The budget is free
No compromises! Boy scout word.
More and more, the trend is the increasing investment of time and money online. This factor makes the use of data-based marketing strategies more vital than ever.
Data-Driven Marketing or Data-Based Marketing is the set of tactics and techniques based on the collecting, processing, and analysis of large amounts of data obtained through the brand’s interactions with consumers.
This data allows you to better understand customer behaviors, preferences, and motivations and develop effective marketing plans. Thanks to this data, you will be able to predict your future marketing goals and actions, as well as develop customized strategies that enhance the ROI (Return On Investment), as they allow you to predict the needs, decisions, and future behavior of consumers.
Data represents an essential part of the growth of a digital marketing agency, as it forms the basis of decision making.
Data-Driven Marketing companies are six times more likely to remain profitable year after year?
Data-driven marketing gives you access to actual insights about your marketing activities.
Through this data, you get information about the habits and interactions of users with your website. These data allow you to:
These agencies have access to both the knowledge and tools needed to use the data effectively. By working with a Marketing Agency, you will be able to access all the tools needed with Big Data. This partnership also means that you will be able to focus on the day-to-day operations of your business, without having to invest time and money in learning all these techniques and tools.
Data Driven Marketing guarantees you access to data and specific information about your customers and your target audience – such as their interests, needs, lifestyle, online activity, pain points, and channels they use and don’t use. Basically, it allows you to get to know your current and potential customers at a deeper level. This information brings you several benefits, making your Marketing strategies more efficient in terms of time and costs. Through Data-driven Marketing you can:
64% of marketers agree that using data-driven marketing strategies is crucial for a company in the modern economy to be successful.
The adoption of these marketing techniques and tactics offers you enormous specificity, increasing the ROI and the overall success of your marketing campaigns, making all the work more efficient and effective.
Planning a data-driven marketing strategy takes time and energy. There are a few points you can base yourself on when creating your Data-Based Marketing strategy:
KPIs (Key Performance Indicators) KPIs are key success indicators that measure the performance of your business in relation to a specific objective. They allow you to measure the success of your business in the short and long term. On digital marketing, they are used to ensuring business growth and to verify the evolution of brand engagement, reach, and authority.
Before you start measuring your business KPI’s, it’s important that you set goals – both business and marketing goals. Some of the most common goals of digital marketing include: Increasing customer loyalty, increasing retention rate, improving customer satisfaction and experience, reducing website abandon rate, increasing click-through rate, increasing purchases, among others. KPI’s will help you follow the progress of your goals.
The most used indicators in digital marketing that you might want to pay attention to are:
All big brands use data to understand their consumers. Through the data, you can see how consumers interact with your content and what kind of content they prefer.
KPI automation allows you to improve the efficiency of your company. Discover the 4 KPIs that you can automate.
Although based on numerical data, it is important to bear in mind that data-based marketing focuses on people,as all decisions that are taken are aimed at improving the customers’ experience,their interaction with the content, and with the brand, and influencing their behavior.
Take advantage of the data, but make sure that the changes you want to implement make sense on a more human level.
Data-driven marketing can drive your business to the next level of visibility and profitability, enabling you to improve your customer relationships, increase conversions and drive revenue.
It’s not just the marketing team that needs data – every member of the company should have access.
Technology is essential if you want to use data effectively. Be sure you have access to effective analytical tools.
You must teach members how to interpret numbers and use analytics and CRM tools.
You’ll have access to a lot of data, so it’s important that you define your Marketing efforts and focus on the KPI’s that are important to generate and measure results. The metrics you should measure depend on your goals and your customers.
Data silos are groups of raw data that are only available to one department in the company. These result in a lack of transparency, efficiency and trust within the organization. To counter this, you must ensure that everyone has access to the numbers.
You must define these factors so that you can measure performance and stay focused on the things that show the most results.
It may seem obvious, but many companies invest in data sources and analytical tools and then don’t use statistics.
Related article: Automation culture in companies: advantages and how to implement it
Thanks to a data-driven marketing approach, you are able to target the right audience, capture their attention and offer them what they want at the right time, which leads to a bigger Return on Investment.
With the right analytics tools, you can identify where you want to allocate your marketing budget, as you have accurate information on which campaigns had the best impact on brand awareness or conversions. In short, you can allocate your budgets in an informed and effective way.
Furthermore, through the data you have access to, you can understand the copy, visuals, creatives and content that work best for your audience. In other words, you are able to communicate the right message at the right time.
An effective Data-Based Marketing strategy allows you to learn from the data and, through it, improve your marketing efforts on an ongoing basis.
No compromises! Boy scout word.