Data has become an important commodity for businesses that want to keep a keen eye on all aspects of their operations. Businesses now collect data from numerous sources, with data taken from customer interactions being valuable, as it is the most accurate data a business can collect. This kind of data can help shape, improve, and enhance a business’ marketing strategy. Taking a data-driven approach means marketers have to use the right tools, strategies, and techniques to make the most use of this data.
Data-driven Marketing
This is an approach to marketing where marketers formulate their strategies around the data the business collects and its analysis. It also includes a set of tactics and techniques that help marketers leverage the massive amounts of data they have at their disposal to target specific demographics, users, and visitors at a granular level.
The analysis of this data coupled with using the right tools can give insight into broader trends, customer preferences, behaviours, and much more. Taking advantage of this data and the insights marketers can get from it can be vital to the success of a business and its marketing campaigns.
Data-driven marketing was once a niche undertaking. However, the numerous data collection opportunities and changing consumer trends, behaviours, and attitudes have made it an essential part of any marketing strategy.
Data Supporting Data-driven Marketing
Marketing teams can collect data in numerous ways, some of the most common ones being interactions on websites and mobile devices apps. Using attribution modelling and marketing attribution, marketers can track all interactions users and customers have with their business, especially along their customer and purchase journeys. Analysing all this data can reveal which assets contributed to the most engagement, which marketing and advertising channels had the best return on investment, and where the teams should focus their efforts.
Based on all this, marketers can tune their strategies and managers can tune business practices to ensure better customer experiences and the best return on their marketing investment.
Personalisation and Data-driven Marketing
Personalisation is often at the heart of data-driven marketing because, after all, the main aim of using the strategy is to make marketing as targeted as possible to ensure better conversions and thus ROI. Personalisation is quite complicated because it brings together data, media, and creative content. To truly personalise marketing, marketers have to focus on trends and behaviours while also keeping an eye on the adverts and materials, as well as the communication channels.
Marketing channels are becoming more complex, requiring marketers to get more creative when creating marketing materials. Right now, marketers have to think about marketing using videos, display ads, and email as well as social media. Each of these channels is different and requires different types of creative marketing materials.
Collecting data on what is working and what is not on each of these channels becomes very important once a marketer starts looking at how to get the best results from each of these channels.
How Beneficial is Data-driven Marketing?
Data-driven marketing takes the guesswork out of marketing. Instead of spending money and time on strategies that do not work, marketers can use data to know what works and focus on that. To do this, marketers have to have the right skills and approach data-driven marketing the right way. Marketers can get the skills they need to drive success. An online business analytics degree with a focus on digital marketing and analytics from Aston University is a great choice for marketers.
The data-driven marketing approach increases conversions. Today, we are all bombarded with marketing all numerous businesses. An average person sees about 8 to 10 adverts daily. This desensitizes us to advertising and marketing unless the campaign is catchy and compelling enough. Marketers can increase the chance that we will respond positively to their marketing, using data to improve their marketing creatives.
Better Customer Experience
Data-driven marketing uses an in-depth understanding of a businesses’ customers to provide better user experiences. Customers who have a bad experience on any of a business’ marketing channels will often leave, thus losing the business a sale, revenue, time, and marketing investment. The personalisation made possible by data-driven marketing can also help build trust between a business and its customers. The result is improved customer experiences and increased profits.
Plugging Wastage Gaps
A major challenge for marketers is knowing where their budget is getting wasted. Marketers can use data-driven approaches to determine where their budget and effort are having and making the most impact on their goals and objectives. These can include increasing brand awareness, getting people to join a mailing list, or converting to a customer.
One way to do this is to check a business’ unified marketing. This is everything that moves a new visitor or interested person from this position and turns them into a paying customer. Marketers can check which of their activities has done the most to help move the potential customer along this journey and cut or improve the rest.
By doing this, marketers can plug wastage gaps and ensure everything they do has a positive return.
Better Content Marketing
Data-driven marketing can also help improve content marketing. By collecting relevant data, marketing teams can know which of their articles, videos, social media posts, and other content resonated with their audience. They can also collect data to know which data to post and where to post it to get the best response.
Aligning content with your audience, their needs, and when they are more likely to read the content, will lead to better marketing outcomes.
Better Decision-making
Over 70% of marketers agree that it is better to make decisions based on data than their gut instincts. Data helps marketers step out of the limitations set on them by theories they have learned and instead base their decisions on data coming from the larger market and their customers,
Data-driven marketing has proven crucial for marketing teams that want the best results. It allows businesses and markets alike to understand their customers, tailor their messaging, and know where to focus to maximise return on investment and reduce waste.
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