What is data-driven marketing and why leading marketers are investing in it?

Chances are, you’ve heard about the current state of marketing. It’s clear that we’re at a crossroads – but which path should companies take? We’ve got two options: continue business as usual even though traditional strategies and technologies don’t produce desired results; or break through to a new future driven by big data analysis fueled with meaningful account insights.

The first option is clearly not ideal–businesses can wait around while they see diminishing returns from their investments in time-tested tactics like telemarketing, advertising campaigns, etc., before changing course entirely when it becomes too late for them to adapt effectively (if this isn’t already happening). The second option has many benefits including providing greater customer satisfaction.

There has never been a better time to be an online marketer. With the explosion of marketing technology and ad tech, “data-driven marketing” is quickly becoming an essential component in a successful campaign. This concept uses customer information to make better media spending and more targeted messages, which has been shown to produce higher conversions by 54%.

This process can be broken down into five steps:

1. understanding your data
2. identifying insights from that data–or what we want people to do (call now!)
3. crafting creative based on those insights
4. distributing content across channels
5. measuring responses

With today’s marketer having access not only high-quality analytics but also automation technologies like predictive modeling solutions as well as social listening platforms for gathering quick feedback we’re able to provide customers with unparalleled personalization.

Why do we need data-driven marketing?

Data driven marketing is a method of gauging the success or failures in a campaign by using statistics. Data driven marketing includes data such as CTR, CVR and CPS to measure customer engagement with your content. It also tracks other metrics like bounce rate, time spent on site and pages viewed per visit to see if people are interested enough in what you have to offer before they leave yet again without making any purchases because this will help determine where future campaigns should be placed for optimum effectiveness.

The advantages of data-driven marketing are more than just hype. Data helps marketers create content that is relevant to consumers and increases the likelihood of positive reactions, responses, and conversions throughout the buyer’s journey.

The largest corporations in the world are investing more into big data projects, while also implementing creative strategies to use this information for their marketing purposes. 63% of executives say that they have taken some form of action because of big data, and 33% claim that they have already experienced a big payoff.

This is good news for marketing professionals who understand how to use real-time intelligence into their strategies, especially considering the fact that 60% of marketers say that they will increase their spending on programs that utilize consumer information and insights in 2021.

So how can you incorporate data into your marketing strategy? It’s quite simple.

Here are five ways that it is currently being used by the biggest brands in the world:

Account Based Marketing (ABM)– If you are familiar with account based marketing, you probably already know that it focuses on targeting and engaging accounts at the right touchpoints to create interest and ultimately a buying stage. However, these activities can only be effective if they’re supported by insight into your target accounts—what makes them tick, who are the key decision makers and influencers and what defines success for them.

The good news is that there is a way to stay on top of your accounts’ activities and create a powerful account acquisition strategy with intent data. Intent data is an invaluable tool when it comes to identifying your target audience and gaining a better understanding of their behaviors and needs. It is a critical component to achieving success with account based marketing at the highest levels of your organization because you need to know what accounts to target and how to engage them effectively.

For example, intent data can provide invaluable insights into your accounts’ pain points and business goals by leveraging conversations from trusted sources on social media. When you are able to see what topics your target accounts care about, as well as the tone of the conversations they’re having with their peers and industry influencers, you can create highly targeted campaigns that have a drastically improved chance of resonating.

Creating quality content– The key to achieving success in the digital age is by creating content that resonates with your target audience. The best way for a brand to do this? Blogging, which has shown an impressive 90% success rate. Brands such as General Motors and Coca-Cola have seen their SEO rankings skyrocket. Tools like IBM Watson’s Tone Analyzer, Google Trends, and the growing use of AI in marketing are helping marketers make a big leap in improving the quality of content.

Real-time sentiment analysis– An increasing number of companies are using technology that analyzes the tone of online conversations related to specific brands and products. This information is then used by marketers to understand how consumers feel about their offering, identify any potential problems early on and tweak their strategy accordingly.

Behavioral segmentation– Big data technology makes it easier for companies to collect insights about customer behavior in real-time, which allows them to target their audience and personalize the message more effectively. According to Forbes, “Personalization is a marketing priority for many marketers, with 51% of B2C and 53% of B2B companies attributing increased revenue to it.”

Better prospect engagement– Targeted ads based on big data can instantly engage prospects and lead them to your website, increasing the chance of conversion. An example of this would be matching a car sales prospect to an ad for a new vehicle that was recently viewed on their Facebook page. Seeing this ad in real-time can shift them from passive lead to active buyer.

To learn more about how marketing professionals are incorporating data into their strategies write to us at info@puresoftware.com