Data Investment to Thrive in a Digital First World

The State of UK Marketing Budgets

COVID-19 has launched us head-first into the digital world, with people spending more time online than ever before. Consumers’ shopping habits have undergone a particularly significant transformation over the past twelve months, with the closure of physical stores under coronavirus restrictions.


Results from a recent e-marketer report suggest that most UK senior marketing decision-makers will focus on resilience post-pandemic, but digital transformation will also be a key consideration. (The Drum) Accordingly, the second blog of our series ‘The State of Marketing UK Budgets’ will focus on the various impacts of the global digital transformation in 2021.

 

Digital investment for a successful future

Not only do businesses need to understand consumers’ changing behaviours as they shift online, they also need to react to this.

Our research supports this outlook, as 65% of businesses said they were planning to invest more in digital over the next 12 months.

43% of businesses said this was due to large increases in digital consumption by consumers, whilst 38% said it was a “business priority” not only to survive but to thrive in a digital-first world.

Investing more time in digital carries extensive benefits for marketers. First and foremost, it allows for more valuable data-collection on the ways in which customers engage with brands online.

In turn, this can help marketers to deliver more timely, relevant and personalised experiences to their customers. As digital consumption increases, marketers can also track customers behaviours over time, highlighting potential opportunities within the customer lifecycle.

 

Understanding customers’ data

Once this valuable data has been collected, marketers must draw insights from it to create effective growth strategies. Success then, comes from a strong understanding of the data.

Within our research, 42% of survey respondents said they were likely to allocate budget to help them better understand their data in the future, highlighting a widespread awareness of this issue.

50% of survey respondents said they were most likely to use this data to improve their targeting.

Whilst discussing the future of marketing, CEO of Publicis Media, Tim Jones, said that in order to succeed in a digital-first world, “brands must be resilient, have identity systems to provide personalisation at scale and have the infrastructure to deliver relevant and meaningful content." (Forbes)

Indeed, the more targeted and refined your marketing approach is, the better you can build long-term engagement with your customers and generate successful results.

 

Tech toolkits to provide assistance

The sheer speed of the global digital transformation means that many businesses are now seeking technology tool kits to help them manage their data driven futures.

Increasingly, marketers are becoming aware of the value of investing in things like advertising (46%) and marketing technology (35%).  Importantly, this technology must help brands to organise, analyse and present their data through personalised multi-channel campaigns.

Those most proficient marketers can get the most value by investing in a technology provider that provides all three areas.  

 

Conclusion

COVID-19 has changed the landscape of digital marketing. Customer data is more important than ever before and marketers are becoming increasingly aware that success stems from investing in digital.

Moreover, brands should start accumulating technology toolkits that can help them to get the most out of their data. Collectively, these actions will ensure that they thrive in a digital-first world.

To find out how our 200 marketers are planning to do this, follow our exclusive The State of Marketing UK Budgets infographic series, to receive deeper insights from our research.
 


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