Data is the new task master and marketing the new slave. In today’s connected world, no marketing decision – big or small can be made without consulting what the data says. The evolving role of data and analytics in every stream, including Marketing, boils down to the power of predictive insights it can generate. According to a recent IBM research, 75% of today’s consumers expect companies to know about them, their needs and preferences. To meet this expectation, a data driven marketing strategy is a critical imperative. Not sure how to build one? Here are 5 simple steps to get you started.
- Set SMART (specific, measurable, achievable, realistic, timely) goals: To be able to measure the ROI from your data-driven efforts, set clear goals for every campaign – do you want to acquire new customers or retain existing ones, do you want customers to subscribe to an offering or make an upfront purchase and so on. If you fail in this critical goal-setting aspect, it becomes hard, if not impossible, to measure the success of your data driven campaigns.
- Test, test, test: By repeating the word ‘test’, we hope to re-enforce the importance of testing various marketing approaches before you find the one that works with your target audiences. Run A/B experiments on everything possible – design, call-to-action, email subject lines, timing of social media updates, color of graphics, etc. Pre-define clear metrics to be measured from each experiment and use the data insights to delight your customers by giving them just what they are looking for at the right time. A ‘test-and-learn’ strategy is a critical imperative in today’s fast-changing customer landscape wherein companies need to re-invent themselves frequently to stay relevant.
- Build a collaborative ecosystem: Employ an integrated marketing management (IMM) approach to ensure seamless exchange of data across departments. Break the silos that separate IT and Marketing to facilitate collaboration and sharing of data insights. According to research, over 45% of Big Data deployments are for marketing, making it imperative for CMOs and CIOs to work in tandem, and pool insights and resources for the benefit of the business as a whole.IMM provides marketers with the tools needed to engage customers across channels and platforms while streamlining internal workflows to deliver a superior customer experience.
- Leverage analytics to gain competitive edge: Data not only tells you about your customers but also about your competitors and how their marketing fares. Social data especially is one such remarkable tool that tells much about the industry players and how you rank against them. Keep a close track of new and upcoming marketing methods, learn from others’ mistakes, and don’t be afraid to refine your strategy based on competitor analysis.
- Integrate data across channels to ensure a holistic customer view: Typically, most organizations invest in a number of marketing technologies to achieve varied outcomes. The resultant dataoften comes in silos with a haphazard view of customer and prospect behavior making it difficult to draw actionable insights from it. To enable a unified customer view across channels and ensure a consistent customer experience, it is imperative that organizations integrate data from disparate systems into a single location.
Data driven marketing is here to stay and will only go from strength to strength as more customers start expecting integrated experiences. So arm yourself with the above tips and create the next killer campaign that will have everyone taking notice.