As digital transformation sweeps through virtually every industry, businesses are facing a new competitive landscape. From autos to consumer products, the shift toward digital is driving companies to re-examine their investment, personnel and operational strategies — particularly when it comes to reaching customers.
Channel marketing has never been more complex, with shopping now taking countless paths to purchase and organizations juggling multiple partners. For businesses, data is their most precious resource in determining how to reach customers at the right place and time. According to a Google study, organizations using data-driven sales strategies have 2.6 times more annual growth than other businesses. But to unleash the full power of their data, businesses first need to understand how to turn it into actionable insights.
Deriving data-driven insights is a topic we’ll be exploring in more depth at Relevance 2019, which brings together channel experts from around the globe. The conference will feature guidance on how today’s professionals can successfully master the ever-changing channel marketing landscape. Here, we share a closer look at why brands need a more rigorous approach to channel data — and how to get there.
Evolving from Analysis to Insight
Data is foundational to the success of any modern channel marketing program, demonstrating proven benefits among those who leverage it intelligently. According to Forrester, better access to channel data increases sales by 15%, on average.
But access is only one part of the equation. While the typical business has an avalanche of data at its disposal, what it often lacks are the resources to put it to work. Key challenges include:
To illustrate the value that data-driven insights can provide, consider…