Data is increasingly essential in today’s market. Find out what data-driven marketing is and understand how to incorporate it into your company’s marketing strategy.
What Is Data-Driven
Data-driven is a method that guides professionals when it comes to strategic planning and decision-making. It does this from data, information collected and analyzed.
When a company is data-driven, workers’ performance becomes more incisive, intelligent and qualitative. The strategy is based on accurate information rather than guesswork or simple experiences.
What Is Data-Driven Marketing?
In marketing, being data-driven relates to a mindset, methodology and strategic planning based on collecting and studying consumer information. This data is at the heart of decision-making.
Data-driven Marketing uses computational and digital data analysis, such as Google Analytics, Big Data, Business Intelligence and Machine Learning.
This data makes it possible to understand the customer’s path to completion of the sale—information changes in well-developed analyses. The actions are directed at the competitive advantages to obtain the business’s success.
Why Do Data-Driven Marketing?
According to Certain, organizations that have implemented data-driven marketing have seen, on average, a 10-20% increase in ROI.
Many of them only used Google Analytics. This tool can be considered the head of your website; it checks access and user information. It is a critical analysis tool to efficiently monitor your online activities and outline consistent strategies for your business.
What Advantages Of Data-Driven Marketing?
The benefits of using Data-driven Marketing are very relevant. Some follow.
Optimal Consumer Segmentation
Applications in marketing and advertising campaigns are more in-depth, with segmentation based on factual data. With data analysis, it is possible to create different campaigns for the public that will have an interest in the message.
Talking to the right customer at the right time also boosts conversion rates. Thus, campaign costs are better distributed.
Relevant Content Creation
The existence of generic content marketing is over. Consumers are already dedicated to content tailored to their own needs. Subjects that present him with relevant information, products and services.
With the analysis and use of data-driven Marketing, the contents are also based on the information and those with better results. And not just on empirical questions and understanding of customers who may be altered.
Conduct A/B Tests
They are ways of showing the public materials or campaigns in two versions but with some text or image changes. The two alternatives are offered to people during a trial time. The one with the best performance takes over until the end of the campaign as a fixed version.
This tactic is only possible by data analysis focused on decision-making. By applying to the best-performing version, you improve conversion and click-through rates.
Full Integration With Sales
Integrating the marketing and sales sectors is crucial for the company’s profits. Many companies need to correct this. And data-driven can be an output to divide essential data between the two areas.
How To Generate More Traffic From Your Data
Consider the current state of your company’s marketing funnel. How are your traffic creation, lead conversion, lead ranking and sales outcome? Where do you need to leverage your results?
If your business already has good traffic but a low lead conversion rate, you need to improve conversion. Enhancing your lead generation will do you a little good if you have a reasonable conversion rate but little traffic.
What if you have positive traffic and good metrics throughout the funnel? By adding traffic at one end, the tendency is to reproduce more sales at the other end. Suppose we hit a traffic cap – which is pretty tough. This way, we will “increase” the funnel, which improves conversion, qualification and sales rates.
The basic principle of data analysis in a data-driven marketing company is: to start from a macro view to reach the micro. Look at the more extensive data and watch for the critical improvement point to boost your bottom line.
And how do you know the points of improvement in the data you already have? As in the funnel, we go in stages. Since companies that started in data-driven marketing need more attention on traffic generation and lead conversion, let’s focus on these stages of the funnel.
Companies that adopt a data-driven culture are also able to:
- Improving commercial and internal processes reduces the time to carry out a job, improves the use of resources and develops the company’s investments.
- Generate and provide excellent value to your company’s products and services to make assets more quickly.
- Decision-making becomes more defined, the presence of more tactical insights increases and is based on the information collected and processed by Big Data.
Now that you know what data-driven marketing is, how about implementing this concept in your company?