Why to Utilize Data Driven Marketing Approach for your Business?
And to continue my weekly blog series ‘Business Ready for World Expo 2020’, I’m back with another interesting and important topic “Data-Driven Marketing”.
“Of course I know what is data,” you must be confident. But do you know all the kinds of data you need for your marketing, and how to utilize it effectively?
Forrester revealed in their recent survey that 74 percent of the B2B buyers first conduct online research before deciding to buy. The modern consumer is much more self-directed because of the wealth of information they get from the Internet through the various social media platforms.
If customers are using the informational data before making the purchase, companies should also use customer data in their lead generation campaigns. This approach is what we call data-driven marketing.
However, Data-driven marketing is more than just using your customers’ information. It also means using and activating data in an automated or semi-automated manner, giving you the more automated boost.
Still here willing to read about Data Driven Marketing?
Data gives you knowledge; thus, data gives you power for your business. Your marketing strategy becomes a lot more powerful if you have the right information in your hands. Armed with that information from data, you can create a scalable marketing process that can be repeated and can run on auto-pilot. As a result, you have more time in your hands, allowing you to focus more on other tasks like planning, testing, optimization.
Data also reduces guesswork that exists allowing you to target the right customers and create messages that are both valuable and relevant to your target audience.
The sad truth, however, is very few businesses can use data effectively.
Putting Your Data to Work
There’s no point to collect data unless there is a good framework in place to analyze it and put the insights to work. The end goal of data-driven strategies for business is to ultimately better understand and target your key audiences.
As the data-driven marketer, I always want to ensure I am getting the right message across to the right customers, at the right time, and through the right channels. In order to this effect, the use of the right technologies makes all the difference. Of course, choosing what technologies to implement can be a bit overwhelming when considering the numerous technologies available in the market today.
Investing in a strong data strategy is well worth the effort and can pay-off sooner than you expect. According to the report by Big data: Forging corporate capabilities for the long-term, “more than 35 percent of respondents with a well-defined data-driven marketing strategy reported robust financial performance than their competitors.”
Although implementing a data-driven marketing strategy can seem like a big challenge, the opportunities and advantages of using a data-driven approach cannot be underrated. Marketing has moved beyond the “Mad Man” era into a discipline involving strategic thinking backed by data and analytics to develop these insights and the technology to activate those insights into sustainable revenue streams.
If You Skimmed This Post…
Hey, it’s ok. But you still need to know little something about data. In the broad definition, data generally includes all the metrics and key information, numbers that you use to determine how effective your efforts really are. It is the backbone of your business, and you must master it to know what you’re really measuring.
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