Data-Driven Marketing: How to Cover the Basics
Data-driven is more than a buzzword. It is an approach that helps you optimize virtually every workflow in your business operations. The approach itself relies heavily on insights from various sources, derived from processing data in a certain way.
Data-driven marketing specifically handles the creation and optimization of marketing campaigns based on data. It is an approach that can be implemented online and offline; you just have to have the right sets of data for different purposes.
Before you can begin implementing data-driven marketing, however, there are some important groundworks to be done. In this article, we are going to talk about how you can cover the basics that make data-driven marketing possible.
Create a Loop
One of the key components of data-driven marketing is an effective feedback loop. Every marketing campaign you run needs to generate data to be processed into insights. Those insights are then used to either fine-tune the ongoing marketing campaign or formulate a new one in an adaptive and continuous fashion.
An effective feedback loop goes beyond the marketing campaign itself. In fact, it goes beyond the marketing team. You can only do so much with insights from the audience and existing marketing campaigns. Pairing those insights with market information, input from the sales and product departments, and other data will elevate the effectiveness of your feedback loop.
Another important groundwork to lay is creating a system for managing marketing campaigns from start to finish. Today’s data-driven marketing is more of a cycle than a linear process, so it needs to be managed as such. Trying to implement a conventional management approach (i.e. doing reviews at the end of the marketing campaign) will not suffice.
You also want to work with partners that understand data-driven marketing, particularly partners with inside knowledge of your industry. If you are a financial institution wanting to reach more customers from a younger segment, you need a marketing solutions provider with experience in bank marketing and the implementation of data-driven marketing.
Line Up Contextual Data
Yes, you can rely on big data to better understand the market, but nothing beats the value of primary data. In most cases, primary data relates to your existing customers, how they interact with your products and services, and how the audience, in general, aligns with the interactions of existing customers.
A good Customer Relationship Management system is a great tool to have if you want to implement data-driven marketing. Using the feedback that you get from existing customers, you have the ability to reprogram your marketing funnel to better attract potential customers. The CRM also acts as one of the sources for primary data for marketing purposes.
Everything else is easy once you have covered these basics. You can set the right objectives to achieve based on the insights you already have. You can target the right audience and attract potential customers with immense efficiency.
You can even craft content that works well depending on where in the marketing funnel your target audience or viewers are. With the basics covered, you already have the data to drive your marketing campaigns forward.