In today's largely digital world, it should come as no surprise that data is one of your most valuable resources when it comes to marketing. When you have the right information available to you, you can use it to build repeatable and scalable marketing processes. This is something that is currently changing the online commerce world. Working with data in an effective way can be tricky, but there are a few trends that are worth exploring for any business.
Understanding Data-Driven Marketing
Financial Times defines data-driven marketing as, "the marketing insights and decisions that arise from the analysis of data about or from consumers." Essentially, this type of marketing takes big data and uses it to determine new marketing strategies. This requires gathering the appropriate data and then analyzing it for new marketing strategies.
Benefits of Data-Driven Marketing
You'll quickly find that there are numerous benefits to this new type of marketing. Here are a few of the most important ones:
• Better Customer Experience - Data-driven analysis lets you look at your customers and what drives satisfaction, which allows you to make changes as needed.
• Improved Product Development - With data at your side, you can better understand your audience and the products they are looking for, which may drop your failure rate.
• Unique Marketing - With proper data, you can make sure the right messages are going to the correct audience, which allows for more relevant marketing communications.
• Funnel Efficiency - When you are aware of what content leads to purchase, you can optimize your campaigns which leads to better conversion rates and ROI.
Popular Marketing Techniques
Using data with your marketing is not a new trend, but there are constantly new developments. Being aware of these will ensure you take advantage while the iron is hot. We wanted to provide a few examples to get you started.
Artificial intelligence is still in its infancy as far as marketing goes, but you can expect it to explode over the next few years. With AI, you can take advantage of large amounts of data to build campaigns that are targeted to individual customers. Testing AI products and making sure of your data assets is something that you should be doing now to stay ahead of your competition.
Making accurate predictions can have a significant impact on your current data-driven marketing. When you use data to predict what will happen in the future, you get an idea of what to expect from customers in the future. Recording interactions with clients is a fantastic way to get started with this technique. This can offer better strategies moving forward and the ability to alter current techniques to be more useful.
There are dozens of ways to use data you already have, or can easily acquire, to strengthen your marketing strategies and bring in new customers and additional revenue. Don't be afraid to try something new. You may end up in a position to head up the market of your industry by taking a few chances and staying aware of new data-driven marketing techniques.