Data driven marketing has become an essential growth and development strategy for growing business. Using data to drive your marketing strategies and tactics is the single most important element of measuring return on investment, and ensuring you are getting the right message to the right customers at the right time. Changes in rapidly advancing technologies have allowed businesses to rethink every aspect of their approach to marketing and restructure their spending budgets allocating resources to campaigns and initiatives that statistically are proven to generate you results.
Data driven marketing is influenced by data and insights from your actual customers, rather than personal experience or instinct. By collecting valuable insights from the analysis of data about or from prospects or customers, you can eliminate the guess-work and hone in on strategies that are most likely to increase brand awareness, or generate you more leads. Data driven marketing assesses the entire funnel, from interest to customer.
The first step to effectively deploying data driven marketing is identifying the data you should be measuring. From monitoring which website pages are most visited, which pieces of content are downloaded most, deploying customer surveys, or measuring data from engagement on your social media channels, data driven marketing uses science rather than instinct to identify successful strategies.
Data enables you to create a measurable marketing process that is able to be successfully repeated. It also allows you to axe strategies that just aren’t resonating with your target audience. While data driven marketing sounds like the way to go, the greatest challenge lies in that only a small percentage of marketers have the expertise to effectively work with data or know the correct metrics to measure.
How do I get started? If the concept of data driven marketing is new to you, here are three simple ways to get started.
- Revisit your marketing plan and identify which metrics would allow you to successfully measure your marketing campaigns and strategies.
- Identify your data limitations. Specifically, identify what it is you can’t and aren’t currently measuring. For example, if you haven’t traditionally measured valuable information about your website like page views, CTA performance, and session duration, identify the tool that will successfully remove this limitation.
- Say good-bye to what you think is working and hello to what you know is working. Allocate resources to strategies that are performing well when you review the data and analytics, and eliminate the tactics that aren’t.
While marketing traditionally in the past was driven by creative campaigns that were meant to grab the attention of prospects, and set you apart from your competition, data driven marketing strives to accomplish the same thing but while using metrics, data and customer insights to guide the process. Data driven marketing allows you to be much more agile, making quick shifts in strategic direction, with the rapid changes in buyer behavior marketers are frantically trying to keep up with. Have you shifted to data driven marketing? It could just mean the difference between a mediocre year, or a stellar one.