Nowadays, marketing in a company HAS to be and IS necessarily data driven!
In fact, one moved from in-bound marketing to all-bound marketing, targets are now buyers personas which can be associated with an extremely complex customer journey. Furthermore instead of talking about multi-channel, one has to consider omni-channel marketing.
What is Data Driven Marketing?
A data driven strategy consists of understanding all the characteristic of a digital ecosystem and base all marketing decision on that data.
In short, it is a marketing strategy where studies have been replaced by data and where our beloved marketing mix has been replaced by mastering the customer journey. Better data collection makes it possible for businesses to get a grasp of their customers’ behaviour, trace and get in touch with the customer throughout their journey
The marketing strategy is no longer based on classical knowledge or intuition but on the relevant data about the consumer’s behaviour.
Why should company use Data in their marketing strategy?
It was the biggest trend back in 2013 and now big data is everywhere, used at a lot of endpoints and can be intimidating. Data can be collected from everywhere, especially since the rise of the Internet of Things. The only problem with big data is the huge volume of information that is collected. Most of the time the information is either not usable or not pertinent. It takes a lot of time to perform data mining, which means analysing and exploiting data ignorer to extract the right and actually useful information from the abundance of existing data.
Instead of using all the data we can collect from a customer (and there is a lot!), Smart Data allows you to focus on the relevant data. It is the only data useful for making decision and drive efficient marketing and CRM strategies.
In fact, a data driven strategy will enable the marketing team of a company to work much more efficiently and faster and process information more productively. Information that is used to put marketing data in perspective will make the data more coherent. More accurate date provides the ability to obtain a better customer knowledge.
Technology also enables one to process all the data in real time, which will make analysis much faster. In fact, real time data analysis can be used to perform predictive marketing. As customer behaviour is analysed, as he (the customer) is using a product, predictive marketing can influence the customer journey by using real time data. This will improve the experience the customer has with a product that is consistently changed using data driven marketing. And it is going to be more precise as data driven marketing enables companies to send user much more personalised, targeted and accurate messages and product experiences.
Nowadays, the time given to a company to make a decisions is extremely short. In fact, according to IDC, almost half of the managers have only 24 hours to make important decision. This is the exact point where being a data driven company changes everything. It would allows them to be more focus on people: in fact, members of the company will be able to determine if their decision are pertinent or not.
For instance, ContentSquare (a SaaS solution that captures online and mobile behaviours to measure user experience, increase engagement and improve conversion rates) gives the ability to each member of the e-commerce team to make decision based on the data. For example, the content manager will be able to understand exactly which contents work the best, how long people spend on it and if the description of its image is read. A solution like ContentSquare provides a lot of KPIs to the marketing department of a company, enabling the whole team to judge if their action, changes on the website or decision are positive or negative.
This is what data driven marketing truly means. Instead of trusting a gut feeling and using traditional marketing methods, companies can actually rely on data. Decisions will be made based on facts instead of assumptions and the customer will experience an overall better journey, as a product will adapt to the users behaviour thanks to real time analysis of collected data.