“Data is the new oil”
– Clive Humby, entrepreneur and mathematician
Data, in contemporary times, has begun to permeate almost all business spaces. Not only is it being used as a tool to generate new leads and trigger customer conversions, but it is also being employed to identify sales trends and predict consumer behavior. As a result, data, on its own, has turned into a wealthy and valuable resource which harbors the innate potential to improve business performance, facilitate strategic decisions, revamp routine operations and most importantly, strengthen marketing efforts. So much so, that over 64% of marketers across the world have started using data as the primary instrument of beefing up their digital marketing funnels!
However, when it comes to deploying data for marketing purposes, activities like defining strategies, segmenting audiences, tracking metrics and securing information, can often prove to be quite tricky. This is because data driven marketing requires the collation, collection, aggregation and analysis of data in such a manner that personalized customer experiences can be delivered without any glitch. The most ideal way to do this is by formulating a detailed data driven marketing strategy, which focuses on both customer needs and business requirements.
As a thriving organization, if you too are looking to use data driven marketing to accomplish any of the objectives above, here are a few simple ways to help you create a comprehensive and practical data driven marketing strategy.
Build a Good Team
Creating an effective data driven marketing strategy is not a one-man job. It requires skill, expertise and technique, which has to be assembled from all organizational departments. For example, someone from the sales department who is familiar with data driven marketing can’t be randomly paired with someone from IT, who has no knowledge about data driven digital marketing. Instead, you need people who are competent, knowledgeable and experienced to chip in, irrespective of which department they currently belong to.
Determine Plans and Objectives
Once an interdisciplinary team preferably headed by a data scientist, has been created, you need to start getting it to meet frequently. These recurrent meetings must have a clear agenda which aims to chalk out your data driven marketing plans and objectives, in grave detail. Furthermore, this team should also devise a time and resource plan that focuses on preparing data driven content, formulating data collection techniques, determining data measurement KPIs and thus, developing a **data driven marketing strategy. **
Sharpen Your Digital Marketing Skills
The primary foundation of an efficient data driven marketing plan is the collection, collation and accumulation of data. To begin with, find out what type of data you need to collect. Most organizations who are successfully using data driven digital marketing gather data chunks like:
- Competitor analysis: Brand profiling, financial scanning, customer base, distribution channels, marketing strategies
- Social media details: Conversion rates, lead generation, CTRs, impressions, audience growth rate
- Customer data: Transactional data, purchase behavior, social media activity, persona building, demographics
Apart from those above, other forms of qualitative data sets like target market, brand value and promoter scores, etc. can also be collected and consumed for data driven marketing. Once you know which type of data would prove to be most useful to you, start collecting it in a systematic way.