How to Create the Best Data-Driven Marketing Strategy
Marketers have a lot to gain from data collection and big data analytics. Vast amounts of customer data are collected every second. This data is invaluable in enabling organizations to understand various trends in their industries, which can guide them to make more impactful business decisions.
What Is Data-Driven Marketing?
Data-driven marketing refers to the analysis and use of data to make informed marketing decisions. Through data-driven marketing, businesses can implement multiple successful campaigns to reach their prospects and hit their revenue objectives.
For example, marketers can collect and analyze consumer interest data to craft highly-targeted marketing messages that will result in a high return-on-investment (ROI).
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Data collection and big data analytics are the cornerstones of data-driven marketing. You can either use internal or third-party analytics tools to collect, analyze, and manage important data.
Why Is Data-Driven Marketing Important?
You’ve probably heard that “data is the new currency.” It’s as true in the marketing world as it’s ever been before. Data empowers marketers to create effective campaigns and grow their revenue.
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Here are some reasons why you should implement data-driven marketing strategies for your business:
1. Personalized marketing campaigns
Personalization is a tried-and-tested marketing strategy for sparking engagement with prospects and improving conversion rates.
2. Better marketing insights
With data at your fingertips, you can dedicate your marketing budget to areas with proven potential. Data-driven marketing removes the guesswork out of media-buying campaigns.
3. Better customer experiences
Consumers like seeing promotional content that is relevant to them. Through data, businesses can uncover important demographics about their audience, which can inform their marketing messages. Marketers can also use the data to fine-tune their lead acquisition processes and improve customer experiences.
4. Better messaging
Marketers can experiment with different messaging and delivery methods to determine which ones convert more leads to customers. This can be accomplished by using various data collection and analysis tools such as call analytics software, email tracking solutions, CRMs, and many other high-tech processes.
5. Product innovation and improvements
Successful businesses have always relied on consumer feedback to improve their products and come up with new solutions. Data-driven marketing makes product innovation and refinement much easier.
7 Ways to Build a Successful Data-Driven Marketing Strategy
Excited about the possibilities when you leverage data for your marketing efforts?
Here are 7 ways you can build successful data-driven marketing strategies for your business:
1. Embrace Automation
Don’t be overwhelmed with the amount of data you need to collect to implement a successful data-driven marketing campaign. There are many marketing automation tools that you can use to collect, organize, analyze, and present consumer data.
The success and failure of your data-driven marketing strategy may rely on the tools you select and how you integrate them into existing systems.
2. Use Existing Data
Your organization probably has vast amounts of valuable information sitting on your databases. It can all be analyzed to provide insights for your next marketing campaigns. Before opting for external data collection sources, organize the existing data in your CRMs, social media platforms, email marketing software, lead management system, and other tools.
3. Hire the Best People
The success of any marketing campaign relies on the individual and collective efforts of your team. With this in mind, assemble a technical team consisting of IT experts, data analysts/scientists, and traditional marketers to implement your marketing campaigns.
4. Build a Data-Driven Marketing Stack
Data-driven marketing involves the collection of data from multiple sources and across departments, from email to call tracking and feedback management to web analytics.
As part of your overall marketing strategy, build a marketing stack with different components that contribute to your overall goals.
5. Competitor Analysis
Relying on internal data alone is not enough. Conducting a competitor analysis should also be part of your overall data-driven marketing strategy. There are different tools and techniques you can use to collect and analyze useful insights on your competitors. It’s critical to be aware of what others are doing in your field, so you understand who else your prospects may be looking at.
6. Multi-Channel and Multi-Department Data
Invest in a technology solution that enables the collection and organization of data across channels and departments in your business. The least likely data sources may end up being just what you need to increase sales.
For example, how can data from your customer care desk help in crafting your marketing approach?
7. Refine Your Strategies
Success in data-driven marketing is all about experimentation. Yesterday’s marketing strategies may not work today, especially in industries where consumer preferences are always shifting.
Therefore, use data to refine and adjust elements of your marketing strategy to address changing trends.
Call Tracking Software for a Successful Marketing Strategy
Call tracking software, like Phonexa, enables marketers using data-driven strategies to get the most out of their online and offline marketing campaigns.
Phonexa helps you track all your inbound marketing calls and uncover crucial insights that you can leverage to reach your business objectives.