Businesses today collect data from a range of different sources. If you have a business website, eCommerce store, social media profiles, or a mobile app, you are likely collecting a lot of data from your customers that can be analyzed and put to use when it comes to improving your future marketing campaigns. Data doesn’t just involve personal information on your customers, but can also include insights into user behavior on your website, likes, comments and shares on your social media profiles, the amount of time that users spend browsing your mobile app, and more. Conversions, traffic sources, and cost per click are just some further metrics that can be analyzed to improve your future marketing efforts and help you get the best results from advertising campaigns.
What’s Involved in Data-Driven Marketing?
Data-driven marketing, also known as marketing analysis, is a key part of data science for modern businesses. A data science masters online with a focus on business will often involve a lot of information on how data impacts successful marketing today and what business owners and marketers can do to make more data-driven decisions. It is a process that has become increasingly important for companies to use when it comes to learning about themselves, their competitors, target audience and current customers to gather insights that can be used for future marketing campaigns and strategies to drive better results and gain a higher return on investment.
Gathering Data on Your Target Audience
The deeper the understanding you have of your target audience, the easier it will be for your business to make marketing decisions that are more in line with what your audience are looking for and what’s most likely to encourage them to spend money with your brand. Using demographic data to find out more about who your ideal target audience is, where they are currently shopping, what is likely to resonate with them the most, and what they are most likely to respond to when it comes to advertising, is one of the main ways that data in marketing is used today. Without this crucial foundation, businesses are missing important information on their customers that will help them make the right future marketing decisions.
Monitor Email Marketing Campaigns
Another area of marketing where data has become absolutely necessary for success is email marketing. Despite its reputation for being potentially spammy, email marketing, when done right, is a great way to grab the attention of your target audience and draw them in, encouraging them to take an interest in your brand by sending them information that is valuable, relevant, and interesting to them. Along with using data on your target audience to gain more insights into the type of marketing emails that they might be more receptive to, you can also gather data on the performance of your email marketing campaigns to find out more about what’s performing well and what may need some improvement to get the results that you want.
Gain Insights into the Consumer Journey
Historically, sales and marketing have often been two separate departments within a business. However, this is all beginning to change as data analysis becomes more and more important for companies in all industries and of all sizes. Marketing and sales data are being combined more and more often, allowing businesses to gain deeper insights into the customer journey from start to finish. As a result, businesses are able to learn more about what might have an impact on the customer during the process of marketing, including which marketing campaigns might be more likely to lead to loyal repeat customers compared to others. Combining marketing and sales data gives businesses the chance to determine the impact that both departments are having on one another, making it easier for them to collaborate and work together for better results.
Improve Customer Engagement
In a world where a huge percentage of the population is using at least one social network, customer engagement with brands has become an increasingly important part of the marketing process. Today’s marketing is not all promotional; in fact, experts suggest that your marketing efforts should include just 20% promotional materials and 80% customer engagement. While marketing efforts of the past might have been more heavily focused on promoting the products and prices, customers today are often more interested in spending their money at brands that they can relate to, understand their needs and concerns, and support causes that are close to their heart, like being kinder to the environment for example. Data analysis can help you find out more about what’s important to your target audience, which can impact your customer engagement strategies.
Find New Opportunities
Data analysis can be used to help your business find new opportunities when it comes to emerging markets or new audiences. For example, you can analyze data from marketing campaigns to find a new source of traffic that you might not have been aware of otherwise, allowing you to invest more into this source of traffic when it comes to where you direct your marketing efforts in the future.
Make More Accurate Predictions
Last but not least, data analysis of your previous and current marketing campaigns can make it easier for you to make more accurate predictions for the future. While getting it completely right every single time might not always be possible since human behavior isn’t always completely predictable, predictive analysis is the best option to consider if you want to get as close as possible to determining what is going to happen with various marketing strategies and campaigns in the future. Looking into past trends and analyzing past customer behavior in response to certain strategies and decisions in your marketing campaigns can help you get a clearer idea of how you can expect customers to respond again in the future.
From making more accurate predictions for your marketing strategies to figuring out what your target audience will respond best to, data analysis has become a crucial part of putting together a successful marketing campaign for any business today.
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