Good Data, Better Marketing
Data-driven marketing refers to the way you use your gathered data to influence your marketing and communications strategy. It's no longer about guesswork or trying to follow trends. That's too expensive a risk to do without the correct data to back it up.
Think of it as planning a vacation. You wouldn't book a trip without doing your research. You want to know why it's worthwhile to visit, what it costs, what activities people find attractive, etc. Planning a new campaign or launch should be approached the same way. Why should people buy what you're selling? Who is likely to need what you have to offer? These are questions that data can answer.
It's about combining consumer data to understand their lifestyles, interests, behaviors, and so much more that contributes to future planning.
So what do you need for a successful data marketing strategy?
Strategy Informed by Data:
Yes, you need data, but it's more than just a surface-level idea. You need to dig a little deeper into the data that's collected. What story does the data tell? Are you working with an incomplete set full of holes, leaving you to do the guesswork anyway? Or are you pulling too much data without any organizational strategy? It's almost impossible to put it toward actionable ideas with no rhyme or reason to the information gathered. So it's essential to analyze how you're collecting data and how you're processing said data.
Objective/Goal that Guides your Strategy:
Without clear goals, good data means nothing. Without a clear idea of what you're trying to accomplish, that data means nothing. So, it's essential to consider what needs to be accomplished. Once you've decided on a strategy, you can start segmenting the data into groups that make sense. You're talking to personas now, not throwing spaghetti at a wall and hoping it sticks. Forming objectives informs the way you analyze your data.
Analyze and Put Your Data to Use:
Once your goals are clear and concise, the collected data starts to form a story. You're able to recognize your strengths and how to play them up. You'll begin to notice patterns and characteristics that your products and services can solve. Which demographics or characteristics found in the data support the goals you have in mind? Who will your products or services best serve, and what approach will work best for them? What patterns are you picking up on? How can you put these findings into action? Dividing your data by characteristics can help group leads together to strategize how you'll be talking to these segmented groups to turn them into buyers.
Use Metrics to Track Success:
The work doesn't end when the campaign launches. It's only the beginning! Not only is the goal to improve your data, but to improve overall marketing efforts. Data will continue to shape future journeys for your products and services and future campaign planning. You'll start asking yourself questions like who did and didn't answer? What did they or didn't they like? What kept them from completing a purchase? What new pain points can you address with your next launch? It's essential to keep working toward understanding what works and what doesn't and putting those findings toward reaching goals and setting up new ones.
Pay-Off
When done right, the benefits of a data-driven marketing strategy have a tremendous return on investment. Data-driven marketing can even help with predictive analytics when planning and preparing for future trends within this same consumer group. Moreover, when you look over your numbers, you can gather what channels are most effective for your marketing efforts, allowing you to capitalize on them even further. Additionally, when you know your customer base, you can also create the best experience for them. So stop spending time and money on trial and error, start investing in a data-driven strategy and prepare to see drastic improvements.
Need help putting together a data-driven strategy? Let's chat!
