Using Data to Make Great Marketing Decisions
“Data really powers everything that we do.”
Jeff Weiner, CEO of LinkedIn
In this modern era a new generator for effective marketing has been found and its name is data. As people have continuously moved towards digital platforms, and as they have left their digital footprint, marketing has followed and realised the immense power-source that this digital footprint of data can provide. According to a recent survey of U.S. based senior exec’s, 64% of those surveyed ‘strongly agree’ that data-driven marketing is crucial to success in a hyper-competitive global economy and we at My Audience are here to tell you why.
Data is knowledge, knowledge is power.
The most important thing to understand about data is that it provides tangible information on your customers, in not only their profiles, but also on how they consume content and what content/product they buy and when. With the availability of this knowledge you can now empower your marketing in several ways.
Firstly, by checking your client data against your marketing campaigns you are directly able to tell the impact of said campaigns. The ability to track consumption/purchasing rates allow you to see which marketing stratagems have what effect, and subsequently, what marketing stratagems have the best effect. This is great for any marketing team wanting to get consistent results.
This ability to see a physical, measurable response to your marketing is something that simply didn’t exist before. If used properly it can not only help marketing companies prove their effect – a relief for all marketers – but also help said marketing companies know what strategy will be most effective when. By knowing this, marketing companies can now start to tailor their campaigns. With the increased knowledge that data analytics provides you can now determine where marketing investments will be most effective. If you did a marketing strategy and you know from the feedback data that it proved most effective on persons over 70, then you now know which marketing stratagem to use if targeting elderly people. By not only collecting data on clients, but also collecting data on your marketing strategies, you can customise them to certain target clients – the dream for any marketer. Selling becomes a lot easier if you can tailor your selling to the individual.
By getting clarity on customers you can start to target your content/product to certain groups. However, new big-data allows for a demographic insight often far more insightful then simply ‘Over 70 years old’. Indeed, with new big-data marketers can now target ‘Highly educated, dog owning, 70-80 year olds’ if they so wish. The amount of data on people is so expansive that it grants the ability to create an exceptionally select target group, amazing for marketing as it allows you to develop content/products that resonate exclusively for that group. A recent report by PwC’s Digital Services group, found that 94% of senior level executives believe that personalisation is ‘critical’ to attracting and retaining customers. Indeed, with this ability to target & personalise your marketing like never-before, marketers would be more than naïve to ignore the personalisation in marketing that data allows. Ginni Rometty, CEO of IBM, sees this as just the beginning. ‘“Big Data will spell the death of customer segmentation and force the marketer to understand each customer as an individual within 18 months or risk being left in the dust.”
Every good marketer knows that personalization in marketing allows for greater impact, retention & brand loyalty. It’s no wonder then that a recent Forrester study found that 44% of B2C marketers are using big data and analytics to improve client responsiveness and 36% are ‘actively using analytics and data mining to gain greater insights to plan more relationship-driven strategies’. As previously stated, data is knowledge and that knowledge really does give you power.
In this digital era its becoming ever more important to have a ‘cross-bred’ marketing team. One that is not only full up of marketing logistics experts & creative minds, but now also data analysts. People able to read the data, analyse it, find what it means in relation to marketing campaigns and harness its full capabilities by targeting their marketing campaigns at the right individuals.
We at My Audience realise the co-ordinated effort & expertise needed to fuel modern day, effective marketing campaigns. Our expertise combines data analysts, marketing experts, creative designers and experienced printers, creating a diverse range of skill sets all focused on one thing, creating a good marketing campaign. If you want to harness the power-source of modern day marketing effectively, and get your product to your Audience then contact us today.