Data-Driven Marketing Strategies for SMBs: Achieving Important Objectives
Explore the importance of data-driven marketing strategies for small and medium-sized businesses (SMBs), including key objectives such as data analysis, customer acquisition, and sales revenue attribution. Discover how SMBs are successfully utilizing data-driven marketing to overcome critical challenges and achieve success in today's digital landscape.
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Table of Contents METHODOLOGY 3. Data-Driven Marketing Strategies/SMB 4. Important Strategic Objectives Ascend2 benchmarks the performance of popular digital marketing strategies and tactics using a standardized questionnaire and a proprietary 3-Minute Survey format. 5. Achieving Important Objectives 6. Most Critical Challenges 7. Strategy Crucial to Success 8. Analyzing Objectives and Challenges 9. Digital Channels for Collecting Data This survey was fielded to a panel of research subscribers and marketing influencers by Ascend2 and Insty-Prints. 10. How Channel Effectiveness is Changing 11. Data-Driven Marketing Complexity 12. Implementation Resources Used 13. About the Research Partners
Data-Driven Marketing Strategies/SMB Without an effective data-driven marketing strategy, small and medium-sized businesses (SMBs) lack the ability to acquire, organize, analyze and translate customer information into actionable insights. But what does an effective data-driven marketing strategy for the small and medium business look like? To find out, Insty-Prints and Ascend2 fielded the Data-Driven Marketing Strategy Survey. SURVEY RESPONDENTS N=188 SMBs Role in the Company Owner / Partner / CXO 44% VP / Director / Manager 45% The data in this edition of the study, titled Data-Driven Marketing Strategies for the Small and Medium-sized Business, exclusively represents the opinions of marketing influencers working for companies with fewer than 500 employees. We thank these busy professionals for sharing their valuable insights with us, and you. Non-Management Pro 11% Primary Marketing Channel B2B (Business-to-Business) 38% This research has been produced for your use. Put it to work in your own marketing strategy. Clip the charts and write about them in your blog or post them on social media. Please share this research credited as published. B2C (Business-to-Consumer) 38% B2B and B2C Equally 24% Enjoy! 3
Important Strategic Objectives What are the most important OBJECTIVES for data-driven marketing to achieve? Nearly half (48%) of small and medium-sized businesses want to base more of their decisions on the analysis of marketing data. Basing more decisions on data analysis 48% Acquiring more new customers 44% Achieving this objective requires a clear and concise data-driven marketing strategy. Integrating data across platforms 40% Enriching data quality & completeness 36% Attributing sales revenue to marketing 36% Segmenting target markets 33% 32% Aligning marketing and sales teams 4 Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017
Achieving Important Objectives How SUCCESSFUL is data-driven marketing at achieving important objectives? Data-driven marketing is very successful at achieving important objectives for a 54% majority of SMBs, and somewhat successful for another 40%. Unsuccessful 6% Somewhat successful 40% The question is, what challenges are marketers overcoming to achieve this level of success? Very successful 54% Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 5
Most Critical Challenges What are the most critical CHALLENGES to achieving data-driven marketing success? A critical challenge to achieving data-driven marketing success for 51% of SMBs is integrating data across disparate platforms. Integrating data across platforms 51% Enriching data quality & completeness 46% Overcoming this challenge by integrating data from multiple sources into a single view, enables marketing teams to turn insights into performance. Basing more decisions on data analysis 40% Acquiring more new customers 38% Attributing sales revenue to marketing 35% Segmenting target markets 30% Aligning marketing and sales teams 28% Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 6
Strategy Crucial to Success Do you agree or disagree that an effective data-driven marketing STRATEGY is crucial to achieving success? A total of 98% of SMBs agree to some extent that an effective data-driven marketing strategy is crucial to achieving success, with a resounding 70% strongly agreeing. Only 2% of small and medium businesses disagree with this premise. 28% 1% 1% 70% Strongly agree Agree Disagree Strongly disagree Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 7
Analyzing Objectives and Challenges Analytical comparison of important objectives and critical challenges. The most important objective (basing more decisions on data analysis) and the most critical challenge (integrating data across platforms) are related you can t have one without the other. Insights like these are necessary in the development of an effective strategy. Important Objectives Critical Challenges 48% Basing more decisions on data analysis 40% 44% Acquiring more new customers 38% 40% Integrating data across platforms 51% 36% Enriching data quality & completeness 46% 36% Attributing sales revenue to marketing 35% 33% Segmenting target markets 30% 32% Aligning marketing and sales teams 28% Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 8
Digital Challenges for Collecting Data What are the most effective digital CHANNELS used for collecting marketing data? Tactically, a website or eCommerce site, and social media are the most effective digital channels used for collecting marketing data by 58% and 55% of SMBs respectively. Website/eCommerce 58% Social media 55% Email communication 43% Mobile apps 37% Organic search (SEO) 33% Paid search (SEM) 23% Display ads/remarketing 22% Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 9
How Channel Effectiveness is Changing The effectiveness of data collection channels is increasing for a total of 98% of small and medium-sized businesses, with a 56% majority describing the increase as significant. Effectiveness is decreasing marginally for only 2% of SMBs. Which best describes how the EFFECTIVENESS of data collection channels is changing? 2% 56% 42% 0% Effectiveness is increasing significantly Effectiveness is increasing marginally Effectiveness is decreasing marginally Effectiveness is decreasing significantly Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 10
Data-Driven Marketing Complexity How complicated is the IMPLEMENTATION of a data-driven marketing strategy? The implementation of a data- driven marketing strategy is considered complicated by eight out of 10 SMBs, with 34% perceiving the task to be extremely complicated. 20% consider the implementation of a data-driven marketing strategy uncomplicated to some extent. 4% 34% 46% 16% Extremely complicated Somewhat complicated Somewhat uncomplicated Extremely uncomplicated Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 11
Implementation Resources Used Which best describes the RESOURCES used to implement a data-driven marketing strategy? Whether the complexity of implementing a data-driven marketing strategy is perception or reality, it is the primary reason that 92% of SMBs outsource all or part of this task. In-house resources only 8% Outsourced to a specialist 23% Only 8% implement their data- driven marketing strategy using in-house resources only. Combination of outsourced and in-house resources 69% Data-Driven Marketing for the SMB, Ascend2 and Insty-Prints, Published October 2017 12
About the Resource Partners Research-Based Demand Generation for Marketing Solution Providers Insty-Prints is your local, one-stop resource for high- quality print and business communications solutions with fresh ideas to help you connect. We pioneered fast- turnaround printing, and today we offer you an array of capabilities including multi-channel marketing campaigns, direct mail marketing, promotional items, graphic design, web marketing, signs, banners and much more . Learn more at instyprints.com Marketing software, data companies and agencies partner with Ascend2 to reliably generate demand and supplement marketing content. Our Research Partner Programs are transparent spotlighting your brand and the interests of your market. Learn more about Ascend2 Insty-Prints is independently owned and operated. 13
