Have you ever experienced horrendous customer service when you’re calling the call center about a specific problem?
You explain the problem to one person and they have to refer you to another person and you explain the problem over and over again.
The problem can be solved adapting data driven marketing.
Data driven marketing is the practice of using client data to make better and more focused media buying, content creation, customer service and much more. It is one of the most significant changes in the history of digital advertising.
In the past, the company knew very little about the customers and didn’t have information about customers. Whether it be customer’s preferences, their decision making process, their engagements, and interactions with the brand at different touch points. The company did not know what made the customers decide to purchase or not purchase.
Now, marketers are able to access customer’s decision making, behavior, specific interests, hobbies, household information, the preferences of specific people and do personalized marketing by using data driven marketing. When the marketers know the data of their customers, it’s easier to do the marketing plan for the right target. By the time that the customers are interacting with the brand across different channels, they are looking for an experience where regardless of how they’re interacting with the brand, they expect the brand to know all that information about them and they don’t have to explain it. Data Driven Marketing helps reduce the process that the customers have to repeat the information over and over again.
Nonetheless, Data driven Marketing will help the company to transform and set up the right vision to attract the right customers by connecting to the database under the terms that customers allow to use.
You may be wondering why buyer personas are so important? Why are they the missing ingredient in the marketing strategies? Here are the reasons why:
First party data is the customers data that the companies collected the own information of the customers from various channels such as address, phone number, email, social media, CRM system, etc. First party data will help finding the new customers and targeting the right customers. For instance, Facebook features, Custom Audience and Lookalike. These tools will help the companies reach new audiences based on the store data.
Second party data is the first party data of other companies, it might not come directly from them. It may come from a company that has a good relationship with the clients or the company’s connection. The second party data will help broaden the company’s customer base to include new demographics. It also allows the company to research and learn more about prospects outside of the brand or company.
Third party data is the data that the company needs to purchase from a medium outside the company that collects individual information. Third party data will help the company to increase the access to the data and expand the new customers. However, since the source of third party data is not disclosed, the competitors may have access to the same information as well.
The more information a firm has about its customers and prospects, the more successful its marketing efforts will be. According to Media Math report, 53% of digital marketers believe that “a demand to deliver more relevant communications/be more customer-centric”
Here are three ways marketers are leveraging information about their target audiences gathered from internal and external data sources.
Hyper-Personalization is the way to deduce important facts about customer preferences from complex algorithms and big data. According to Forbes, 80% of customers are more likely to purchase from brands that provide personalized experiences. Generating content and online interactions based on demographics, purchasing history, online habits, and other information about people is the greatest approach to grab their attention.
Discovers patterns in customer and potential consumer behavior from data gathered by a company and forecasts the future by analyzing the ever-changing patterns. The patterns are processed into intelligence that identifies which consumers are likely to convert to sales and which customers are unlikely to lead to sales.
Using extensive data about consumers’ behavior and marketing initiatives, evaluate the effectiveness of landing pages, keywords, and products. Find keywords, products, and landing pages that decrease ROAS and find the cause of it by examining the consumer journey and the effectiveness of campaigns then calculate the prospective conversion rate to help plan advertising campaign budgets more effectively.
As the rising wave of digital channels, the marketers need to adjust the Data-Driven Marketing strategies into practice to keep the brand relevant in the market. Data has the potential to make marketing more exact and accurate. It’s all up to the marketers to make the best use of the data and adjust the marketing campaign and communication to optimize the budget that spending on marketing campaigns, reach the right audience, and increase the sales.
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