The increase of online shopping and the variety of e-commerce outlets have birthed a reservoir of consumer data from which businesses can glean insights into who exactly is buying what, when they are shopping, and even how they are doing so.
These complex analytics have the ability to inform and shape the marketing strategies employed by marketers who can actively decipher and interpret consumer data. From social media interactions to web browsing behaviour, access to this kind of data can truly help any business boost profits and drive success.
It’s time to become a data-driven marketer and drive results for your business.
Data-Driven Marketing 101
As its name suggests, data-driven marketing refers to the marketing insights and decisions that arise from the analysis of data about or from consumers.
The acquisition of this data may be accomplished through direct statistics from consumer purchases and surveys or through secondary sources like social media interactions and web browsing behaviour. Data can be collected on every step of a user’s engagement, from market-wide metrics to individual interactions. It is then analyzed in order to determine markers of success. These insights provide marketers with all the information needed to craft effective and targeted campaigns.
Access to this kind of information allows for more informed and significantly more optimized and creative marketing strategies.
Data, Data Everywhere!
Data-driven strategies make the lives of marketers easier by leveraging algorithms and machine learning. This information removes much of the guesswork from marketing planning and potential buying. Additionally, marketing efforts can be streamlined and optimized to target the demographic with the most conversion potential.
Modern customer relationship management (CRM) software allows marketers to keep tabs on individual customers, including name and contact information. This allows them to offer a more personalized approach to customers, conveying the right messages at the right time. This data also gives marketers a deeper understanding of their customer base.
Gone are the days one-size-fits-all marketing. Data-driven marketing is here to help marketers boost their businesses’ return on investment (ROI) and make informed decisions that best project upward growth and success.
Data-driven marketing has gained popularity due to its ability to maximize ROI.
In addition to the specific customer techniques that come from CRM insights, this kind of data can also optimize customer experience as a whole, informed by all the new ways customers buy. Marketers are able to ascertain which parts of their campaigns are most effective or ineffective and adjust their strategies accordingly.
By optimizing customer experience from this kind of data, a data-driven marketer can drive growth and increase customer conversion and retention.
The primary focus on data can also be seen as a major con of data-driven marketing. Marketing teams have to be careful not to put on blinders and ignore more personal and creative aspects to their campaigns. Additionally, there can also be an overabundance of data, which can undermine leaders, skew certain statistics, and push creative directives or even brand guidelines to the wayside.
When marketers focus less on their audience and more on their collected data, they also run the risk of de-personalizing their interactions to the point of robotic automation. Consumers enjoy being able to connect to a product or service and the real-life human beings behind the brand. Simply put, if tunnel vision on metrics takes priority, marketers risk alienating customers. A good data-driven marketer can effectively balance creativity and metrics in every marketing campaign and tactic.
Data Drives Results
Ultimately, data drives results and provides marketers with insight into the mind of consumers. By adjusting and tailoring their marketing approach to specific audiences, businesses can boost their ROI and see an increase in customer relations and profits.
Posted By Author Mike Lieberman, CEO and Chief Revenue Scientist
Mike is the CEO and Chief Revenue Scientist at Square 2. He is passionate about helping people turn their ordinary businesses into businesses people talk about. For more than 25 years, Mike has been working hand-in-hand with CEOs and marketing and sales executives to help them create strategic revenue growth plans, compelling marketing strategies and remarkable sales processes that shorten the sales cycle and increase close rates.