9 DATA-DRIVEN MARKETING
TRENDS YOU CAN’T IGNORE
by CJ Haughey | Apr 8, 2019 | CRM, Marketing, Marketing
7/4/2019 9 Ways to Embrace Data-Driven Marketing for Small Businesses
Over the past decade, there has been a massive disruption to the way we do
business. Some of these changes have rendered many traditional practices inferior,
or dare we say it, extinct. However, one enduring aspect has grown steadily in the
background, to the point, it is now a critical aspect of business all over the globe, in
virtually every industry. We’re talking about data-driven marketing.
‘Big Data’ was the buzzword several years ago, but unlike many other phrases, data
didn’t simply fade away again. It has become an unstoppable, undeniable force that
wields phenomenal power in the hands of astute, innovative marketers. Indeed,
data has transformed the role of marketers.
Data is the new oil, and it’s going nowhere. In this article, we’ll explore important
data analytics trends no company should ignore. It’s time you got involved with datadriven
marketing before your business gets left in the stone age.
WHY DATA-DRIVEN MARKETING IS SO
IMPORTANT IN THE DIGITAL AGE
Data-driven marketing is all about collecting information on your customers, then
using that information to guide your marketing eorts. Sounds easy, doesn’t it?
In theory, it is. However, the practical element involves some sophisticated software
and savvy people to maximize the real potential of the data analysis.
So, why should you bother?
Here are a few reasons to use data-driven marketing:
DATA-DRIVEN MARKETING HELPS YOUR BRAND
REACH THE RIGHT PEOPLE
Not everyone who receives your message will jump at the chance to buy your
product. Unless you’re selling the Elixir of Life or a time machine, you should lower
your expectations. Studies show the average conversion rate for a sales landing
page is around 2%.
Data helps you tailor your brand messaging so it is more relevant for the audience
who see it. That way, you can hope to convert more people.
IT’S EASIER TO MONITOR PERFORMANCE WITH
DATA
By using consumer data, you can deduce insights on a range of behaviors and
interests. Then, you can make measured adjustments to your strategy and gauge
the impact.
One potential caveat here is that you need to be sure you are working with high quality
data. More than 50% of companies fear poor-quality data is hindering their
efforts in data-driven marketing.
CONNECT WITH CUSTOMERS ON THE CHANNELS
THEY USE
Reaching the right people is a good start, but it is quite another thing to connect with
people on the right channel. Today, people use multiple mediums to go online, with
the average shopper using six channels during the customer journey.
Data-driven marketing enables companies to present a unied brand message that
engages prospects on multiple digital touchpoints. Therefore, you will be ready to
respond and serve customers when they’re ready, on the channel they prefer.
9 DATA ANALYTICS TRENDS MARKETERS SHOULD EMBRACE
An extensive study by Invespcro reflects the stunning growth of data, and its
importance in modern marketing:
64% of executives agree data-driven marketing is vital in the current economy.
9 Ways to Embrace Data-Driven Marketing for Small Businesses
88% of marketers use data from third-parties to learn more about their
customers.
It’s clear that data-driven marketing is here to stay. The challenge that many small
businesses face is getting started. You can’t stick your head in the sand and hope for
it to go away – it’s time to get on board.
Let’s take a look at the most recent data analytics trends, and consider how you can
leverage them to take your business to the next level.
1. DATA PAVES THE WAY FOR A PERSONALIZED
USER EXPERIENCE
If you’ve ever used Amazon (who hasn’t?) then you’ll be familiar with personalized
product recommendations. They just pop up when you log-in, and before you know
it, you’re tumbling down the rabbit hole of the world’s greatest online retail
experience.
Amazon claim as much as 35% of its revenue comes from this type of
personalization, and it’s easy to see why it works. People want brands to care about
them, and the evidence suggests personalized marketing gets people to spend
more.
9 Ways to Embrace Data-Driven Marketing for Small Businesses
It’s all possible because of data. When people accept cookies on a site like Amazon,
they permit the company to track their behavior, which allows them to gather
information on site visitors. For example, you can discover the following about your
site visitors:
Age, gender, location
Pages viewed
Categories viewed
Time spent looking at specifc product pages
Once enough data has been gathered, your company can serve up the shocking pink
unicorn clothes that a certain 17-year-old American woman has displayed interest
in.
Whomever your target demographic is, it’s possible to use data-driven marketing to
create a personalized user experience that caters to the very specifc needs and
interests of each user. The more data you collect, the deeper you can go,
segmenting your audience into niche groups.
The deeper and more personalized a “rabbit hole” you create, the more attractive
your brand will become to people who land on your website.
7/4/2019 9 Ways to Embrace Data-Driven Marketing for Small Businesses
2. ARTIFICIAL INTELLIGENCE AND MACHINE
LEARNING ARE EVER-EVOLVING
By now, you’ve surely heard that the robots are coming. Actually, scratch that –
they’re already here. Articial Intelligence (AI) and Machine Learning are no longer
fantasy elements of a geeky kid’s pipedream.
Digital giants like Amazon, Google and Facebook have been harnessing data insights
for years. Through the use of AI and machine learning, they are able to enhance
their products and services.
However, the real power of AI has become apparent since digital disruptors like
Netix and Uber have taken over their industries.
Netix uses machine learning to improve their service. This has helped them save
over $1 billion.
Uber use AI to inquire out if people are traveling for work or pleasure. This could
help people save money for work travel.
As these technologies advance, marketers can leverage data to continually improve
their products and services, ultimately oering a customer experience that keeps
getting better.
3. THE GROWTH OF DATA ONBOARDING FOR
TARGETED AD CAMPAIGNS
One of the most under-the-radar data analytics trends is data onboarding. This is
when you take onine data about your customers and transfer it to an online
environment. Once you do that, you can analyze it and put it to good use for your
marketing needs.
You can use data onboarding to connect onine records with online users, effectively
snding people online and leveraging the onine data you have gathered to hone
your marketing. This enables you to create very targeted ads, facilitating a
memorable 1:1 experience for people.
This strategy goes hand-in-hand with omnichannel marketing, helping companies
personalize their marketing to connect with people on multiple different devices.
4. OMNICHANNEL MARKETING IS OMNIPRESENT
Speaking of omnichannel marketing, it’s everywhere now.
Gone are the days when marketers focus solely on one channel. Now, you must
recognize that people use multiple devices, websites, mediums and methods for
searching and shopping.
Omnichannel marketing is all about creating a seamless experience that unites all
these channels. That way, your brand will establish a strong presence everywhere
your audience is, both online and onine.
All-in-one Marketing, Sales and Service Platform
UK fashion retailer Oasis have successfully merged their online and onine channels
to simplify the shopping experience. People can come into the shop and talk to sales
9 Ways to Embrace Data-Driven Marketing for Small Businesses
associates who have iPads, which are shopping portals and mobile point-of-sale
systems.
This enables:
Up-to-date product information and quick answers.
Instant online orders for home delivery when an item is out-of-stock.
The ability to checkout from anywhere in the store!
You can use data-driven marketing for an omnichannel approach by tapping into the
customer data on a Customer Relationship Management (CRM) platform like
EngageBay. This method allows you to bring all data together from different
channels, so you know how everything correlates and works in tandem.
Image Credit: FICO
5. IDENTITY RESOLUTION ON DATA GIVES YOU
THE BIG PICTURE
If omnichannel marketing is going to be successful, you must be able to recognize
the identities on each channel. You can do that by using Identity Resolution, which
helps you look at each channel and attain a clear perspective on the people, their
interests, the apps they use, and their engagement levels.
9 Ways to Embrace Data-Driven Marketing for Small Businesses
This involves data, of course. You must collate a lot of data points, and then analyze
everything in respect to its specifc channel, and also in relation to the other
channels.
Put simply:
Identity resolution gives you a holistic, 360-degree look at all of your customers.
When you have that, you can increase the accuracy of your targeting, improve your
marketing analysis, and order personalized marketing at scale.
6. DATA WRANGLING IMPROVES TO BREAK
DOWN SILOS
There is a strong case to suggest alignment between sales and marketing
departments can lead to higher sales and better customer retention rates.
In order to use data analytics properly, your organization must be prepared to share
information across all touchpoints. The customer journey isn’t all about the
marketers.
Your sales, marketing, and customer service teams should work in unison, helping
each other connect the dots to a more cohesive, free-throwing customer
journey. The rise of data-driven marketing is a catalyst for this unified approach…for
the companies who are forward-thinking enough to do it!
9 Ways to Embrace Data-Driven Marketing for Small Businesses
7. ACCOUNT-BASED MARKETING WILL CHANGE
WITH PREDICTIVE ANALYTICS
Account-based Marketing (ABM) embraces the idea of breaking down silos,
encouraging the two key departments to come together and narrow their focus to
the accounts that best match your company’s vision of an ideal customer.
So, how can data help?
Among the many data trends is something called predictive analytics. This is when
marketers bring machine learning techniques together with statistical algorithms to
make predictions based on past data.
When you do this right, you can discover prospects that fit your ideal customer
profile. B2B companies can use predictive analytics to identify companies they
should target, learning about their revenue, funding, employees, and purchasing
habits to see if they fit the buyer persona they want.
Better yet, you can use predictive analysis to determine which companies and
customers are most likely to purchase your products and services. Ultimately, this
allows you to switch focus to accounts that show the greatest potential for a solid
return on investment (ROI).
9 Ways to Embrace Data-Driven Marketing for Small Businesses
8. DATA INTEGRITY IS ON THE RISE
Remember how we mentioned data quality before?
This is more than an afterthought now. As data-driven marketing has soared in
popularity, the need for accurate, clean data has also surged.
Poor-quality data can skew your data analysis, misled your team, and cause some
pretty disastrous decisions. Ardem reports that the problem of poor data quality
costs businesses almost $10 million per year.
On the one hand, data gives companies the chance to forge stronger relationships
with people, spreading brand awareness and improving your reputation. But if the
data isn’t high-quality, it may do more harm than good.
You should ensure you use reputable sources to mine your data and perform
regular analysis and cleaning to keep everything current and accurate.
9 Ways to Embrace Data-Driven Marketing for Small Businesses
9. DIGITAL MARKETING IS ALL ABOUT APPS
In 2019, a typical marketing campaign entails a company reaching out to people in a
variety of ways, including:
Social media posts
Television commercials
Google Ads
Billboards
Magazines/Newspapers
We’ve already touched on how this fragmented media landscape can be pulled
together through omnichannel marketing. One of the most effective ways to reach
your audience through all the noise is by using apps.
9 Ways to Embrace Data-Driven Marketing for Small Businesses
All-in-one Marketing, Sales and Service Platform
A study by Lvivity found that the average smartphone user spends around three
hours daily interacting with mobile apps, and there are over 1.2 billion people with
smartphones…
It seems fairly logical then to invest your efforts in trying to engage this incredibly
vast market of mobile users. The data you can collect from app users offers you a
great opportunity in terms of marketing and advertising.
DATA-DRIVEN MARKETING IS FOR EVERYONE
Smartphones and apps, personalization and automation, AI and machine learning…
9 Ways to Embrace Data-Driven Marketing for Small Businesses
Between buzzwords and technology trends, the digital landscape doesn’t sit still for
long. You can be sure that it will continue to shift at a breakneck speed in the years
ahead. That means companies must remain agile and open to strategies like
omnichannel marketing and segmentation if they are to stay aoat. All of these
aspects come back to data. It is the key to getting the most out of modern
marketing.
We live in a customer-centric age. The better you know your customers, the more
chance you stand of delivering on their needs. Data gives marketers the valuable
insights they need to understand consumer behavior.
When you use data-driven marketing, you can maximize the potential of these
innovative practices and processes like AI, automation, personalization, and
omnichannel marketing. Then you can reach users on their phones, through their
apps, wherever they are.
It’s what every company needs. More importantly, it’s what every customer wants.
Trucon Website: www.truconbd.com
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