Today's digital marketing is a cut-throat competition between thousands of brands competing against each other. Most of the time, they're competing with the same product. They know the stakes are too high and the consequences are too steep.
This is where data-driven digital marketing comes into play. The current digital marketing age is all about personalization. Marketers collect, aggregate, and analyze data to assess each customer's taste, interest, age, location, and buying capacity. It helps them visualize a clear picture of what customer is looking for, how much they're willing to pay, and what sort of options they find in the market?
Data-driven marketing empowers a marketer with essential data to create new marketing campaigns, design a new strategy, and create more appealing content.
Eight key benefits of data-driven marketing
Did you know, ten years ago, only a handful of companies were using data-driven marketing? Since that time, marketers have been gifted with many new tools and software that not only helps to churn marketing data but also automate most marketing processes. This has helped to advance data-driven marketing to a new level.
Here are eight key benefits of Data-Driven Marketing.
Personalization is the key to successful marketing. Gone are the days when you could lure customers through vague marketing campaigns. Today, the customers are more aware of their needs and the different options they could find in the market. Hence, your only marketing savior is personalization.
The data offers insight into each customer, including their interests, income, location, time spent on the internet, how often they use smartphones, etc. These insights can help you create highly-targeted campaigns with personalized messaging for each customer.
Take advantage of marketing automation to create and execute highly-personalized marketing campaigns.
More consistent messaging
When using different channels and mediums to propagate your marketing message, you can quickly lose sight of what you are doing and what you are meant to say. This may create inconsistent messaging. For a brand that has spent thousands of dollars on a marketing campaign, that's a significant loss.
You can prevent this mistake by leveraging data to reach across many channels of communication with the same message. You can rely on marketing tools to segment groups of customers to promote specific messages to one group and different to another. This will help you remain consistent in your approach.
Segment your audience
Not every audience is the same. A specific age-group may have a different interest than most other age-groups. You'd need to segment your audience and personalize the marketing message that you'd want to send in such a case.
Also, there are different stages of a buyer's journey, and they each need a specific marketing message. Segmenting your audience according to their interest, demographics, income, age, etc., will help you organize your marketing campaign better.
Know what's working and what's not
The great about data-driven marketing is that you can always check what's working and what's not. It's easy to access and assess different kinds of data that help you identify specific content working with the audience. When you know what's working, you can start promoting it more and, at the same time, pausing other content that isn’t performing well.
This can significantly help you manage your limited marketing budget and get the maximum output from a personalized marketing approach.
When you launch a new product or service, or when you want to reintroduce your brand, such as a new logo, new location, etc., you'd need to create a marketing buzz. Data can help you identify the niche market that is more likely to buy your new product or service. With data-driven marketing, you can create awareness about your new product to your niche audience. This can help you locate a potential client-base.
Improve your Product
When you know what's working and what's not, it's easy to identify your product's flaws. You can determine which product is selling more, which product is garnering more views and impressions, and which product is outright rejected by your customers. The data enables you to identify the exact flaw, so you can start improving on it immediately before it receives more rejections from your customers.
A customer survey, feedback, and poll are a few of the data-acquiring tools that can help you determine what's working for you.
Better Customer Experience
With the right data, tools, and successful marketing campaigns, you will impress your customer. Customer satisfaction is the key to long-term success for any business. Without essential data such as customer feedback, poll results, shopping cart abandonment rate, bounce rate, impressions, and CTR (Click-through Rate), you'd never know if your customer is happy buying from you.
Data-driven marketing takes customer experience into account by ensuring that each shopping experience is the best.
Cross-selling and Up-selling
Data-based marketing can give you insights to help you move prospective customers through the sales funnel quicker and more cost-efficiently.
When you know what your customer is buying, you will get an idea of other products or services you can cross-sell. You'd also get an idea to keep your customers engaged post-sale by upselling them.
How to create a data-driven marketing strategy?
Here are some ways to create a data-driven marketing strategy
- Use data to identify goals
- Use data to make budgeting decisions
- Use data to tailor marketing campaigns such as personalized email campaigns, retargeting, and landing pages.
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Data-driven marketing is the present and future of marketing. It's the key to any successful and measurable marketing campaign. Get in touch with Searchable Design, the best digital marketing agency in the US, to learn more about data science services, growth hacking, and customer acquisition.