Advice for marketers from the CMA Insights Council
This is Part 2 of a blog series from the Insights Council. Read Part 1 here.
“In a word”
To kick-start 2024, a few members of the CMA’s Insights Council have offered one word that best describes how we hope insights and analytics can help marketers make better decisions in 2024. Read on to learn more.
Informed
The essence of utilizing data-driven insights and analytics in marketing is to empower decision-makers with a deeper understanding of their target audience, market trends, and the performance of their strategies.
Being “informed” implies a comprehensive awareness and understanding of relevant information, enabling marketers to make more precise, strategic and effective decisions. By leveraging insights and analytics, marketers can gain valuable perspectives, identify patterns, and refine their approaches, ultimately leading to more informed choices that have the potential to enhance overall marketing effectiveness and ROI.
—Justin Abraham, Vice President, Analytics Strategy, Massive Insights
Integrated
The notion of integrated intelligence transcends the traditional boundaries of data aggregation, embodying a sophisticated amalgamation of varied data streams, cutting-edge analytical methodologies, and the nuanced application of human insight. This paradigm fosters a comprehensive understanding of market dynamics and customer behaviours, leveraging an array of intelligence sources—from the sentiment analysis of social media platforms and the monitoring of real-time consumer actions to the examination of transactional records and more. Through the synthesis of these diverse forms of intelligence, organizations are empowered not only to respond to shifts in the market landscape but to proactively anticipate and influence future trends. Such an approach enables the formulation of more refined, adaptable, and impactful marketing strategies, thereby catalyzing sustained organizational growth and forging more profound connections with customers.
—Ersegun Kocoglu, Managing Partner, Market Me Canada Inc.
Actionable
Insights are only valuable when they create value for the organization. Often, though, insights live in PowerPoint presentations, or as interesting tidbits in conversations. My hope in 2024 is that more insights will be geared towards actions marketers can actually take in their day-to-day activities.
—Margaret Ngai, Head of Analytics and Technology, RI
Agile
Both the marketing industry and consumers are experiencing an unprecedented pace of change with AI and other technologies. Using this new technology to test at scale allows more agility in evaluating results and creates a culture within the team that drives constant improvement.
—Noah Vardon, President, Havas Media
Relationships
Continuing to strengthen existing customer relationships remains a priority. We often forget that it costs five times more to attract a new customer than it does to keep an existing one. We marketers should leverage data as a crucial tool to engage with customers and deepen existing relationships, promote loyalty, cross-sell and turn our clients into lifelong promoters. Retention is as important as acquisition for business growth.
—Ankit Wadhawan, Head of Customer Life Cycle Management & Engagement, HSBC Canada
