Posted on: October 8, 2021
While there’s a lot to be said for following your gut and relying on experience to help with strategy, data is a crucial pillar to shore up your business offering in the digital age. If you want to take your brand to the next level, investing time and resources into data-driven marketing strategies is one promising way to do so.
The Benefits of Data-Driven Marketing Strategies
Once you figure out how to collect and analyze qualitative and quantitative consumer-related data, you will be able to glean actionable insights to differentiate your company from its competitors.
Data facilitates brand communications that hit the bullseye. You can tailor messaging, and for example, a website’s UX and UI, to nurture leads and ensure customer satisfaction. This can result in repeat sales or engagement.
When data is used creatively, you can focus and optimize your marketing spend on the right segments at the right moments. These nudges bring about lead conversion and potential customers speed down the marketing funnel.
Start Simple With Conversations
Customer research is at the heart of a thorough marketing strategy. Ask customers questions and you’ll be surprised by how many people are willing to give you quick but insight-rich answers. For starters, consider inquiring about the basics.
How were customers first introduced to your brand?
What are customers’ pain points with your product or service or the category in general?
What do they love about your offering?
How can you do better?
Whether you’re looking at ratios between customer acquisition cost (CAC) and customer lifetime value (CLC), or you’re analyzing click-through rates and email response times, the numbers can be very telling. The best part is that automated analytics and stats can give you answers to questions you never thought to ask.
It’s also worth noting that COVID-19 upended buyer behavior patterns. Companies that were already using data models pre-pandemic need to update said models. They should also be thinking outside of the box to counter the unpredictable nature of pandemic purchasing behaviors.
It’s not just about looking at your own company’s data, and how your target market interacts with you. By understanding current events and broader trends, you can tap into relevant opportunities or even the factors that are holding your brand back.
Don’t Be Afraid to Try Something New
Firstly, don’t be intimidated. Data-driven marketing strategies aren’t reserved for huge corporations. Customers are more willing than ever to switch to less familiar brands that simplify or enhance their customer experience.
Secondly, if you plan and allow for the idea that not every sound data-driven experiment will pan out, you will free yourself to take some truly inspired and fruitful steps.
So make those data-driven moves. You can work towards your goals by carving out time daily to train staff and integrate data. Eventually, you will be able to monetize the act of paying attention to detail.
Would You Like To Improve Your Data-Driven Marketing Strategy?
Our market research agency with offices in Los Angeles and New York can guide you as you navigate uncharted territory. At Bastion db5, we help clients with dynamic marketing solutions that increase ROI. Get in touch to find out just how we can assist you.