Today, it is fair enough to say that digital marketing has emerged as the need of the hour for businesses out there. Regardless of the magnitude, every business can make the most out of digital marketing strategies.
Since over 4 billion people use the digital media channel, traditional marketing has taken a backseat ever since digital marketing strategies. Therefore, customers have no issues responding to ads, and marketing ideas, thus, the advertising budget grows with time.
The idea is to identify the ads and channels that will generate the maximum results in a short time. For this to happen, the advertisers work on data-driven marketing strategies that can convert visitors into customers.
According to the latest market research, the majority of firms apply personalization methods to 83% of their marketing techniques so that they can target the relevant audience. Additionally, businesses that use data-driven strategies will get around five to eight times more revenue as a return on investment.
So if you’re willing to use these strategies to help your business grow, you’ve come to the right spot. Here we will shed light on the best data-driven marketing strategies. However, before discussing each of them, it is best to begin with a formal introduction to this concept.
What Is Data-Driven Marketing?
If you want to understand what this concept is, you need to understand the way consumer behavior has changed over time. And thanks to the several technologies that have made things possible, including the focus on markets, information about customers, and the relevant industries.
Therefore, data-driven marketing is all about the latest data that will choose productive media strategies, beneficial for creating personalized awareness about the product. Around 87% of the marketers agree to the fact that this is the most underutilized asset of their organization.
Best Data-Driven Marketing Strategies with Examples
The more a firm is aware of its potential customers, the better it will be for its marketing efforts. After all, unless a company doesn’t know about the loopholes in the market or the customer buying behavior, it will be hard to develop the right strategies. The reason to use data-driven marketing is to convert digital assets into sales. Learn the top 5 data-driven marketing strategies with examples today.
1. Personalize the Customer Experience
Today, if a company doesn’t offer custom services to its clients, it will be lost out on several lucrative opportunities. Gone are the days when a customer would settle for the first product on the shelf. Today, modern customers want to feel valued and use a tailored product according to their needs. For example, Netflix has a different advertisement for teenagers obsessed with sci-fi and action thrillers.
And since they have a diverse audience, catering to each of the lots differently is the need of the hour. Plus, when a company extracts information from the customer, they get to learn about their buying behavior. This, in turn, allows the firm to be more focused, well calculated, and better prepared for the product that has to be launched in the future.
2. Use Predictive Analysis
When businesses use account-based marketing and predictive analysis, they can find the accounts that are much more suited to the company’s customer profile. However, an ideal customer profile isn’t as easy to create as it sounds. After all, an AI solution entails the following:
This is essential since it fuels models and an analytic engine. Plus, the data must be accurate, timely, hands-on, and available when needed. On the contrary, obsolete and inaccurate data will only damage the research. Thus, cutting down the sales of the business.
I study the consumer buying pattern and will find information on the current customers. These patterns are eventually converted into intelligence, which determines if the customers are of high quality or not. And if they turn out to be of low quality, this will be converted to sales.
The Expertise of Team Members
The information of each of the team members has to be converted into a form that can be transitioned into the machine learning model. Thus, the interface will connect the staff members with the predictive analysis so that each model can be worked on.
3. Transfer Offline Data to Online Environments
Have you ever heard of digital doughnuts? Basically, it is about data onboarding, as the only way to choose offline data such as telephone numbers, postal addresses, and in-store purchases, and transferring this data to online platforms to aid in marketing techniques. Because personal data is used for connecting two realms, data onboarding requires using information before the data is anonymized.
And when marketers can leverage offline data, it will help them understand the customers much better. Thus, the marketers can create tailor-made messages for the audience sent through emails. Modern digital marketing strategies have to be tailored as per what the customers demand, otherwise, a business will get wiped out from the market.
4. Use Big Data to Track the Return on Investments
Using big data is a massive responsibility, after all, every inch of the information has to be dealt with secrecy and respect. And when this is done, converting the big data into insight entails the art of communicating with the right results. Here are a few ways how data science is applied to magnify the return on investment of the marketing campaigns:
Make Sure to Update Data Streams
In this fast-paced world, marketing techniques know no bounds. So you need to be uptight, up to date, and fast with updating the information. This entails using data trails to allow marketers to compare their current and old marketing strategies.
Use Visualization Tools
This will simplify complex data and make it easier for marketers to imbibe the available information. Visualization is helpful as it allows the markets and scientists to discuss their results and work on future campaigns.
Study the Past Customer Data
Your current marketing strategy should result from current information and the performance of the previous campaigns. After all, studying the older data allows you to look for potential obstacles and determine the best ways to cut down the risks.
5. Focus on Marketing Across Channels
One of the leading techniques to work on data-driven marketing is to find solutions. Experts acknowledge it as the ability to underline an entity, be it a place, person, or thing. Plus, when you work on identity resolution, it allows you to accurately identify both physical and digital attributes of the business. This attempt focuses on coordinating marketing through various channels, depending on interests, characteristics, and technology footprint. Here’s how you can use this approach:
Focus on Data Sources
This will include radio, television, mobile apps, alerts, social media, influencer campaigns, videos, podcasts, traditional press, and other media. Also, know how the target audience will be using each of these resources, so your campaign goals can be met.
Improve the Quality of Data
Once you apply data checks and validate through the confirmed sources, you can rest assured about the liability of the information. And continual checks are required since data is constantly updated in various ways.
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With data-driven marketing, you can target specific demographics, analyze customer behavior and preferences, and adjust your campaigns to reflect what works best. By understanding how customers interact with your brand online and offline, you can create a more personalized experience for them that encourages conversion.
These five strategies are just the beginning – if you have any suggestions or ideas on data-driven marketing, please share them in the comments below. We would love to hear from you!