Why you should look for data for smart marketing

Why you should look for data for smart marketing

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A strategy to improve brand communication based on customer information may seem very simple at first glance. But the classes it includes are not simple.

Communication and engagement with customers is the starting point, but the focus should be on gathering deep insights into customer preferences, needs, demands and analysis to formulate strategy.

The first connection is where the data should be relevant and complex, but easy to analyze. Analytics plays a big role here, and many tools can help clean, structure, and analyze big data for customer insights. But a big part of marketing is building connections — data provides us, marketers, with the information that can create that connection.

As all marketing leaders understand, marketing is about this special connection. Meticulously sifted and analyzed data can help establish this connection, especially for modern strategies like ABM. With data available from an infinite number of sources today, there are many opportunities to deliver individual marketing messages to millions of customers. This connection reveals another important data point: their choice of medium or channel. And this is where the strategy needs to set the goal.

personal message

Personalized messages tend to be more successful in finding their target. In a 2018 report by Business2community, some interesting facts prove that data-driven personal marketing can deliver 5 to 8 times the ROI for marketing dollars.

The advantages far exceed the return on investment or the success of the sale. The personalized marketing made possible by great data analysis drives customer loyalty. They know you are aware of their preferences and can be implicitly trusted to meet their needs. Of course, there is much less spending on sales dollars since no investment is wasted in bombing carpets for market messages. Hence the budget is allocated and better spent.

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How to find success in data-driven marketing

But much of the success of data-driven marketing depends on a few important functions. Data analytics is a complex process and requires specific skills and competencies to derive compelling insights. With the abundance of data available today, data collection is undoubtedly the least of the challenges.

What is still feared is the data overuse in identifying relevant points for use. From the aggregate data available, the task is to derive formatted and applicable data from the analyses. Quite a few marketing analytics and visualization platforms can help do this, but technology isn’t the only problem here. Through experience, it is leadership prowess that will help identify critical insights from mediocre data, so an experienced and skilled team leader is essential. This is especially true at times when the preferences of the target group are in flux. It takes both technical skills and life experience to focus on the best information to make strategic decisions.

Sometimes the challenge is also the technological readiness of the organization. Often, companies store data in different silos, and marketing data analytics need to be fully integrated and analyzed. It would be a great idea to have an integrated database that the analytics team can access to extract ideas.

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Advantages of data-driven insights

Data-driven insights also provide the flexibility of multi-channel or multi-channel marketing, with customized offerings. Since the data also allows for location-based analysis, targeting becomes much lighter when investing. It also provides a continuous evolution of the content, allowing the best possible messages to be communicated.

Careful study of customer and market data can also provide insights into competitor behavior, strategy trends, and planning. This will be invaluable information for crafting creative and comprehensive strategies that will satisfy customers while also keeping an eye on the competition. Of course, pricing strategies can ultimately be based on data, providing an opportunity to add to the bottom line.

But the most important advantage of data that it provides to market decision makers is the ability to reconstruct strategies based on facts – not ego. It can be disappointing to know that there was an error, possibly costly. But with the support of the data, it is not too late to correct the path, thereby reducing losses in time. Data insights can fine-tune each strategy to a point of good efficiency – without wasting resources or investments – and focus on the requirements of each customer. Marketers can use the power of these insights to create a flexible and agile strategy, fight competition through focused messaging and get additional ROI on every dollar spent.

Data is undoubtedly the most important weapon for a marketer who is looking for the highest hit points and the lowest cost.

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