Data-Driven Marketing: advantages to define a successful Marketing Strategy!
From 2021 onwards, marketers have rethought their strategies to recover from the consequences that Covid-19 has brought. As boring as it may be to talk about the pandemic, research by esteemed consulting firm McKinsey found that between March and August 2020, “one in five consumers switched brands and seven in ten tried new digital shopping channels.”
In just a few months, the retail sector has experienced astounding growth, expected over a ten-year period. Credit for this change has been the adoption of data-driven marketing that has enabled, and continues to do so, organizations to seize growth opportunities to achieve greater ROI.
So, what is Data-Driven Marketing?
Data-based Marketing are strategies based on the knowledge extracted from the analysis of Big Data, i.e. data collected through interactions and interactions with consumers that companies need to provide personalized content to customers, insights into future trends and behaviors.
The goal of a Marketer is to improve and personalize the customer experience, understand what data they already have, what data they can obtain and how to organize, analyze and apply that data to bring about improvements. Data-driven marketing uses paid or organic ads on social media or search engines, as well as email marketing, influencer marketing, video marketing, and more.
ADVANTAGES OF DATA-DRIVEN MARKETING
Data-driven marketing not only enables organizations to speak intelligently and proactively with customers, it is also a prerequisite for business success across all industries. As the way of the future, it offers countless advantages.
- Saving money on marketing efforts. A data-driven digital marketing strategy aims for quality rather than a high quantity of leads. As businesses use appropriate marketing channels to target ideal customers directly, they get higher conversion rates. Using attribution models, marketers evaluate customer journeys and, once they determine what drives new customers down the funnel, distribute marketing spend.
- Surgical precision. Data-driven marketing strategies enable precise segmentation of target audiences, further personalization of experiences, and engagement of new customers. Specific knowledge of how various target audience groups operate allows for the upselling of interests and the use of multi-channel communication appropriate for distinct demographic groups. According to the Harvard Business Review, 80% of companies use customer satisfaction scores to analyze customer experience and improve it.
- Planning ahead. Consumer data leads to specific, clean and targeted insights. When marketers understand customer behavior, they can predict how they will interact with different campaigns and make strategic decisions based on personalized messages that deliver the best possible experience.
- Making connections. A good marketing team works like an ecosystem; everyone must work together to bring in leads and improve revenue. Building consumer behavior connections through data and teamwork is critical to success.
We can say that Data-Driven Marketing offers a long-term methodology to obtain (almost) foolproof results for your business.