The infographic below, produced by McKinsey & Company, illustrates how data is used to decrease marketing costs and increase returns. As consumers use more and more technology in their purchasing decision there has been an increase in the data that is available to marketers. Companies that are able to leverage this data effectively in their marketing campaigns have been able to increase their returns. Here are some interesting statistics pulled from the infographic:
- Big data leaders beat the competition, they have 5% higher productivity and 6% higher profits than other companies
- Companies are using analytics to perform smaller smaller campaigns more frequently, which has resulted in an increase in ROI
- 63% of projects do not use marketing analytics to make informed decisions
The takeaway from this is that using analytics effectively results in higher profits, but there are many companies not taking advantage of analytics and they also missing an opportunity to increase their ROI. In the past analytics were only available to larger companies with the budget to have an entire database analytics team. But now cloud technology has made it possible for smaller companies to have access to an analytics team without the overhead. To find out more about Infernotions and our data analytics solutions visit our main website.