How Can You Create a Data-Driven Marketing Plan?
Today, it is recommended that businesses in every sector implement data-driven marketing strategies. To create a detailed data-driven marketing plan, your business goals must be clearly and explicitly determined. The data mass to be analyzed in line with these goals will be more accurately determined.
Then, it would help if you determined the data pools where the reflexes and demands of customers or buyers of the product or service you offer are recorded. This data is analyzed with the help of various technological tools and applications.
The findings of this analysis shape the next operation. This process is called data-driven marketing.
Different sectors should be guided by other data and data groups. Therefore, depending on which area of service or product you offer, it is critical to correctly choose which data-driven marketing strategy is suitable for you.
Thanks to data-driven marketing strategies and analysis, businesses develop products and services that directly contact customers and meet their expectations to the extent they want, instead of imaginary or unreal campaigns. In this way, both profitability increases and needs on the consumer side are met in a more personal and customized way.
What Is Data-Driven Marketing?
One of the most popular concepts of recent years, data-driven marketing simply means developing marketing strategies in a scientific and data-based manner. It is a marketing development that not only developing businesses but also businesses of all sizes, large and small, should benefit from.
When decisions made in any company are made according to the demands of the communities we will consider as customers of that company, both profitabilities will increase and the service they desire will be provided to customers. One of the most realistic ways to achieve this is data-driven marketing planning.
Data-driven marketing, a marketing method developed in light of market data, includes many data analyses and strategies that need to be developed in light of these analyses. Businesses analyze this data with the help of professionals and aim to apply the results of these analyses in the market.
If a business uses data-driven marketing strategies, the data it needs to analyze is usually as follows:
Common behaviors among customers
Intense reflexes of customers
Types of products and services customers are turning to
Market trends
Past strategy results
How Can You Collect Data For Marketing Purposes?
While the concept of data has a different meaning in the field of informatics, it has a completely different purpose and meaning in the field of marketing. For example, while data in the field of informatics usually represents the space occupied by certain amounts of files or information, data in the field of marketing mostly refers to information covering customer orientations.
For a marketing strategy to be successful, correctly collected data must be analyzed with scientific methods. In this way, companies increase their profitability by directly responding to customer demands while offering their next product or service.
There are many methods for collecting data for marketing purposes today. Among these, there are many innovative methods in addition to traditional survey methods that allow us to understand customer expectations.
In the past, businesses used to give simple surveys consisting of a few questions to collect data from customers. However, in today’s digital world, there are much simpler and more comprehensive methods for this.
I can mention web analytics as the most common method. Today, almost all companies collect data about their customers through online platforms. In marketing data collection, data on websites provides very fast and direct results.
For example, the words searched on a search engine in recent years can give businesses information that a person needs a mobile phone. In this way, more accurate and customized advertising campaigns can be developed.
What Are The Best Tools For Data Analysis In Marketing?
Although there are many tools and solutions for data analysis in the marketing field today, online ones provide more accurate results and offer companies much more efficiency than traditional tools. Examples of today’s most common data analysis tools include platforms such as Google Analytics, Semrush, and Adobe Analytics. Businesses can directly determine the demands and expectations of their customer base by using these tools.
The development of today’s technological data analysis tools not only allows businesses to easily access data but also allows this data to be visualized and analyzed more easily. In this way, businesses can more easily obtain the correct results from data groups consisting of thousands of people in a shorter time.
Many businesses, from today’s popular technology companies to banks, use digital data analysis tools for their marketing strategies. In this way, they can offer more accurate, profitable, and faster reflexes to their customers’ demands.
How Can You Use Customer Data To Create Marketing Strategies?
A brand or business can offer more than one product or service. In fact, in large companies, the number and type of these can be quite complex.
For these types of businesses, data analysis and customer data are essential requirements for the formation of marketing strategies. Different customer groups are created by customer segmentation.
Since each customer group has different expectations from the business, different advertising and marketing strategies are developed for each group. Customer data is invaluable for businesses. Because the secret to permanent and long-term success is correctly analyzing real customer data.
Although accessing customer data seems easy in the modern age, it is not that easy to access the detailed data required for marketing strategies. Many different data groups such as customers’ past purchases, demographic information, and local characteristics are essential for a more accurate marketing strategy.
What Is The Role Of A/B Testing In Data-Driven Marketing?
A/B testing is one of the most widely used tools in the field of data-driven marketing. Businesses have the opportunity to compare different marketing methods thanks to A/B testing results. In this way, they have access to answers to which campaign should be applied to which customer group.
A/B testing is a digital data analysis tool that allows businesses to develop more accurate strategies and increase their marketing success. Different marketing strategies are compared with each other with A/B testing. Businesses that use this tool develop advanced strategies according to comparison reports.
If you want to develop marketing strategies with traditional methods, the process will be both long and require a lot of energy. However, today, thanks to digital data analysis tools such as A/B testing, efficiency and savings are achieved, and faster marketing techniques are developed.
How Can You Measure The Success Of Data-Driven Marketing Campaigns?
The success of data-driven marketing campaigns certainly has scalability. To determine how successful or not successful data-driven campaigns are in the marketing field, some data groups are needed.
They can be listed as follows:
Conversion rate
Return on investment or ROI in short
The cost required to acquire customers
Comparison of click-through rates and purchase rates
Key performance indicators
Any business can determine whether a data-driven marketing strategy is successful by analyzing these metrics. Data with high conversion rates, a high potential return on investment, low cost of customer acquisition, and high purchase-per-click rates are remembered as truly successful marketing examples.
However, if there are negative results in these data groups and metrics, it is useful to review the data group or marketing approach.
What Are Some Case Studies Of Data-Driven Marketing?
Data-based marketing strategies are mostly used on e-commerce platforms today. I can say that giant technology companies that offer products or services in the field of information technology are in second place.
It is impossible not to mention Amazon at this point as an example of success. While creating the advanced algorithm that it has been maintaining for years, Amazon evaluated customer data as the most important criterion.
Your history and record on search engines on the internet are analyzed with data-driven marketing tools maintained by Amazon, and when you enter Amazon.com, you encounter personalized advertising campaigns specific to you. This allows e-commerce managers on these platforms to encounter a more suitable customer base while increasing profitability.
Another successful data-driven marketing strategy that is more comprehensive and reaches more people than Amazon.com is Google. As the world’s most popular search engine and an important information technology company, Google can be remembered as a successful example of data-driven marketing as a company that collects data from billions of people and analyzes this data to create campaigns suitable for them.
How Can You Ensure Data Accuracy And Integrity?
One of the critical issues for successful and effective data-driven marketing strategies is the accuracy and integrity of the data. We know that data analysis provides positive results for both the business and the customer, however, incorrect data analysis leads to incorrect strategies and will significantly reduce the profitability and reputation of the businesses.
For more successful data-driven marketing campaigns, the accuracy and integrity of the data should be verified. Therefore, data should be obtained from reputable and reliable intermediaries. Manipulations in the data should be prevented, and this area should be recognized by the state as an official working group.
Regular analysis and categorization of data, and delivery of incorrect information to the units that examine the data groups can be useful to ensure data integrity and accuracy. Let’s say your business is an online banking platform.
In such a case, a demographic data group that does not have a bank account or does not need a bank will be incorrect data for you. Analysis of incorrect data will cause incorrect campaigns for your business.
What Are The Challenges In Implementing Data-Driven Marketing?
In today’s digital world full of advanced technological tools, although data-driven marketing is much easier than traditional methods, it is possible to say that there are some challenges. The most common of these are data privacy and privacy violations.
You may remember that in the recent past when presidential campaigns were held in the United States, some candidates manipulated voter data through social media platforms. Data is such an important concept.
Another challenge is the difficulty of collecting quality or useful information. For a business, the correct information must be analyzed for data-driven marketing strategies to yield profitable results. However, collecting correct and quality data is always a very effortful process.
Another common problem in data-driven marketing is the data analysis process. Although data can be analyzed more easily and visualized faster with digital tools today, businesses need to have more information about the tools that provide analysis of this data.
When the right data group is analyzed with the wrong analysis tools, data-driven marketing strategies to be created for businesses will reduce the profitability rate.
What Are The Future Trends In Data-Driven Marketing?
One of the most important and trending topics in both today’s world and the near future will be data-driven marketing. Now everyone has learned that scientific and analytical methods of reaching the right customer base provide clearer and more profitable results.
For this reason, data-driven marketing will continue to be an increasingly popular marketing technique. However, it seems that the methods of data-driven marketing will change in the future.
Especially developments in artificial intelligence seem to rewrite the rules of the game in data-driven marketing, as in every field. With advanced machine learning software and AI assistants, kilo-gigabytes of data can be converted into easily analyzed data visuals in minutes.
Today, businesses that use artificial intelligence solutions among data-driven marketing strategies are candidates to be the strongest market giants of the near future.
In the future, data-driven marketing seems to be an even more important study when evaluated with today’s conditions. Brands or businesses know that the products or services they offer are not for everyone but for more specific groups, and they have learned that they can only obtain the necessary strategies to reach this audience directly to increase profitability through data-driven marketing analysis.
The continued spread of digitalization and the development of artificial intelligence tools, although they will make data-driven marketing processes easier, does not mean that they will reduce competition.
See you in the next post,
Anil UZUN