What Is Good Data-Driven Marketing? Here Are 5 Examples of What Big Data Can Do.
Realizing the importance of data-driven marketing may be a turning point for any company, so it's crucial to learn what strategies may work the best for you.
Over the past year, we've realized the world is not as it used to be anymore. We’ve learned that it is nearly impossible to prepare a successful campaign without using Big Data when it comes to marketing. Realizing the importance of data-driven marketing can be a turning point in any company’s “lifespan”, so it’s crucial to learn what strategies may work the best for you. If you’re new to data marketing, worry not.
But before focusing on particular strategies, you should know why your company needs to focus on data-driven marketing.
Data-driven marketing — what exactly is it?
Of course, as with any other marketing campaign, the ultimate goal of data-driven marketing is to increase the customer’s interest in your product and manage the demand.
You can do this by collecting as much data about a given customer as possible. The data you collect will be used to predict customers’ future buying behavior and create marketing strategies to promote your products to them successfully.
It’s important to know that a correctly led campaign will let you discover a wide variety of data about the customer, like their preferences, hobbies, interests or even where they live. It will allow you to market your existing products to them in the best possible way and predict any changes in their behavior under given circumstances.
Main benefits of data-driven marketing
There are various benefits of implementing a data-driven marketing campaign. However, two aspects stand out.
First of all, by opting for data-driven marketing, you can get to know your customers better and find out who they are. In many cases, the client’s buying behavior changes depending on the mood or even the currently used device type. By using data-driven marketing, you will understand how their personal preferences vary depending on the device they are currently using and the time.
Data-driven marketing is also a great way to improve the user's experience with your company. The better the user’s experience with the company is, the bigger the chance they will return. They will also recommend your company to their family and friends, bringing you additional leads at no cost. That’s why it is so important to try and make the experience of your customers even better constantly.
Five examples of data-driven marketing
Below are the five most widely reported benefits of using data-driven marketing strategies. It is ultimately up to each reader to choose the right marketing campaign for their company, so you should make your mind about every single one of them.
1. Data-driven website chat
Before committing to a live chat with a customer, it’s essential to know with whom, exactly, you will engage. Not every customer is the same or has the same level of expectations.
Data-driven marketing campaigns utilizing your site’s live chat options can be beneficial in predicting how the conversation will go and what, exactly, the customer expects from your company.
The database gets richer and richer with every conversation you hold with a given customer, which, in turn, makes each new conversation easier to predict. You’ll know what services to recommend, how to talk to that person and much more. This will also make conversations with first-time customers a lot easier.
2. Pricing changes
If your company is going to survive, it needs to make money. To make sure you’re not letting money slip through your fingers, you will need to analyze the results of your data-driven marketing campaign correctly. Of course, you’ll need to use various tools to get optimal results, but they will allow you to set the prices of your services and products so that they’re satisfactory to you while not being too expensive for your customers.
Data-driven marketing will also allow you to adapt to market changes. By being able to predict when the prices will drop and when they are going to rise, you’ll be able to stay competitive and attract customers even in times of crisis.
3. SEO assistance
Doing a data-driven marketing campaign will also be a big help in optimizing your website perfectly. The reasons should be obvious: Proper website optimization requires a lot of data. You need to understand which keywords will be the right ones for your business, which customer groups should be your primary targets and what backlink sources have the highest potential of generating more leads.
A successful data-driven marketing campaign can supply you with all this information and much more. You’ll be able to discover what your target audience searches for on the internet, determine the keyword competitiveness levels and finally come up with a good idea on how to climb that Google Search results website ranking.
Remember that the user won’t get far on your website if you only target random audiences or use outdated keywords. Supplementing the SEO optimization process with a data-driven marketing campaign will always be a good idea, no matter how big or small your company is.
4. Expansion into new markets
After doing a data-driven marketing campaign, you’ll be able to expand into brand new markets relatively quickly. You’ll acquire all kinds of valuable data, such as where your traffic is coming from, how competitive a given region is, how high the GDP is and much more.
When the time comes for your company to build up its global user base, this information will prove invaluable. It will surely help you decide which regions are worth your attention, allowing you to plan your next moves following the global trends.
Keep in mind that if you take your company global, you should prepare step by step. The data-driven marketing campaign is, simply, the very first of the steps you should take.
5. Upgrading your message strategy
A well-led data-driven marketing campaign can also help you upgrade your message strategy to attract more customers and make existing ones feel important and appreciated. However, keep in mind that you will need to do some actual research to make that happen and be open to any feedback you receive from your customers. You should always look forward to listening to what they have to say and, in fact, actively try to acquire even more data by engaging with them.
This is the only way for you to collect the data necessary to correct your message strategy. The message strategy is one of the essential aspects you should pay attention to when managing your company. A proper one will help you grow, so do not hesitate to use all the options data-driven marketing offers you.
To boost the efficiency of your marketing processes and improve the overall performance of your company, don’t hesitate to make the most out of data-driven marketing. Bettering customer interaction with verified and top-quality data can make a huge difference for your business’s success, especially in this day and age.
Entrepreneur Leadership Network Contributor