Understanding The Elements Of A Data Driven Marketing Campaign
About the author: Callum is the head of marketing at Warble Media. They are a website design and digital marketing agency based in Dubbo, NSW, Australia.
Did you know that every single day, we produce 2.5 quintillion bytes of data? Think about it: big data is growing so fast, it can be compared to building a company as big as Google, every single day. In fact, it’s only taken us two years to generate roughly 90% of alldata that currently exists. And this growth rate will increase even more as we continue to innovate and develop new technologies.
Technology may have made it easier for companies to understand consumers better than before, but this data explosion is also making it more difficult for marketers to pick out the relevant information from the irrelevant. That’s where data-driven marketing comes in.
What Is Data-Driven Marketing?
Data-driven marketing is the practice of deriving insights from the analysis of consumer data and using those insights to determine marketing efforts. Data needed to identify success markers includes the user’s engagements, demographics, and individual interactions.
Once marketers can come up with relevant insights, they can use it to determine the best way to spend their marketing resources, to identify the types of content that are most effective at maximizing ROI, and for many other factors that drive brand growth.
Why Is Data-Driven Marketing Relevant?
Marketers turn to data-driven marketing to optimize customer experience. This practice ideally helps businesses optimize marketing processes to cater to the ever-evolving landscape of business and demands of the consumer. If, for instance, marketers see a bounce rate during a certain point in the campaign, they can regroup, reevaluate, and make sure the necessary adjustments have been made to optimize the customer experience.
Data-driven marketing can improve audience targeting. With a sound strategy, marketers can collect the right data that can help them determine who their ideal customer is, which social media platforms they use, and when they are active. Using the data, marketers can channel all their efforts to the right mediums at the best times. They can also dedicate resources to projects that consumers will find most valuable and to opportunities that will generate superior ROI.
A targeted approach makes it easier for consumers to look for solutions to their problems. Plus, it prevents marketers from chasing poor leads and wasting precious time, energy, and resources on irrelevant pursuits.
Making a Sound Data-Driven Marketing Strategy
With so much data online, marketers might frequently find themselves with loads of research that won’t lead them anywhere. So that they can incorporate consumer data into marketing campaigns, marketers must have a sound strategy to guide them.
Assemble a Strong Core Team
The first step to creating a successful data-driven marketing strategy is building cross-departmental and cross-disciplinary teams to handle the data.
Do know that creating a team isn’t merely assembling people from different operations. A solid team should be composed of members who can think outside the box and who are willing to learn more beyond the bounds of their discipline. For instance, IT personnel need to know about marketing, and salespersons need to have knowledge of IT.
Once the team is assembled, make collaboration a priority. The team must hold frequent meetings where each member needs to contribute ideas and information.
Create Well-Defined Ideal Customer Profiles
Companies often insist on skipping ideal customer profiles, also called buyer personas, which are meant to help them understand their current audiences more.
Some may find these profiles irrelevant. Others may find them ridiculous, especially if their company has been in the industry for quite some time. They might insist that they know their audience like the back of their hand. But even big companies who aren’t new to the business can fail to meet their target audience’s demands.
Take Gap for example. When they rebranded in 2010, they tried to reach out to younger audiences by being more fashion-forward. This upset their existing customers, ones who loved the company as a basic option for those who don’t care much for trends.
Basically, they tried reaching out to new prospects without even considering their existing audience. Who knows what went through their minds when they launched the campaign? But one thing is certain: creating buyer personas would have informed them of the discrepancies between the audience that they wanted to reach and their existing one. Profiles would have informed them that it’s nearly impossible to cater to both very different audiences.
Automate and Integrate
Incorporating chatbots, artificial intelligence systems, or CRM platforms makes it easier for marketers to gather information from consumers and store it in a single location. This means any department that needs access to the information can conveniently retrieve it. By leveraging automated technologies, marketers can improve communication between departments.
With an automated system, communication should become more effective, and transfers down the pipeline should become even more efficient.
Personalize Marketing Efforts
These days, consumers expect personalization. They want to hear the right message on the right platform at the right time. If businesses are unable to understand that, winning target audiences over will be quite a challenge. When brands approach their ideal consumers at an inconvenient time, they might be indifferent, or worse, annoyed.
One of the benefits of data-driven marketing is that it enables marketers to gain a deeper understanding of the buyer persona. With customer data, marketers will know the best way to approach consumers. By using a personalized approach, companies can provide content that is valuable to consumers.
Practice Continued Measurement
Adopting a data-driven strategy means that marketers are committed to refining their marketing campaigns. A baseline which marketers can use as a benchmark for conversion rates must be established before they can even think of treading this path. Although it is crucial to acknowledge internal achievements, marketers must also know how their work fares against industry benchmarks.
Once again, the core team must meet regularly. And in one of those sessions, they must scan the data on a granular and trend level. The team must review their programs at their various stages so that they won’t fail to see critical metrics.
For longer tail programs, marketers must embrace periodic reassessment. It should help them see more successes beyond the initial development of their programs.
Learn to Adapt to Change
For a marketing campaign to be data-driven, marketers must be able to embrace all consumer data and feedback. They must use the information to learn, grow, and improve. When a campaign fails, marketers can go back to the data and figure out what’s wrong. And they should make the necessary adjustment until they see that they’ve improved.
As technology changes, everyone who uses it will too. That means the landscape of business will change, and so will the consumers. Today, they might like spending time on Facebook or Instagram. If a new social media platform pops up, it might just be the next big thing. No one knows for sure what the target market will do days from now or years from now. But marketers must always be ready for change to happen so that they can collect the necessary data and develop campaigns to improve in new landscapes.
Data is the most valuable resource that businesses can have. But its sheer volume can be overwhelming for any marketing team. Hence, cross-departmental and cross-disciplinary teams should be created, so that data can be handled and interpreted properly. Together, this core team can ensure that the opportunities that arise when interpreting big data won’t slip through their fingers. Success is guaranteed if they leverage the right tools and tactics, and if they know how to embrace change.