Most of the marketers know that traditional and gut instinct just won’t do the job anymore in the marketing world. We are living in a very competitive world. Now, stakes are much higher and the consequences are too scary to take any chance and you have to put your best effort behind campaign strategy and execution every time. This means for every savvy marketer to leverage metrics and insight which are backed by data to maximize success. It is changing how companies do business and communicate with their customers, you can call this as data-driven marketing.
Gathering, aggregating, and mining data gives marketers the insight required to create strategies and make forecasts for future campaigns and behavior. To paint a clear picture of marketing operations, marketers must see past, present, and any future data alongside at one location. This data, only after being crunched and examined with the help of innovative solutions can point to patterns and trends.
Modern solutions like marketing automation and artificial intelligence make it quite simple to interpret large data-sets with very little or no manual work. As a result, marketers are absolutely free to use their valuable time for making amazing campaigns, useful content, and strategies for growth.
In spite of the fact that there are numerous reasons why marketers use data-driven marketing, but usually, its target is to improve and personalize the customer experience.
The Perks of Data-Driven Marketing
There are huge benefits of data-driven marketing, some of them are explained below;
It’s quite necessary that organizations convey the correct message, to the correct audience, and at the correct time. Data-driven marketing empowers companies to make highly customized campaigns which convert leads with a broad understanding of the customer profile.
Marketers can use data to expand reach over numerous networks and elevate communication beyond simple email. Distributing data-driven ads to multiple channels, with the help of automated marketing campaigns, will ensure that your message is consistent, aligned, and reaches every recipient in the intended place and at the intended time.
With huge data in their database, now marketers can easily determine accurate and actionable data about their customers and prospects. Data-driven approach makes it much easier to distribute and group the prospects that you are trying to reach.
Better solution Development:
The solution failure rates can be reduced significantly with data-driven marketing approach. Organizations can develop a better understanding of their target audiences, it ultimately leads to the development of highly-suited solutions for that specific market.
Refined Customer Experience:
Many popular brands are already using data-driven marketing approach to improve their customer experiences. These brands usually orchestrate surveys for customer satisfaction and pinpoint specific areas for further improvement.
Most Common Challenges of Data-Driven Marketing
Data collection do take some set-up, although that is not entirely necessary where most marketers hit the roadblocks.
Usually, the greatest challenge of data-driven marketing is getting the data in a single place where it can be easily analyzed and can be used to make informed decisions.
For example, marketers want to see all the data collected from social profiles, past purchases, and webinar registration forms, all in one place. Now with access to this data, marketers can easily personalize campaigns and target very specific groups of customers to make every marketing effort more impactful.
Similar to most business strategies, there are some challenges to data-driven marketing. Let’s discuss some of the most common challenges of data-driven marketing:
It does not make any sense to incorporate a data-driven marketing strategy if you don’t stay committed to it, but there are many organizations that still make this mistake. Although they may have defined data-driven marketing strategy, it will not accomplish much without the tools required for successful strategy execution.
The Right Team:
Due to the complex nature of this job, and the different skills required, it is quite challenging to attract the correct professionals specializes in predictive analysis or audience enhancement. Getting familiar with the data-driven approach can benefit our teams as well as you.
When organizations fail the integration process, marketers then have to battle to collect the correct data required for a unified customer view. For instance, retail and e-commerce businesses are usually assigned the job of gathering and organizing data from social media and mobile devices.
Successful data-driven marketing is mostly dependent on having an integrated and quality data, and it is not an easy job to accomplish. Usually, distinct department acquires data having goals which contradicts one another.
Data-Driven Marketing Examples
If you are still not sold on how data-driven marketing may fit in your organization strategy. Read the below example which may offer you some inspiration:
Targeted Email Campaigns:
Include data-driven marketing approach to your email marketing campaigns by segmenting your prospects. This data will enable automation, and at the same time, you will be able to quickly personalize your communication to create a one-on-one relation with each prospect.
Leverage social media for your benefit by creating ads across LinkedIn, Twitter, Instagram, and Facebook. Connect with your prospects by enabling them to subscribe or sign-up with just a click or two. By transforming your social media channels into two-way communication channels, you can get important data which can be fed directly into your database.
Retargeting is very important for every marketer. If someone has indicated any interest in your solution or have already purchased any solution from you, it’s a very good idea to target those users. Let’s assume that one of your prospects loves to travel who quite recently booked a trip to Hawaii. From this data, you can quite easily offer relevant deals in Hawaii, like Hotels, Food, Events, and suggestion similar to vacation places like Hawaii which would appeal to that prospect.
Optimized Paid Search:
Analyze your ideal customers for the types of keywords they search for, at the same time examine what your competitors are targeting as well. You can use this data to position your ads at the top of those search results and drive highly targeted users to your website.
New to data-driven marketing? Step into the data-driven marketing world, with the data and services of Infotanks Media and leverage from the growing data-driven economy.