Time flies too fast. You have been planning your digital marketing strategy since the beginning of 2023, which has already passed its half-life. Digital marketing is changing its shape every day.
If you already know how to start a business online, you must wonder how to market your business. But, have you ever thought about what will happen to these businesses after the death of the cookie?
I think you already know that Google said that cookies would not be there after 2023. Chrome is the most popular business, and there is a 70% share of it in the market.
Certain things will happen after a few months.
- Digital marketing is going to be critical.
- The most important thing will be content marketing.
- D2C or Direct to consumer marketing will place at the top.
- Brands will need their consumers on their own. They can’t rely on thyroid party data.
So, data-driven marketing should be the main focus in the upcoming time.
What is Data-Driven Marketing?
Consumer behavior is important these days. It is the main focus for any brand how their consumers behave. In the last few years, consumer behavior has changed a lot. New technologies are coming.
It is now possible to track and collect all the data and analyze them. These data can be anything like consumers, markets, or even industries. Data-driven marketing allows looking after huge business statistics.
This analytics helps to understand media buys and craft creative ways. It also assists in personalized awareness to design products.
There are some numbers that you should know about.
- 87% of marketers think that their data is underutilized.
- 64% of marketers agree that data-driven marketing is important.
- 49% of marketers accept that data-driven marketing puts significant pressure.
- 44% of marketers understand that marketing-driven revenue is at the top of their priorities.
- In the US marketing budget, there is an allocation of 20% of the total budget.
6 Winning Data-Driven Marketing Strategies
This is a fact- the more a company knows its customers, the more success it is going to achieve.
The ultimate goal of data-driven marketing is to sell the product. For that, you don’t need to read a book of business.
1. Customer Experience
Do you want people’s attention? The best way to do that is through online interaction. The information should be based on demographics, online activities, purchase history, website visits, and other information.
A TV brand targeted the newly moved people. They were willing to give new services to the people. So their marketing campaign was based on this.
The result was a phenomenon as they were also giving hundreds of gift cards. So if you can change the customer experience by giving them different offers, it will ultimately boost your business.
2. Coordinate Marketing
This is a common technique that you can implement in your business. However, coordinated marketing requires some omnichannel. So, first, you need to understand the entity as a whole.
You need to identify different channels through characteristics, technologies, and interests. There are three steps to establishing omnichannel marketing.
- In this step, you are going to require a television, mobile apps, radio, social media, traditional press, influence campaigns, podcasts, videos, and other media. And watch the target audience through these channels.
- Now you need to put these data in a proper category. You have to understand when and where the data are required or not.
- Try to improve these informations. For example, you can use data checks for validation and reliability. These data constantly upgrade, so you need to check continuously.
3. Use Analytics
There is a term called ICP or Ideal Customer Profile. When you are in data-driven marketing, for the time being, you will understand how the target accounts match with the company.
There are three different parts of ICP. This is completely based on AI programming.
- In this process, the AI identifies the consumer behavior pattern and searches for the potential customer. It also can identify if the consumer is high quality or low quality.
- The quality data modifies the analytics and models. Therefore, this data should have to be accurate, relevant, and available when it is needed. Inaccurate data can ruin its usefulness.
- This is an interface that allows the analytic engine to provide real-time access. But, again, this needs expertise from the team members.
4. Track The ROI
Converting big data is important for good ROI. For example, a company spends X on its analytics and AI and will get 5X. That means for every dollar spent, the ROI will be 500%.
There are a few strategies that you can apply.
- You can break down the departmental data throughout the organization. Also, these data should be easily integrated. Share all the internal and external data with the SEO team.
- You should check the data streams thoroughly, and the data should be updated and real-time. This helps to identify the business model, revenue sources, and product enhancement.
- You can do some smart experiments with your business.
- Make new marketing decisions on the basis of customer data.
5. Data Onboarding
This idea is new, so many companies are shifting into this strategy. They transfer offline data such as telephone numbers, postal addresses, and store purchases to online platforms.
Understanding offline data is going to give you new ideas to identify potential customers. It also helps to target potential customers.
6. Marketing Automation
Companies are depending on AI these days. The marketers are shoplifting to automation. This will require optimizing bidding, improving the web experience, and capturing insights into every piece of information.
In the upcoming years, all marketing is going to be data-driven. The companies which are adopting AI for betterment will be leading.
Companies will focus on brand loyalty until the next technological upgrade, and data-driven marketing will run.