Data Driven Marketing is all about retaining customers by using behaviour based consumer data to be able to effectively determine the timing, targeting and content matter of marketing plans. It requires the research component of a marketer’s job which is key. The more accurate the information, the more effective the communication can be in turn. Data Driven Marketing calls on you to fine-tune your segmentation strategy by having accurate information.
The question is how can you make this a successful transition within your current marketing practice when the sources of information are so vast? You need to be able to introduce the right tools and hire the right skills. An individual’s ability to rapidly analyse data for insights and be able to use this information to make more custom designed content is key to the process.
Having the right data is the foundation – if you find that your current data is not bringing in the results you want, you need to move and look for other sources of information instead of trying to make your current data work.
You then need to have the right tools to be able to deploy this information at the right time, through the right medium. For instance, platforms such as email marketing and SMS marketing software are becoming a must in the digital data driven marketing arena.
Once you have your data and technology in hand, you need to be able to drive the right value to justify the cost of gathering the first two tools and bringing them together. This is why you need a cross-function team that is comprised of marketers, researches, analysts, and IT experts etc. who work together to deliver insightful action in the marketplace.
Marketers cannot fail to take action when others are already making big successes in the market as a result of converting to a data driven strategy for both their digital and other communication platforms as well. You need to collect information from every possible touch point and how each is used, what time etc. – then you examine how these analytics work in reference to your brand – and finally you develop an effective piece of communication or content that will drive an immediate and relevant response that could make big differences to your long term bottom line.
You just need to know more about who is buying your product and who will potentially do so. After all, how can you have a meaningful conversation with someone you don’t know very well?