Peter Drucker once said, “If it can’t be measured, then it can’t be managed”
It’s impossible to know if a project is working or not unless there are clear metrics to judge success. As consumers become more demanding of personalized experiences, data-driven marketing is becoming more prevalent.
What is Data-Driven Marketing?
Data-driven marketing puts customers at the front and centre of all advertising decisions. It uses data to ensure that all of your customers’ interests, needs, and behaviours are being met.
It can be easy to place other things at the top of your priorities. But none of them matter more than those who can help grow your business – your customers.
Your advertising campaigns should be focused on communicating directly to your audience. Data-driven marketing strategies can help you craft and release effective advertising campaigns that are both memorable and relevant to your target audience.
Data-Driven Marketing Best Practices
Your advertising campaigns should be designed and executed in a way that speaks directly to your audience. So, what are a few things you should know?
Understand your audience
Data-driven marketing only works if your customer data is accurate. In fact, University of Pennsylvania states, “57 percent of marketers are incorrectly interpreting data and likely getting incorrect results”. Your data needs to accurately reflect your customers and overall target market. Without it your data is useless – hence the name, data-driven.
Before you begin applying data-driven marketing strategies, make sure you’re familiar with your audience. Gather data on your ideal customers and build buyer personas. Reach out to current and potential customers to gather feedback.
Manage your data
We know that data is constantly changing. That’s why this process isn’t just about collecting and analyzing data, but data management too.
Data management is an integral part of any data-driven marketing strategy. It helps you identify opportunities for improvement, and it saves you valuable time and resources. So, routinely analyze your data. Keep track of your campaigns and measure results regularly to identify which strategies and data are getting you the best results.
Watch your competitors
Digital advertising is constantly evolving and it can be difficult to keep up with the latest trends and techniques. This is where paying attention to what your competition is doing can help keep you up-to-date. Implement social listening into your marketing strategy to identify and measure the mentions of your brand, competition, product, or trending industry topics.
Five Benefits of Using Data-Driven Marketing Strategy
1. Personalization
The ability to create highly-personalized campaigns is one of the biggest advantages of data-driven marketing. Evergage states, “86% of marketers have seen a measurable lift in business results from their personalization campaigns”. By collecting data, this allows marketers to reach specific audiences based on their interests and buying habits.
Data-driven marketing allows marketers to create highly-personalized campaigns that are optimized for each individual. Salesforce reports, 70% of consumers say a company’s understanding of their personal needs influences their loyalty. Customer behaviours are changing and businesses need to prove to their customers that they are listening to their audience. Pay attention to what your customers are saying through your data. You can adjust your messaging and offers depending on the changes in your customers’ behaviour. Then, you can show up with the right message on the right channel at the right time.
2. Better Reach
Data-driven insights help you reach out to prospects and customers across all channels. You can determine where your customers are and when they are online. Data can help you improve your reach across multiple channels and improve the consistency and alignment of your messages.
3. Easy to see what’s working and what’s not
Data-driven marketing helps you identify the content that is most likely to convert leads into customers. This helps determine the right time and budget to spend on it.
4. Targeting
Want to know what your customers want before they do? Data-driven marketing allows you to pre-target consumers.You can collect and interpret their interests and preferences before they even meet you. This lets you predict their buying habits and then customize your messages based on their responses.
With marketing automation tools, you can identify which websites and social media platforms people came to yours from. This helps in creating targeted advertising campaigns, too. You can be there when your customers need you and engage in real time. Then, deliver the right content or offer through the right channel.
5. Customer Needs
If you build something that people want, but they don’t need, then you’re not going to get that many takers. Developing products that serve customer needs is the key to success.
Before you launch, collect data to understand your potential customers needs and goals. Knowing what your prospective customers want and need before they buy can help you develop a strategy that fits their needs and budget. This information can help you develop products that are both unique and compelling.
Personalize your Marketing
Some companies are taking advantage of the data they collect to create personalized marketing campaigns that are specifically designed for their audience. Here’s what you can do:
–Email Campaigns – One of the most cost-effective and successful ways to get people’s attention is through email marketing. However, If an email doesn’t catch the recipient’s attention, it will end up in the trash can.
By collecting data about your customers, you can learn more about them and their pain points. This data will help you create effective email marketing campaigns and meet your marketing goals.
–Landing pages – Creating a landing page that collects data is a great way to gather more details about your customer. It can also be used to further develop your content and email campaigns.
Many companies are implementing data-driven marketing strategies to optimize their landing pages. For instance, a restaurant might create a landing page that includes a discount code and an offer. The owner knows their customers and can utilize the data to create an email marketing campaign, spice up their ad copy, or make changes to their website.
–Retargeting – Data can help you retarget your customers based on their purchase history. This can help you identify which ads are relevant to the customers who bought the goods or services they recently purchased.
How Can Growvare Help YOU?
To keep up with the changes in the world of marketing, you need to implement tools that allow you to easily manage your marketing strategy. Data focuses on what works for you at times when you can’t. It may seem overwhelming, but it doesn’t have to be. Growvare can boost your marketing strategy with artificial intelligence. From A/B testing to advanced analytics, sit back while DNA does all the work for you! Book a meeting with us today to find out more.
Sources:
https://knowledge.wharton.upenn.edu/article/what-marketers-are-doing-wrong-in-data-analytics/
https://www.evergage.com/resources/ebooks/trends-in-personalization-survey-report/
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