How Data Driven Marketing is Going to Boost Your Business

Marketing funnel has not been as it was used to be in the past. There have been significant changes in the whole process since the evolution of the digital world. This has given way to the increase demand of data driven marketing.

The core reason for the same is that the customers have become too picky and they read only those advertisements which are of their interest.

The best response to the same could be to give personalized messages (via digital mediums) to attract new customers and retain existing ones. For this the marketers need data and thus most of the companies are inclined towards data driven marketing.

Why are most of the marketers’ data hungry?

According to e marketer, more than 40% of brands are now expanding their budget on data driven marketing.  This itself indicates how useful this aspect is for any brand. Major reasons on why marketers crave for statistics so much are:

·  Personalization becomes more effective: Customer data, especially the demographic data, aids the marketers to segment the buyers properly and create tailored campaigns for the niche groups. This had given a boost to sales and revenue. A survey conducted by Monetate indicates the same.

·  Decisions are made on basis of concrete data: This is one of the big advantages of data driven marketing. A marketer will have specific information on various parameters like consumer behavior which ultimately helps in better positioning of the product or service.

·  Buyer persona journey becomes clear: One need to understand that traditional marketing funnel doesn’t work these days. Aggressive sales and marketing methods used previously yield no results. Thus, having data on consumer demographics, consumer behavior and so helps in better understanding of buyer persona journey.

·  Better understanding leads to better understanding of ROI: Data driven marketing can easily give track of which campaign gave better ROI and which needs to be improved. By having such information a marketer can wisely spend on the budget for better returns.

Specific skills needed for data driven marketing

Collection, organizing and interpretation of data itself is a very skilful task. If you are not upto the mark, you may end up in losing the trick of taking the correct decisions. Thus keeping this in mind a data driven marketer must have the ability of:

·  Separating the knowledge from data: At the end of the day, experience speaks. Some marketers may conclude to a decision based on their experience. But the same may not backed by the available data. Thus it is important to separate these two aspects and come up with something concrete.

·  Creating well-oiled MarTech stack: For data driven marketing you need various marketing tools for the purpose of data collection and data mining. For this you need a proper MarTech (Marketing Technology) stack in place for streamlining the whole data management process.

·  Using all insights in order to make real-time decisions: The team should be such that they should have the capability to make real time decisions. For instance, if you get a data from social media that your target audience is coming online in a range of specific time, then you must optimize your campaign accordingly.

·  Mining of data on constant basis: A good data driven marketer always have the ability to dig in deep and chalk out various aspect to identify various characteristics, patterns or trend in order to make proactive marketing decisions.

Summary

The wave of growing digital media and change in consumer behavior and preference has forced many marketers to switch for data driven marketing. This makes marketing a SMART (Specific, Measurable, Achievable, Realistic, Time-bound) aspect.