data driven marketing

Data Driven Marketing - 7 Things you Should Know

Marketing Deep Dive Published on 01 Nov 2020

Marketing has evolved with time.

Starting from billboards and banners to going digital, the way we advertise our products has been changed. In this digital age, it is very important to understand the needs and requirements of your audience.

A brand that fails to keep up with its target audience also fails to mark its presence.

No doubt, the digital world has given us widened reach but to know what exactly your customer choices are you need data. Data is everywhere.

To make sense of this data, one needs to have a data collaboration mechanism. It is nearly impossible for marketers to do it without the help of technologies like AI and machine learning. Data is something that decides whether your marketing campaign is successful or not.

Importance of Data Collaboration

Importance of Data Collaboration for marketers 

It helps in personalizing your campaign – 

Technologies like Big Data and innovative analytics tools help marketers in creating highly targeted personalized campaigns. If a marketer carefully analyses the data, they understand what strategies will work for the particular type of audience.

This personalization increases the accuracy and connects to customers in an emotional manner that encourages them to engage with brand products or services.

It can optimize multiple marketing channels – 

Most of the marketers have witnessed that leads coming from various sources behave differently. For example – Facebook leads behavior is generally different from Google Display ads.

Now, with data-driven marketing, a marketer can analyze both types of leads and select which channel helps in maximum optimization. It can also tell you which type of messaging, format evokes the users.

It helps in improvement – 

The best feature of data-driven marketing is that it helps marketers to improve their campaigns. Suppose strategy A has not worked, they will analyze it and try with Strategy B.

It helps to improve the quality of content, products, and services. It helps a brand to keep innovating and changing with growing competition and marketing needs.

Data Driven Marketing

It creates market segmentation – 

Marketers well understand that user behavior is unpredictable. A type of advertisement may be liked by the majority of the audience but may not be liked by many of them when you send similar things again and again.

With data collaboration, marketers can segment their audience based on their behavior, likes, demographics, etc. You can tweak your messaging a bit, change some colors for some type of audience. It can help in targeting potential leads and will improve conversion rates.

For example – Do a language variation of the same messaging as per user demographics. It will target tons of customers in one go.

It helps in quick action – 

When you have data in hand, you know what your customers are thinking about your product or service. You will get some good as well as some bad reviews.

Feedback not only helps in solving your customer issues promptly but also help you in improving the quality of your products or service.

It can keep eye on competition – 

 With social monitoring technology, one can easily find out the data for the target audience and do reputation management effectively. It also helps in keeping eye on competition strategies, keywords, and what they are doing for their campaign.

A core marketer always takes inspiration from competitors and try to do something differently. They take creative inspiration, improvement in current practices, and also learn from mistakes committed by them.

Competition Analysis

It saves your money – 

One thing that ancient marketing strategies lack was the value for money. With digital marketing, one can keep the top of their competitors even by spending less. Data collaboration can optimize your pricing strategy as well.

Data can tell you how much expenditure can lead to potential results. Only spending is not the solution.

For example – If your FB ad has a blurred image, it will never show results even if you spend more. So, the pricing strategy should be careful and completely based on data.

Bottomline

Data is magic if used in collaboration with technology. A marketer needs to use it promptly to understand their customer needs.

Technology can identify upcoming trends that marketers can use for creating their social media strategy and adhere to the real-time demand of the potential audience.



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