The current state of data-driven market is about to ramp up and get a whole lot more competitive. That’s because the general economy in most of the major industries has been enjoying a significant amount of growth since the 2009 Recession, and the party van is just about out of gas. A retraction in business, profits, and growth is well overdue and would be a sign of a healthy market redoubling itself before moving ahead again.
For data-driven marketing, the above makes it all the more important to have good information summarized and up-to-date as quickly as possible for marketing decisions. That, in turn, will drive demand for tools that have already bridged the gap between marketing efforts and their statistical translation into financial transactions and accounting statements. Few companies who are big players in their industries are operating without these tools now readily available for enterprise system networks.
Not only is the data that is available reflective of the latest operations of a business, it can be culled and dissected down to the individual operator, salesperson, production unit, and customer follow-up efforts. That’s a powerful set of views with regards to not just how each one functions but how they interrelate to each other as conditions change. With change in the winds for a tighter, less profitable market in the next few years, that information needs to be known as soon as possible.
The one area of weakness in the current data-driven market is that it is still fairly new for many players. The difference between data mining and data leveraging are still being understood. With big change on the horizon, that learning curve period is very short. This is why it is critical that consulting support and new tools are obtained together. Companies won’t have time to learn everything at the 11th hour when the retraction hits their sales figures.