Data driven marketing can take your business to new levels.
If you don't know what it is and aren't using it, you're letting a prime opportunity pass you by.
Include this approach in your marketing strategy to ensure your business enjoys long-term success.
What Does Data Driven Marketing Look Like?
In marketing driven by data and factual information, no marketing decision is made without consulting with the analyzing what has been accumulated. This data has come from previous sales, customer contact, surveys, social media, customer feedback and much more.
All of it is brought together and taken apart and analyzed to determine what customers want and how to present products and services to appeal to them.
Much of this data is generated internally.
However, outside data is also analyzed, such as what is popular in culture and what the competition is doing successfully. This information is often accessed from outside companies.
Role of Data Driven Marketing in Businesses Today
Basically, data driven marketing is becoming the norm. Why? Because it is working for companies that use it.
As the article, “Expert Interview Series Kally Pan on Data Driven Marketing” says, the decisions you make using this concept build off of one another.
Because you're using a factual approach, you can have more confidence of the results, especially if you learn from previous performance.
This method is more of a scientific approach with companies testing out ideas and analyzing the results. The results are used to improve on your marketing plan for the next go-around.
With the growth of cloud storage, even small businesses can implement data-focused methods.
How to Take Your Marketing to the Next Level Using Data
The first step is to focus your efforts.
You may have to re-evaluate your goals in marketing to ensure you are storing the correct information you need.
A lot of data is available for your use, but not all of it will benefit your purposes. You can end up accumulating so much information that you don't know what to do with it.
You must also learn to separate the good data from the bad. Some data is useful and valuable while other is just noise or a distraction.
While most businesses want to utilize data to learn customer preferences, it's also beneficial for establishing relationships. This ensures long-term loyalty from your customers, which is better than replacing them with new customers.
An example of this is using social media to determine what complaints customers have about a specific product. The company can address the issues and make changes to meet consumer needs.
The result is that the customers will stay with the company that listens to them and hears what they are saying.
Marketing that uses data and analytics to create successful strategies is set for long-term growth.
Instead of trying a guessing approach, you utilize solid principles and facts to create marketing tools and methods that work.