Today’s marketing is no longer about publishing advertisements in newspapers or flyers and waiting for the right people to notice. We live in a fast-paced digital world that waits for none. To survive in this fast-paced and ever-evolving environment, data in marketing is critical.
To understand why data in marketing is critical, continue reading the article below. In this post, we’ll help you understand how data-driven marketing brings opportunities for marketers to optimize and personalize their customer’s journey, drive conversions and reduce churn.
Apart from that, we shall also share some of the best practices so that you can get the most out of them.
What Is Meant by Data in Marketing?
Marketing data is often confused with data in marketing. However, both terms are quite different from each other.
Marketing data usually refers to the data of your marketing strategy or consumer-level data that aids in developing campaigns. On the other hand, data in marketing refers to the data that can boost your marketing efforts. It includes operational data, financial data, customer data, macroeconomic data, etc.
Why Is Data in Marketing Important?
Data in marketing is fundamental as it can analyze, optimize, and predict the marketing performance of a business to improve its ROI. Data-driven marketing also aids in increasing customer communication and engagement while enabling opportunities for innovation.
Besides, data-driven marketing can help with adaptability, which marketers struggle to achieve the most. The strategy can empower marketing leaders to react to the ever-changing customer needs more strategically.
About 90% of marketers consider data, analytics, customer experience, loyalty, and martech to be their top priorities. In fact, a business that uses data in marketing is likely to achieve 1.5 times better sales and marketing growth than the ones that don’t.
Best Data-Driven Marketing Practices
Indeed, data can provide critical marketing insights. However, marketers must ensure they follow the best data-driven practices to leverage the maximum benefits. Here are some of the best practices in data-driven marketing.
Data Collection Through a Wide-angle Approach
No matter how innovative your technology is or how accurate your methodologies are, you must use a wide-angle approach for collecting data. It means you not only gather location-based and behavioral insights but also third-party data on their customers, competitors and overall business.
Leveraging AI Models to Meet the Ever-Changing Customer Preferences
Today, the marketing environment is volatile and is driven by ever-changing customer preferences. The only way to keep up with it is by incorporating an agile operating model with a combination of tech that can help marketers implement quick responses. This can be done by leveraging Artificial Intelligence models.
Conclusion
Data in marketing has changed traditional marketing techniques for the better by reducing guesswork. Furthermore, you can generate more valuable insights by employing the right marketing tools for your business. So, make sure you incorporate a well-calculated data-driven approach by leveraging AI models and current data to generate high returns on investments.
