Struggling to improve sales and retention? You are not alone. In today’s ultra-competitive markets, you won’t go far without data on your side.
In fact, you can’t ignore the power of data-driven marketing if you want to remain competitive. 64% of all marketing executives strongly agree that data-driven marketing is crucial to succeed in today’s global economy.
In this article, we are taking a closer look to data-driven marketing and how it can transform your online business.
Data-Driven Marketing 101
Data-driven marketing adds a whole new dimension in the existing ecosystem of marketing tools and methodologies.
By leveraging the power of existing marketing data, marketers today can find weak points and identify new ways to improve your marketing. That way, you can find hidden trends and fine-tune your offerings to better target your audience.
Data-driven marketing helps you set specific benchmarks for your marketing campaigns. For example, after going over your marketing data, a specialist may find that a significant percentage of your clients are male dentists. This will allow you to create better ads and email campaigns to target that specific audience.
The Power of Data-Driven Marketing Today
Collecting and making sense of marketing data is a technically complex task that often demands skills most conventional marketers don’t have. Many businesses today seek to leverage the power of a predictive marketing platform in order to optimize the performance of their campaigns.
Global marketing analysts note that in a few short years, has evolved from a disruptive marketing tend into an integral tool in every modern marketer’s arsenal.
Benefits of a Data-Driven Approach
Big tech companies adopted a data-driven approach first, and now everyone is doing it. Every type of insight a marketer can collect is now usable to offer a more personalized customer experience, but this is not the only benefit.
Let’s see how a data-driven approach can benefit both consumers and businesses.
Personalized Customer Experience
The most obvious and direct benefit here is the power to offer personalized customer experiences. Simply put, if you know your audience, you are able to present them with better, more relevant offers.
Personalized customer experience helps in two distinct ways. First, it makes your visitors feel more comfortable when browsing your offerings. Second, it allows you to tailor your offerings to better suit the needs of your visitors.
Data-driven marketers will often conduct customer surveys to measure how efficient a campaign is. The data from these surveys can further improve customer experience.
Improved Marketing Performance
With so much actionable data, marketers today can identify the best way to optimize a campaign. Data-driven marketing can give you valuable business insights. That is why it can improve performance across all aspects of marketing, including branding and even offline marketing.
Optimized Email Campaigns and Paid Ads
Data-driven marketing impacts email campaigns and online ads more than any other marketing tool. By identifying the preferences of your customers, you are able to target the most desirable keywords for SEO purposes. This will get you higher in the search engine results that are more likely to generate sales for your company.
Email marketing today also relies heavily on data. With enough subscriber data, you can send out personalized emails. This is an automated procedure that can generate considerable leads at virtually zero cost.
Data analytics allow you to make faster, more accurate decisions. If an ad is underperforming, you can leverage data to tweak it or suspend it in real time.
If a new product launch is generating negative reviews, data-driven marketing allows you to identify the problem in time and take the appropriate measures. That way, you can even turn negative reviews into new customers.
Dynamic Marketing Campaigns
The real-time responsiveness of data-driven marketing allows you to create dynamic ads for your campaigns.
This allows you to leverage the power of social media marketing to generate sales and boost customer retention. Moreover, it gives your visitors the option to interact with your business by commenting, linking, or writing reviews.
Your marketers can use the data from social media to expand your marketing data.
With data-driven marketing, you can focus your marketing to specific audiences. You can also retarget your existing customers with new offers that are relevant to them.
For example, you can remind clients who purchased a product as a gift during the last Christmas to purchase another gift this year.
How to Succeed in Data-Driven Marketing
Data-driven marketing is a technically complex business strategy. Most companies are unable to leverage the full power of data without a properly qualified marketer. The ideal team will have a predictive analytics specialist, a marketing expert, and an IT expert a at minimum.
In order to succeed in data-driven marketing, you will also need the right IT infrastructure. This includes company-wide data integration. Without total data integration, you will be unable to gather and utilize all the data in time.
However, once you adopt a data-driven approach, you will find that it benefits your team and your infrastructure. Gathered data can enable better collaboration across different departments.
For example, your marketing department will be able to give valuable insights to your product development about what your customers want to see next.
Finally, data-driven marketing will allow you to measure the effectiveness of your marketing campaigns and make adjustments where needed. This can save you time and money, and help you attain an edge against your competitors.
Live in the World of News
In today’s digital world, it is important to stay informed. In this article, we have seen the power of data-driven marketing and information in general.
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