightful reports from the results.
  • A system to ensure that the data insights you collect are available to the intended stakeholders.

Data comes in many shapes and sizes. The options for the various solutions that you can use to implement your new marketing information management strategy are endless. Many of the best software providers offer tools that can handle all your needs.

Hubspot

Hubspot is a great tool for marketers just starting to explore automation. You can begin by giving a high-level overview of the campaign’s performance, then dive deeper into detailed metrics like engagement and traffic breakdowns.

Amazon Web Services

Amazon Web Services is a cloud solution that was created by Amazon. It provides data warehousing and deep analytic capabilities. The platform can be used to create and run powerful dashboards or reports. This cloud-based platform can be particularly helpful if your company is still growing.

Tableau

Tableau’s user-friendly dashboards will help increase visibility throughout the organization. Before you can start building your reports, you will need to connect to a database already in place. This can be a good option for teams that have a legacy system to compete with.

It almost feels easy with all the options available, doesn’t it?

It was, at least, up to this point. We sincerely apologize for this one.

As with any major change, there will be some obstacles when introducing your marketing information management system. It’s not something that a proactive approach and a willingness to work hard (or lots of coffee) will be able to overcome. These are some of the potential problems to keep in mind as you update your team’s strategies.

Team Culture

Data is not always the most appealing initiative, but it can be compared to creative digital assets and innovative marketing campaigns. Employee education and the minimization of human error will make your marketing information management system a success.

Make sure to explain your decision to each department, and give them a basic understanding of data best practices. Talk to your team about any new responsibilities that they will be taking on to help implement the marketing system.

Data Quality

Have you ever cleaned out your databases in a while? We don’t mean to dust off your desk. However, now that we have mentioned it, we may need to do the exact same. It’s crucial to conduct an audit before you launch your marketing information system. This will ensure that the data isn’t outdated, redundant, or incorrect. You could be using intelligence that isn’t really there.

Strategy

Your strategy for guiding your team is as important as the data that you are analyzing. Each campaign and every metric you track must be connected to the overall goals of your company. Every data point should be tied to a specific business outcome. It’s easy to just track everything for the sake.

These are just a few of the many challenges that marketing teams might face. It may take some extra effort depending on the digital maturity of your company to get your marketing information system up and running. You can make your system more efficient by anticipating these problems and developing proactive strategies to fix any gaps in your internal data.

Also read: Sales Pipeline Management: What It Is Benefits and Stages

Use Data to Improve Your Marketing Success

Once your marketing information management system is up and running, it’s now time to gather all the data.

The marketing manager and their team will generally be responsible for the daily use of marketing information systems. However, this can vary depending on your company’s size. It may be more practical for a small team to have the responsibility for this operation until it is centralized.

Marketing teams might choose to send regular reports to certain stakeholders in your company. When it comes to sharing your insights, however, think about these questions:

  • What marketing channel was this data originally obtained from?
  • Which team is most familiar with the stage of the customer journey that involves this data?
  • Which business process does this result relate to?

Your marketing information management system will be more useful the longer you use it. This will make it easier to identify which data is most valuable for each team. Your system should evolve with your company. Your long-term goals and objectives may change. The metrics that you track should reflect this.

Get Started with Your Marketing System

A good marketing information management system will keep your team on track and give you all the tools you need for collaboration. Think about it: As your database grows, so will your ability to draw on more resources for strategic decisions.

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