Know How Data-Driven Marketing Is The Future Of Marketing
Today, the focus on data-driven marketing is more than ever. It’s not just a convenient assumption; it is what most companies are focussing on.
According to Forbes, 88% marketers around the globe are taking help from third parties for collecting data.
The need for data-driven marketing has become so prominent, that companies are willing to seek help from outside.
The benefits of data-driven marketing are many that make it relevant today. However, it will be worthwhile to see where it fits in the coming years.
According to Forbes, 66% of the collected marketing data is used for analyzing and improving focus on content, messages, and targeted offers.
The data-driven marketing trends are primarily about two things: Understand the customer and customize the content that would fit his/her needs.
Data-driven marketing has evolved; Its no longer dependent on tactics like measuring bounce rates and cost-per-click.
The reason is apparent: To cut through the noise, you need to give your customers a more personalized and relevant experience.
The only way forward: Data-driven marketing
The whole idea of marketing witnessed a tectonic shift over the past few years.
Naturally, customers became the king and understanding them became more crucial.
Many advertising and marketing strategies have become useless, with people’s increasing tendency to use multiple devices. People now use multiple devices to access various contents.
Amidst, the increasing complexity, there can only be one way to target customers: By understanding them.
Hence data-driven marketing is the answer!
Understanding how the customer behaves
A significant advantage of working in India’s biggest Martech company is that I get to interact with many marketers.
They would sometimes say that there was a time when to understand consumer behavior they used panel-based data.
Panel-based data is a snapshot of a sample/group of people to assume what the whole targeted population may like! It was like they would study 50 people to understand what 50,000 people would want.
Now, the strategies have changed and evolved.
Today, the DMPs (data management platforms) offer marketers with accurate and real insights at individual levels, and by devices.
The guesswork is now put to rest for good.
Now with data-driven marketing, you can identify the accurate buying-mode of people, their life stage, their purchasing history, and a lot more.
The information will help you in customizing your content for better marketing.
So, is data-driven marketing the future? You bet!
Let’s see what the future holds for data-driven management.
For a change, let us take into account what consumers think.
According to a survey done by Salesforce, 62% of consumers agreed that they don’t mind getting personalized discounts and offers based on products/services they have already bought.
That fact alone proves what data-driven marketing can do!
You remember how it used to be? Companies would pour a series of incentive emails to a large consumer list, with a negligible idea of how they will be treated.
Today, you can tailor each message explicitly to a specific group of users.
The fact that every customer is different is now respected.
Here are some data-driven marketing strategies that will certainly define the future of marketing.
Data-driven marketing trends in the future
Refocusing on the metrics
Today, every marketer understands the value of measuring and tracking their efforts’ success via metrics and data. It helps them make informed and better business decisions.
The rise of automation and AI is steady; they are emerging as the new marketing solutions. Now, you will have better access to more data as compared to earlier days.
When you refocus on the success metrics, you will be able to have a better future strategy and better campaign focus.
The success metrics for a marketing strategy will also help in determining the course of action for the future.
Certainly, with the data-driven testing and metrics, you’ll be able to push your brand forward.
Leveraging the upcoming trends
When it’s about the industry advancements and technologies marketers are always looking out to incorporate them with their efforts.
When I think about it, I remember a few years back it was the marketing automation that took over the marketing world.
Today, it’s an obvious thing for campaign personalization and execution.
The upcoming trends like augmented reality and virtual reality will offer new and exciting opportunities. These will help you in bridging the gap between online engagement and in-store experiences.
Data-driven marketing can be a key player in selecting and segmenting customers for these upcoming trends.
Going fully mobile
It’s true that most businesses are almost on board with mobile-first strategies. Shoppers are no longer limited to just brick-and-mortar stores and desktops.
Mobile phones have become a crucial factor in e-commerce.
Now, marketers are re-focusing resources and initiatives on mobile platforms. Now almost every business has a website that is optimized for mobile phones.
Data-driven marketing will also have a role to play in the upcoming mobile era. With accurate data, you’ll not only know a customer’s preferred time to browse but also you’ll know what kind of experience he/she is looking for.
There’s a chance that there could be different specifications of different mobile phones in the future. And marketers may have to optimize the content accordingly.
When you know what mobile phones your customers are using, you can customize and optimize the content accordingly.
Analyzing unstructured and structured data
With the constant evolution of consumers, new channels and platforms for their engagement are also showing up.
There is now a constant supply of new sites and social apps where users are researching brands, engaging with other users, and asking questions.
In the next few years, marketers will be tracking and managing all the interactions among users.
AI (artificial intelligence) can help in analyzing both unstructured and structured data, collecting every possible consumer insight in a single location, and free-form data.
Combining data science and execution
The big data revolution has been the catalyst for the transformation and change in marketing strategies. It shouldn’t be surprising that in the coming years’ data-driven management will be at the core of every marketing strategies.
Leveraging AI (artificial intelligence) and machine learning will help you in uncovering hidden customer trends and insights.
In the coming years, all the data-driven marketing trends will have these newer technologies in common.
You will be able to convert the data science on its head and take action on its basis. Ultimately, you will increase the efficiency and output.
Therefore, the analysis and collection of consumer data will fuel day-to-day conversation rates and marketing execution.
Finally, looking into the benefits of data-driven benefits it can be concluded that consumer data will make you a winner!
But what does the data-driven marketing trends suggest?
VentureBeat stated that businesses or companies are already including data-driven testing a crucial part of their strategies.
So, the relevance of the consumer data will never fade out because good data will always fuel intelligent content decisions.
Already, marketers are using consumer data to make their email campaigns better. Today, consumer data management is the key to email marketing.
So what’s your plan? What do you think of data-driven marketing?
Will it define the future marketing strategies?
Share your opinions.