Data-driven Marketing practices have gained importance recently.
Thanks to advancements in technology, data-driven marketing is no longer a luxury that only some can enjoy. Monitoring your customers’ activities has become a necessity to both survive and thrive. It would help if you had a 360-degree perspective of your customers — their likes, dislikes, wants, habits, aspirations, etc. Moreover, it also enables you to check on your competitors and developments happening in the industry.
The importance of data in marketing is immense. It opens up a treasure trove of useful information that enables you to brainstorm to-the-point strategies and build powerful marketing campaigns. If your objective is to acquire new customers and retain the existing ones, then data-driven marketing is a must.
This article sheds light on the importance of data in marketing and how you can build a data-driven marketing strategy.
1. Build useful buyer personas
Data-driven marketing helps to build buyer personas that allow for brainstorming effective marketing communication strategies. When you send targeted messages and emails to your customers, you will make a personal relationship with them and develop customer loyalty. Research reveals that a 5% increase in customer loyalty improves average profit per customer by 25%-100%.
2. Make high-quality landing pages
Landing pages should be built, keeping in mind the audience that will ultimately read its content. Suppose you sell toys to kids aged 5-8. Then your landing page should resonate with what kids like to read, see, and hear. You may want to add flowers, birds, or superhero action figures. In case you sell sports gear to boys aged 12-18 years, you may wish to depict sports stars such as Sachin Tendulkar and Lionel Messi. Data-driven marketing allows you to explore what your target segment likes to read, watch, and hear. Thus, you can build an attention-grabbing landing page and see your sales booming.
3. Create discounts and coupons
One thing that customers of all ages and nationalities like are discounts. The better deal you give, the more you can expect to gain a dominant position in your industry. Data-driven marketing allows you to create appropriate discounts for the right target segment. You can mail customized coupons to different customer sections and see the sales skyrocketing. You can check how effective your discount coupons are by tracking the redemption rate through e-commerce portals and brick and mortar stores.
4. Build effective email marketing campaigns
Emails are the heart of any marketing campaign. Statistics show that email account for 19.8% of all transactions, only behind organic traffic (21.8%) and paid search (19.9%). Data-driven marketing provides valuable customer data and reveals their online behavior, which can create highly targeted and personalized email marketing campaigns. This way, you can expect a fair share of customers to return to your website.
5. Employ the Retargeted Ads strategy
The Retargeting strategy is being used extensively for increasing business prospects. It’s because it allows targeting customers that have shown somewhat interest in your website in the past but failed to make a purchase. The reasons can be many, but you can use the retargeted ads strategy for luring them back to your website. Data-driven marketing enables you to show tailored ads on the Internet, based on customer behavior. The best part is that about 30% of customers share a positive opinion about retargeted ads.
The importance of data in marketing is snowballing. Data allows companies to keep a watch on customer behavior and find ways to reach them in a better manner. Data-driven marketing has made it easier than ever to get a broad set of audiences in a short time.
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