Whether you operate in B2B or B2C, data is an integral part of the marketing mix that can dictate your business goals and bottom line.
Consumers today have a lot of control over what they see online, through the use of ad blockers and options to hide or report ads on social media channels and websites.
From an advertiser’s perspective, this means there’s pressure to make our media dollar work harder and form a customer journey that reaches our audience at the right moment.
Fortunately, data enables us to do this. Unlike ever before, we’re now able to form innovative and strategic decisions to surpass our benchmarks and meet business objectives.
Below are three reasons why brands should implement data-driven marketing.
Reason 1: Audience
People consume an average of 5.1 trillion terabyte hard drives worth of content every single day.
This makes it difficult to cut through the noise and create any kind of lasting impact. But using data, we can really narrow down our audience and find out their motivations and challenges. Data can help identify segmentations from those who are most likely to convert to those who are still at the top of the funnel.
Knowing this can enable marketers to form decisions in terms of delivering personalised messaging to consumers depending on where they are in their user journey.
It is very important to understand who your audiences are rather than assuming you know who they are. Using data, we can adapt to the changing economy and introduce decisions to leverage the change.
Reason 2: Strategy
We now have the ability to measure our previous performance and track campaigns in real time and perform optimised decisions going forward,
Data also allows us to recognise what our audience is doing, what they respond to best, when is the right time to get in touch, whether they have that disposable income to purchase our product or service and whether they even are our audience or not. Utilising this information enables us to run an effective campaign that captures the right users.
Having an effective approach to data allows us to identify new opportunities with our planning and optimisation.
Reason 3: Cost Efficiency
If we ran a digital or offline campaign without consulting into data, we would fail to identify our target market, generate non meaningful impressions and run the risk of wasting thousands of dollars.
With data, we can take the guess work out of how to stretch our advertising dollars and target people who actually want to hear from us.
By looking at data trends and insights in tools like Google Analytics, we can look at key metrics such as conversions, sessions, and user type (new or returning) and design a process that adopts these results to target our audience more efficiently. Leveraging this information and clearly understanding our goals enables us to hone in on our targeting and save us a significant amount of money.