New Times for Marketing Strategy – What Every Company Should Know
Marketing strategy has been evolving from the era of mass marketing to direct marketing. Not so long ago, we ushered in digital marketing which is slowly being replaced by data-driven marketing. With these changes, marketing resources shift, customer loyalty also undergoes some transformation; you will find more consumers using devices and tools, such as ad blockers, to protect their privacy. Generally, customers have become more sophisticated and have higher expectations, so as a business, if you are not ready or planning to meet them, things might become complicated. Worst of all, there is a business out there which will be willing to meet their expectations, and where does that leave you? To get a clear picture of what would happen, Forrester Analytics state that fifty-four percent of businesses are ready to experiment and adapt to these changes. For any business to survive, new marketing strategies have to be put in place. This article looks at how businesses can get leverage on the new marketing strategy of data-driven marketing.
What Is Data-Driven Marketing?
This is a strategy built from the insights of the analysis on big data, normally collected through engagements and interactions with the consumers for the purpose of making predictions about their future trends and behavior. It aims to appreciate and understand the data that is already in your hands, know what is needed, and figure out how it can be obtained, organized, analyzed, and applied to enhance your marketing efforts. The main aim of a data-driven marketing strategy is to enhance and customize the consumer experience. We no longer need to make guesses about what people need; we only need to know where to look. That is where the data-driven marketing comes in.
Knowing your target audience’s goals, behavior, challenges, and other personal aspects helps you to develop marketing campaigns aimed at meeting their specific needs. Browsing trends, social media activities, online trade behavior, and other metrics can be very useful when constituting a marketing effort that works. This means that to survive in the current environment, you need to collect as much information on your target market as you can, so the data collected will be paramount for a successful marketing strategy.
How Do You Make Your Marketing Campaign Data-Driven?
With big data, you need to use it well to create a targeted data-driven campaign. Most businesses find it hard to institute a data-driven marketing strategy; here are some tips on how you can go about it.
Using contextual and precision marketing tactics, you can do it better. Contextual marketing involves focusing on location, time, language, device, and performance. For instance, a local store may want to use the location data as a way to attract customers from the vicinity. On a similar note, a hospitality business may take advantage of occasion-oriented contexts such as Mother’s Day, Christmas, among others. With these examples, it is clear that the tactic is personalized, as it is geared towards understanding the customer more than pushing them to buy or use specific goods and services.
Precision marketing allows marketers to get a better understanding of the needs, interests, and patterns of its consumers; with this, it is easy to gear promotions that fit personal preferences. For instance, when a customer has shown some interest in a given product, a marketer can hyper target throw showing them similar products they can get from the same business.
Personalize your marketing campaigns; this is done through careful analysis of data. With timeliness accuracy, you are likely to strike an emotional chord with the targeted audience and ultimately encourage positive engagement.
Enhance customer experience; this can be done by conducting surveys and understanding how they feel about your product. Also, you need to identify areas where improvement is required. Data-driven marketing provides businesses with an omnichannels service that helps in improving customer experiences through making it consistent.
Optimize multiple channels; it is important to understand that leads generated from a variety of channels will respond differently. This means that marketers need to create the marketing strategy based on the channels where the leads are coming from if they are to optimize the conversion rates. With big data capability, it is possible to identify the channels which are effective as well as the messages which evoke the desired behavior.
Boost customer engagement; this will help in building greater brand trusts and with it an enhanced perception, something that ultimately yields increased sales and more loyalty and advocacy. The same should apply to content quality. It should be improved constantly through completeness, accuracy, integrity, standardization, and consistency.
Data-driven marketing is the new marketing strategy, one that will define how businesses perform in the era of big data. Play along, and you will see greater results and get a competitive advantage in your industry.
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