While you may not understand the spending habits of your spouse, you have no one to blame but yourself if you’re still trying to figure out your customers.
The tools and data available to marketers today have practically eliminated the need for guesswork.
Information regarding customer search patterns, social media activity, and interactions with advertising and sales processes is readily accessible to develop focused campaigns based on consumer behavior. Data-driven strategies have enhanced the effectiveness and measurability of marketing campaigns.
The following list outlines a few of the principal benefits of data-driven marketing.
Various types of technology, such as call tracking, have provided marketers with the opportunity to attribute leads and conversions to specific advertising channels. This makes it possible to optimize campaigns and enhance ROI.
Big Data and advanced analytics have enhanced the ability to create highly targeted campaigns with personalized messages. One McKinsey Study found that businesses that employed data-driven personalization delivered five to eight times the ROI on marketing spend.
Marketers are also able to deliver these messages at the optimal time. In-depth insight into relevancy and timeliness boost the success of marketing campaigns and consumer engagement.
Identifying specific content that moves buyers down each stage of the sales funnel allows marketers to distinguish the efficient assets from the ineffective material. This makes it possible to optimize campaigns with the exact content that resonates with prospects and compels them to move through the funnel more quickly and consistently.
Taking advantage of big data to predict a customer’s preferences and tailor marketing messages to them, while they are still in the buying phase, has the potential to significantly enhance messaging effectiveness.
This type of targeting is designed to meet customer needs based on what they are going to do rather than what they’ve already done. It also allows marketers to connect with prospects at the right time and place with a relevant message.
Having access to the right data and understanding the best way to make use of it is one of the most important benefits of advanced analytics. Gaining actionable insights with premium tools gives marketers the ability to execute campaigns with strategic precision.
The wealth of online consumer information is regularly being used to shape marketing decisions and fulfill lead generation and conversion goals. This data can be applied to a wide variety of marketing processes to develop increasingly targeted campaigns with the potential for heightened impact.