Have you ever thought as to what forms the basic reason for every step we take in business? Well, every step we take in business is an informed decision. It is a decision taken on the basis of the information that we gather over a period of time regarding various demographics involved in the business.
Every informed decision in an organization involves marketing decisions too. It is nothing but data that we collect in various forms that become the basis of these decisions. Hence the term data-driven marketing has extreme importance in today’s realm of business.
Gone are the days where speculative ideas could be depended upon to generate revenue and create an impact on the consumers. The advent of various marketing tools that help in generating innumerable reports of varied consumer behavior has given the decision-making scenario more clarity. This helps businesses spend lesser time trying to create strategies out of thin air or at the whims and fancies of select top management. Impact of every action taken can now be studied from every perspective and data is readily available to give you the right perspective.
The fact that every action is monitored instantly or rather in “real time”, the correction or the damage control is done immediately and hence saves considerable quantum of losses. This creates a huge positive financial impact for the business.
Let us now list out few factors that are taken into account or practiced in order to achieve growth in any business. Let us also see how data plays an inevitable part in each of these factors too.
Proper utilization of a customer management system
All new age organizations have a structured customer management system which is a byproduct of all recorded activities the organization carries out related to customers. This recording of activities is nothing but data. Existing records of data form the basis for new activities and promote a healthy business growth environment.
A prudent business owner will be aware of his competition like the back of his palm. This knowledge is gathered based on the data that is collected from the market about the competitors’ activities. This again contributes holistically towards the framing of marketing strategies to sustain business growth as against competition. Once again the emphasis here is for data-driven marketing strategies.
Creating customer loyalty program
Customer loyalty programs are an integral part of the marketing function of an organization. It creates a huge boost in sales and also creates a scope of having repeat customers who are in a way your brand ambassadors too. Again data of customers are collected, retained and classified to identify potential repeat customers and create special programmes for them. This again is nothing but a data-driven intelligent marketing strategy. Businesses are gaining fantastic ROI by concentrating on building personalized marketing activities for their clients.
Identifying the channel workability
The most prominent advantage of data-driven marketing is the ease with which you are able to identify as to which channel works for your organization and which doesn’t in your marketing practices. With deep insights based on monitoring and analyzing every customer activity on your website right from the interest shown in your offering to the conversions or sales. This gives the marketers a much clearer picture of what’s working and what isn’t, allowing them to prioritize expenditure in the right channels.
Interacting with brands is no longer confined to simply walking into a shop and viewing a product. Keeping track of all these social media interactions of a customer can be cumbersome – particularly when the average online user now has many social media accounts – and using data analytics is often the only way to convert the broad range of data into an organized customer profile. If brands can achieve this, then customers receive a high-quality, uniform experience, regardless of the channel they used to reach the business.
Informed buying decisions have become the norm of today and the customer has various platforms that he depends upon to gain the right knowledge or information as required. Full funnel marketing has, therefore, become more interesting with making your brand spread positive information across all platforms where your potential customer may ponder. The decision as to where you need to invest in creating a positive image also comes from data derived out of research and analytics.
The future is now
One of the most amazing recent developments is the use of predictive analytics to make a forecast of your consumer behavior pattern. This makes marketers more proactive and thereby helps in creating long-term customer relations which definitely makes the brand get a strong foothold in the market vis a vis competition. This once again boils down to the simple fact that data-driven marketing strategies are here to stay and aid in creating a positive impact on your business and helping it grow.