Companies’ marketing departments are rapidly growing and moving towards new technology, sources, and strategies. Datasets for marketing have become an important source in revolutionizing the way marketers act, make decisions, and form campaigns.
Let’s take a closer look at data-driven marketing…
Data-driven marketing is a type of marketing approach that involves using data for all processes, such as building marketing strategies, producing campaigns, collecting data about customers’ traits, and analyzing competitors in the marketing industry.
As of recently, over 50% of organizations consider data-driven marketing an integral part of their marketing approach. However, before using any data in marketing processes there are a few key basics each marketer should understand and work by:
As you decide to incorporate data in your marketing efforts, there is a certain roadmap that you must follow to set up a well-defined work process and clearly outline all data processes. Here are the recommendations you should consider:
There are many sources you can find to collect data, but many miss the most important source they already have – their existing data. When you start to evaluate your data you’ll find that you have many insights, moreover, the data is based on your existing customers meaning that you can learn much more from it than from data that’s from another business with a different customer base.
Research conducted did show that 8 out of 10 senior marketers believe their organization could be doing a better job of using customer data to inform customer acquisition and retention strategies. Data specific to your industry, company, and customers should remain your main focus, however, integrating it with other information will provide other aspects.
For example, integrate your customer behavioral data with the weather reports to predict future buying patterns and produce a campaign that will interest your customers in such weather conditions.
Whether you have access to a few datasets or you’re working together with other firms, you should always combine datasets to receive the ideal insights. Two similar datasets can include different dated information or even data that the other is missing.
Sharing data with other firms might seem useless, however, even the most polar opposite businesses can complement each other’s data and strategies.
As you have defined your data, integrated it, and blended it, don’t stop there, you need to constantly monitor and track it after that. Even the smallest changes in data can imply a problem in your campaign or a mistake in customer conversion bots. By noticing mistakes at their early stages you can always use other data to fix the strategy before it reaches too many customers.
Although many companies are still reluctant to integrate a data-driven approach, 2 out of 3 leading marketers have admitted that data-based decisions beat the gut instinct. For those who are still on edge, here are the benefits of data-driven marketing:
Data-driven decisions are becoming an essential part of every marketer’s job. The information you can gain about a customer, campaign, or trend from data is always informative and valuable.
As you adapt the data in your marketing insights and strategies you’ll develop a strong relationship with your customers and will be able to adapt to any market changes.
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