Like they say, no one understands your business better than data analytics does! Imagine a marketing framework where your data analytics platform tells you what’s best for your conversion rates, tells you what you need to next for acquiring new customers and does the best anyone or anything can to reach your highest revenue goal. Now isn’t that something everyone wants in their marketing cabinet?
data driven marketing involves an array of techniques which uses big data in effective marketing strategies to target customers from various segments at an individual level to maximize conversion and revenue. This data based on various surveys across multiple groups is abundant in useful insights which are crucial in decision making.
Considering the shift today from the conventional one size fits all approach to personalized marketing, we see how important it is to give your customer not just the right product but the right shopping experience which of course, is through personalizing your marketing. Recent studies show that almost 90% of the customers who get a cookie cutter advertising message ignore it if it doesn’t have to do anything about them, even the slightest deviation from personalization could lead to a bad response and hence lesser ROI.
The whole point here is the need to use sophisticated techniques to gather customer data and analyze it in such a way that you know what, where, when and to whom you have to do. This type of data is called big data and the analytics part of it is of course machine learning. For instance, customers based on historical purchases would not just be enough to get a successful hike in sales, instead you can target those customers who have been associated with a related post on social media so that it would work along with their interests. Example, instead of bombarding your customer base with countless emails advertising the new set of chef knives, you can collect data relating to users on facebook who like a gourmet recipe post and target them which would work better because it works along with their interests.
The use of big data and analytics in marketing has various advantages. It is said that data driven marketing can maximize leads way more efficiently and give up to an increase of 15–20% in ROI.
With data driven marketing, there’s
Better strategizing
The use of big data and analytics in marketing is very essential, it helps in formulating better strategies in order to make a better SWOT analysis of the platform and incorporate better strategies.
Making better strategies would be anything from doing a customer journey analysis to identify opportunities to work on to doing a website personalization so as to improve your website and keep with the trends. Data analytics paves way for understanding your customer, which gives you insightful information necessary for formulating effective strategies.
Better targeting
Reaching the right people is very important in order to increase conversions and ROI in marketing. Data driven marketing is more effective in converting visitors into paying customers on the landing page because it does the right targeting of customers.
Better targeting is very essential for a refined customer experience apart from increased conversions, customer interactions like satisfaction and experience surveys help in personalization of customers and retention.
Data driven marketing is the method you need for effective personalization of customers because it tells whom to target with what at the right time. It also makes retargeting your customers very easy because of its built-in nature.
Better monitoring
Data driven marketing helps you in monitoring your marketing strategies much better! Using quality data to gain insights and analyze it to understand problems and making corrections is possible through data driven marketing. Marketers can use customer data to gain insights on behaviors, trends, tastes, preferences etc. to take effective decisions.
However, there are challenges when it comes to practicing data driven marketing. The whole fact that data has to be replenished is what makes marketers fearful. Enriched data is very important in order to apply data analytics into understanding customer behavior and formulating effective marketing strategies. Finding quality data, finding the right talent to work with the data, replenishing the data stock are some challenges to data driven marketing.
With TrustCheckr, you can find enriched data collected from various platforms because we understand how crucial it is to be up to date with your data. We help in collecting real time data which is important for strategizing your marketing. Visit https://trustcheckr.com/ to book yourself a demo!