Traditional methods of creating marketing strategies, basing campaigns on assumptions, and employing a trial and error approach have no place in today's consumer-driven market.

Market trends change FAST, so it's more important than ever that marketing strategies are built on up-to-date information.

Data is becoming increasingly important for every industry. Getting to know granular details about customers gives marketers and sales departments the information which can help refine, enhance and improve any marketing strategy.

Using data to create actionable insights is easier to achieve than it was a decade ago. Compared to five or ten years ago third-party data, which now forms the basis of precision strategies, was not available for CMO's.

Rather than resisting the inevitable change, McKinsey reported that marketers are embracing the importance of using precise data in their campaigns.