Data sophistication is key to marketing and business success – Enang
By Oghale Mafuru
Data sophistication and utilization is an essential factor for marketing and business success as technological advancement continues to disrupt every facet of human life, revolutionizing the marketplace and accelerating shift in consumer behaviour.
This assertion was made by the President of the National Institute of Marketing of Nigeria (NIMN), Idorenyen Enang during the 33rd annual National Marketing Performance Awards event of the Chartered Institute of Marketing Ghana (CIMG), which was held at the Labadi Beach Hotel, Accra Ghana.
Speaking on the theme of the event, “Content Marketing and Innovation in a Volatile Global Economy”, the NIMN President stated that while creativity and innovation is vital in the birthing of new and disruptive solutions in a highly competitive and volatile environment, insight generation and effective utilization of data is imperative for success.
“Marketing is a combination of things. It includes establishing and understanding your brand, knowing what your audience wants and needs, plus connecting with the audience’s emotions. This calls for a measure of creativity (design, art etc) to be exercised at all times through a medium of marketing. But the question is: Can the effectual business success be attained without insights? Where would these insights come from?
“An in-depth study titled Marketing 2020 initiated by Millward Brown found some interesting results, and that is the fact that companies that are sophisticated in their use of data grow faster. The COVID era brought this to light even more,” he said.
While speaking further on business sustainability in the age of accelerated digital disruption, the NIMN boss submitted that the dynamics have changed with consumers wielding immense power to determine the survival of a brand.
“Customers no longer need your brands as much as they once did. Now they are spoilt for choices more than they ever did. As we have seen, hundreds of new marketing messages and fresh competitors are vying for the customers’ attention daily. Brands, new companies and businesses are not backward about coming forward. Competitors are doing all they can to engage with the target audience as quickly, meaningfully and efficiently as possible,” he said.
Mr. Enang urged marketers to improve on customer experience as it is the most efficient way to win the new age consumer.
“The brand with the biggest marketing budget will not necessarily win, but the brand with the best customer experience will. And for you to be that brand or business, you must build the customer into every element of your business. You must avoid the lazy confidence of many large corporations the world over, thinking that their priorities matter to anyone outside their company, that people will see value in their product and that a simple piece of marketing copy will be fascinating for customers to read as it was for those who wrote it,” he added.
Recall that the National Institute of Marketing of Nigeria recently held its annual conference with the theme, Driving Business Sustainability in the Age of Data and Technology’. Given the overwhelming shift to digital caused by the COVID-19 pandemic, it has become imperative for businesses to rethink strategies and optimize technology for survival.
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