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How to Use Data to Drive Marketing ROI, with Mike Weston

20/02/2018 By Luke Webber

It's been a while since data began dominating boardroom discussion, and it's seeming increasingly likely that more data-leaders will be joining boards over the next two years. The meteoric rise of marketing automation is one of the most exciting trends within this mini-revolution.

 

As part of an ongoing series on data and its impact, La Fosse's Head of Data, Luke Webber interviews Mike Weston on how to utilise Data to unlock your marketing ROI.

 

Frequently invited as commentator on major media outlets (recent coverage has included BBC News, Sky News, The Guardian, Financial Times and Wall Street Journal) and regular speaker at major international conferences, Mike is singled out by Information Age as one of the UK’s top 50 data leaders and influencers and in the DataIQ Big Data 100. His previous positions include MD of Rich Media advertising agency Digital Oxygen, MD of email-marketing solutions provider Silverpop and CEO of data-science led consultancy Profusion. In March of 2017 he co-founded Radiate B2B, a marketing automation and data-science-led consultancy focusing on Account-Based Marketing.  

 

To watch the interview, Marketing Automation and its Impact on Data, please scroll to the bottom of this article, or read on for the key take-aways.

luke webber and mike weston interview gdpr data marketing automation

1. Strong data capabilities are essential to stay competitive in emerging markets: over 60% of companies that are outgrowing their competitors use market automation. 

It has been proven in numerous studies that the most successful companies have data fully integrated across their organisation – see here for some more impressive stats. 

2. Use relevance and context to drive revenue and engage the market-of-one.

The last 15 years have seen the shift from a culture of mass-marketing towards strategies which treat every prospect as the market-of-one. The idea of 1-2-1 marketing was conceived as early as the 1990s, but has only recently become economically viable to scale. Now we need to focus on really understanding the data at its core to make the most of it. 

3. Be automated and not an automaton.  

Marketing automation is somewhat of a snakes and ladders board: in some ways every technical innovation takes the market one step further away from the person they are seeking to target, which can seem counter-intuitive. 
Particularly in the world of inbound marketing, organisations that fail to supplement automation with emotional intelligence end up adopting a cookie-cutter approach. This prevents them from seeing the ROI automation should stimulate. Overlaying automation with AI helps to unlock the emotional intelligence piece necessary for a sophisticated, successful strategy. 

4. Don't be too focused on metrics: keep sight of the bigger picture. 

A preoccupation with granular metrics can often prohibit, rather than encourage growth.  One example was a client insisting that she didn’t want to hear about what happened after someone opens an email, because her bonus was linked to email clicks. 
To keep sight of the bigger picture, go back to the "God Metric" – usually a measurement of revenue or profitability – and make sure everyone understands they are working towards this central goal above all others. 
From this point you can work backwards to establish the key steps along the journey from the identification of a prospect to achieving this ultimate standard. 

5. Bring the whole organisation together to maximise impact.

Companies which are likely to succeed are those who have coherent alignment in every division of the business. Engaging with marketing automation and data involves recognising that to optimise ROI you need to make a change to the way you operate, so you have to get integration and buy-in at all levels.  
 
6. There have been underground whispers that the GDPR deadline could be extended past May (though by no means depend on it!)

The tricky subject of GDPR comes up in every new client discussion, and there seems to be more uncertainty than there is concrete awareness. As rumours of an extension for some elements of GDPR, though, are thus far unsubstantiated, see here for the 5 key marketing automation pitfalls which can be planned for. 

 

For more information or to discuss Data further, please get in touch with Luke Webber, Head of the Data and Digital Executive Search practice at La Fosse.
Luke.webber@lafosse.com
0207 932 1669

 
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