Before you begin to think data-driven marketing is another type of marketing like product or growth marketing, let me correct that assumption; it is not. It is not a type of marketing, but a strategy important for every type of marketing. Without data, marketing of any sort is impossible. Investing in data analysis tools are the easiest and fastest way to optimise data in your marketing efforts.
''Data-driven marketing (DDM) is one promising, technology-based approach. It concerns the capture, analysis and use of data to optimise ongoing campaigns continuously.''- PWC
Data will help in informing how to design your website and your products, shed light onto which demographics are most interested in the product, give directions about what demographics to target next and what products might interest them, and a lot more. The possibilities are endless.
The icing on the cake is being able to layer visualization on top of analysis, a feature several data analysis platforms offer. When a lot of data is involved, it isn’t easy to make sense out of it just from the bare numbers. Pictures and graphs tell better stories and go a long way to help the executive decision-makers understand how to move next. Data visualization is a part of data science that makes data easier to understand and easier to present.
Data Analysis: A Core-Marketing Principle
I need you to understand that people have underlying principles guiding the decisions they make. Sometimes, they may not know why what they are doing is working, but the world is governed by principles. Data-driven marketing is a principle that makes marketing work. A business using the data-driven approach to marketing has a higher chance of converting visitors into customers because it understands what fuels their preferences.
Now that we have agreed that you need data, what’s next? To access informed research that provides accurate information about the market, there is a need to collect and know certain facts and statistics about the market that is available. This is presented as quantifiable data and unquantifiable data.
This piece has been written to educate you on what data-driven marketing is about. It will help you clear common misconceptions about data-driven marketing and also state why it is important. Finally, it will provide you with a solution to help you achieve data-driven marketing for your business. It will be fun, so get your pens and papers and let’s dive in. After reading this, you will be able to actively use data in your marketing.
Exploiting Data Analysis Tools to Reach Your Target Audience
Exploiting Data Analysis Tools to Reach Your Target Audience
Bringing that closer to home, what is data-driven marketing? It is using data to better understand your customers. Exploiting data to discern their motivations, their pain points, behaviour, and preferences. Every business has the data they need already. Data from interacting with the customers or records of previous transactions with them.
Sources of data available to you are demographics, psychographics, big data from social media, CES (customer effort scores), NPS (Net Promoter Scores).
After you get the data, the next step is uploading it to an automated data analysis platform. Here, you have all your data from different sources unified, models trained and built, after which you get insights generated from the predictive analysis models.
Myths About Technology-Enhanced Marketing
Going further, a major misconception about data-driven marketing is that “Data is hard to access”. If you say data-driven marketing is expensive, I can somewhat agree with you and we will talk about that shortly but it is not hard to get. The reality is that you have the data you need at your fingertips, but you aren’t seeing it. You can begin by looking at existing information from different departments in your company, especially those in frequent contact with the customers.
Another mix-up with data-driven marketing is that people believe that it is too “techy”. Maybe what they fear is the “data” before the “driven marketing”. Not to worry, we will create a petition for it to be called “information-driven marketing” since it seems a lot of people are scared of data. The reality is, with the presence of an automated data analysis platform, you do not even need to learn how to code, to make the best of your data.
In today’s digital world, there are a lot of easily accessible data analysis tools that specialise in sorting out your data issues. These automated platforms are personalised to meet your unique data needs, so you can make better decisions. There are several data analysis platforms available for you to explore.
Exploit The Benefits of Marketing With Data Today
- Faster Results- using a data-driven approach to implement your strategy gives huge benefits. Your strategy can be in creating awareness, helping the sales team create content that will improve the revenue target by 15% in 6 months, etc. Insights gotten from data will give you faster results for your goals.
- Refined Messaging- using a data-driven marketing approach helps you to refine your message in the best possible way. It communicates your message in a way that connects with your audience.
- Choose Right Marketing Channels- since data-driven marketing is based on predictive analysis, it shows you the best channel to use for your marketing.
- Bye to Guess-work- This approach to marketing helps detect what is working and what is not. With hard proof and not intuitive guesswork, you know when to ditch outdoor advertising and sit more on social media, you know where to create relatable content for your audience. Another major advantage is that it saves you time, effort and money! Its purpose is to help you better serve the customers.
Voyance-Enabled Results Are All The Proof You Need
At Voyance, our mission is to democratize access to data science via our automated machine learning platform that enables Analysts, Data Engineers, Marketers, and other professionals in tech to get their best job done.
Our platform automates continuously recurring tasks that drain the energy and time of data scientists. You can run complex models and transformations on your data effortlessly and the best part is that you do this and more without writing a single code!