In the digital age, data is the key ingredient to a successful marketing campaign. In fact, 91 percent of senior marketers believe that data is critical to the decision-making process.
Thanks to the internet and social media, there is so much data available for consumption. Incorporating this data into plans is an effective way to improve marketing return on investment (ROI).
Read on to learn how to develop a data driven marketing strategy. Explore 4 ways in which your company can leverage customer data to boost ROI.
One way to improve ROI is by implementing data sharing initiatives throughout your organization. Far too often, separate departments and divisions within a company hold data.
The reasons are typically unproductive ones. A team may be engaging in turf battles with other departments or trying to claim the credit.
Bottom line is that there should be no barriers to data sharing within an organization. The sales team and content marketing team, for example, can both benefit from the customer data they collect.
One solution is to launch a common data hosting platform. This will facilitate data integration and sharing between all your business segments.
Targeted advertisements are one of the most effective ways to utilize customer data. For instance, your company’s product or service is likely geared towards a certain age demographic or locality. There are many different variables that come into play for targeted marketing campaigns.
Consider a startup company that is selling hair care and beauty supplies. The marketing campaign is sure to yield a greater ROI if it predominately targets females.
Targeted advertisement efforts can be achieved on various social media platforms. Facebook, for example, allows users to select differentiating factors for a targeted audience.
If a customer purchases a product or service from your website, are they likely to return and shop again? This is the central premise behind the concept of retargeting prior clientele.
First, use sales data to analyze a customer’s prior purchasing habits. Next, determine what other products or services they may be interested based on past purchases. Lastly, reach out to the customer through social media or e-mail with special offers on these products or services.
Some of the world’s most successful corporations are using customer data to forecast future behavior. A perfect case study for data forecasting is Netflix.
Using customer surveys, the streaming services company learned that people wanted a platform that was more responsive to their immediate wants and desires.
Streaming customers wanted control over the show they were watching. As a result, Netflix launched an interactive show where viewers could control the characters’ actions. Click here to learn more about this revolutionary idea.
In today’s uber-competitive global economy, data utilization is one of the most certain ways to get ahead. Concepts like retargeting and data forecasting are effective methods for improving ROI.
If you want to learn more about data driven marketing, contact us for additional information and a directory of other businesses in the UK.
Member since: 26th November 2018
Having enriching experience in the world of digital marketing, I have created a niche for myself in the industry. The primary focus lies in writing, blogs, articles and different stuff that help businesses...