What Is Data-Driven Marketing?
Data-driven marketing, in a very basic sense, is a strategy that has been developed on the basis of analysis of huge data that has been collected from customer engagements and interactions. Consumer behavior has kept changing over the years, along with marketing technologies and strategies. It helps to focus on the most productive media purchases and to build personalized, and create awareness about products.
Best Data-Driven Marketing Strategies
1. Managing Marketing Across Networks
Identity resolution is one of the most common techniques for implementing a cross-channel approach to data-driven marketing. Based on both digital and physical attributes, identity resolution can be explained as the capability to classify an entity, whether it is a thing, place, or person, with associated relationships accurately and consistently. On the basis of interests, individual characteristics, and the technological footprint of each and every customer, this technique aims to manage the marketing across various channels or networks. Let us have a look at the three-step approach for implementing this kind of campaign:
- The data is successfully categorized and displayed by the marketers when modeling and attribution are established.
- Mobile apps and alerts, television, radio, influencer campaigns, social media paid search, videos, podcasts, traditional press, and other media are all included when data sources are established. How each source will be used by the target audience in relation to the campaign’s goals also needs to be considered.
- Continuous application of data checks, validation to confirm, and reliability of information can help to improve the quality of the data continually.
2. Personalized Customer Experience
Personalized customer experience is one of the best marketing strategies to follow in any industry. By tailoring content and through online interactions based on the demographics, online activities, purchase history, and other information about people, you can easily hold their attention. It can also be regarded as people-based marketing. This technique basically allows customers to be measured at the real individual levels by marketers. When companies tend to focus on customer information to narrow down and optimize content based on such aspects, it improves the click-through rates and helps in better ROI. More than any other time, this year is the best phase to take advantage of this strategy.
3. Data Onboarding
To serve marketing purposes, the process through which offline data such as telephone numbers, postal addresses, and in-store purchases are transferred to online platforms for marketing platforms is known as data onboarding. Thus, here you need to understand how important it is to transfer offline data to online environments through data onboarding. Data onboarding basically includes anonymizing the information before it is shared since data from two realms are connected by using personally identifiable information (PII). Marketers can understand the customers better by leveraging offline data. It allows them to target prospective customers and enables them to develop personalized messaging based on customer information.
4. Applying Big Data To Track Marketing ROI
The combination of analytical science along with proper communication of resulting insights into actionable intelligence is required for converting huge data into insight. To increase ROI for marketing campaigns, there are five ways in which data science can be applied:
- To promote the free flow of information throughout the organization, a breakdown of departmental silos is required. Apart from this, businesses must make sure that the data is feasible to share with external and internal sources as well as can be integrated with other systems.
- Application of visualization tools to disintegrate complicated data and simplify communicating the results of analytics in a way that makes it easier for mathematicians to understand.
- To promote fast action that is based on accurate and timely information, you need to ensure the fact that data streams are updated in real-time.
- With the help of data-based tools to forecast the potential for obstacles, determine best ways to avoid minor risks, and assign values to the unknowns, base marketing decisions on past customer values can be established.
- On the basis of market variation approaches for discovering alternatives and achieving insights, smart business experiments need to be conducted.
5. Predictive Analytics
Accounts that match with the organization’s ideal customer profile (ICP) are targeted by businesses with the help of integrated predictive analytics along with account-based marketing. Google analytics data is one of the best examples of these aspects. There are majorly three parts of devising an ideal customer profile:
- Predictive analytics can recognize the pattern of behavior in the company data about customers and prospects collected by them.
- The analytics engines and models are boosted by quality data. This data needs to be relevant, accurate, and available timely whenever or wherever it is required.
- A form that can be imported to the machine-learning model must be converted through the expertise of team members.
6. Artificial Intelligence
One of the most important factors of data-driven marketing strategies is artificial intelligence, or AI as we commonly know it. There have been predictions related to the fact that the use of artificial intelligence, which is still in its early phase of marketing, will rapidly grow in the near future. For individual customers, personalized campaigns are created by AI using huge quantities of data sources. There is absolutely no need to worry about introducing new AI products and services in your business. You can even make use of the wide variety of data assets you need to create accurate AI algorithms.
Final Thoughts
Well, there you go with all the information that you needed to know about these marketing strategies driven by data. To be honest, this type of marketing is not something very new. It has been traveling a long way from just analyzing cost-per-clicks and bounce rates. However, it is a great plan for enhancing your business performance and delivering its goals.
Author Bio
Alex is a tech entrepreneur by profession and passionate blogger by heart. He is on a mission to help small businesses grow online. He shares his journey, insights, and experiences at BlogStellar, TechTrendsPro & SearchEngineMagazine. If you are an entrepreneur, digital marketing professional, or simply an info-holic, then this blog is for you.