Is your Marketing Strategy Backed by the Right Data?

  • Is your Marketing Strategy Backed by the Right Data?

    Every organization needs to develop the right marketing strategy so that they can reach the right prospect and convert them into customers. In the current uncertain business world, and ever-changing marketing practices, one needs to adapt to the latest marketing strategy to produce good sales and revenue. The only marketing strategy that stands out is the data-driven marketing strategy that helps you to make decisions based on the data.

    Find the below statistical image:

    Here you can see, almost 51% of the respondents stated data-driven marketing helps them to make crucial decisions. This is because, as the right analysis of data could provide the right insights to the marketer for driving the campaign in the result-oriented direction.

    As per a study, almost 40% of the brands aim to expand the budget spent on data-driven marketing.

    ~ Forbes

    Even most of the business and high-level executives while making any decisions rely on data. They know it would help them to deliver the best result. In the last year alone, CMOs of various organizations invested heavily in marketing analytics, as they believe it would make their decisions successful.

    So, now the million-dollar question…

    Is your marketing strategy backed by the right data?

    As a marketer, you would surely like to know whether you are following the right data-based strategy. A right hack can only make your marketing approach efficient and effective.

    Below you can find some of the key takeaways that would help in the same:

    1. Narrow down Your Audience:

    To reach a larger audience is the aim for every marketer, but remember reaching a relevant audience is more necessary than reaching out to the audiences who have almost nil chances of conversion.

    Collect the right data of the prospect whom you think can be your future customers.

    Then you can make the effective use of these data by analyzing it and gaining useful insights for preparing your next marketing strategy. Data backed marketing removes all the guesswork, which relies on uncertain results, either success or failure. It makes the result more certain and predictive as the patterns are precisely studied.

    As you can see in the email, the brand has given some information about a research from the Ohio State of University. A research information in the email helps to increase the credibility of your email as you are stating some facts by the industry experts and specialists who have an absolute understanding of the subject.

    2. Start Analyzing the Simple Set of Data:

    You should analyze a simple set of data first. It is found that when you are overwhelmed with huge data, you might face difficulty in interpreting it. So, make your task simpler and easier, start with a simple dataset. The process would help you to make the right business decision.

    Do not go deep inside the complex data immediately as you might lose track.

    3. Regular Testing:

    You should make testing a part of your marketing strategy. Trying all the permutation and combination in your marketing campaign would give you more scope to analyze more data. This would further help you to prepare the next marketing strategy. Bring your creative and logical mind together, so that with the help of it, a right amalgamation is made to develop the marketing strategy needed to achieve the target.

    Net-a-Porter added editorial content in its newsletters, a unique approach to guide its female reader to dress in a fashionable way. Every woman likes to look good, so this approach of the brand helped to drive more conversions.

    4. The Intriguing Connection between Analytics and the Revenue Generation:

    The link between analytics and revenue generation is an interesting concept.

    Have you ever thought that conversational data can also be used for developing a strategy?

    There are some companies that sell TV packages and does a substantial amount of business via phone. For these companies, the sales happen more, over the phone than online service. Here the marketing team thus gives importance to the conversational analytics data. They analyze why a specific call did well, how the approach was, etc. If any of the conversation fails to give the results, then they analyze “why it failed,” and “what could have been done to improve the conversation tactics and motivate the customer.”

    While you have the email marketing data in a structured format, the conversational data is more unstructured and complex. This makes it highly challenging to decipher and find meaningful insights.

    The right experience and talent of marketing professionals could make the task easier and result-oriented, generating revenue.

    5. Identifying the Right Capture Moment:

    So, how do you collect the data of a customer?

    Obviously they landed at your site in quest of some information, or they saw some of your posts on social media that matched their needs, there could be innumerable capture moments. So, you have to analyze the trigger point that made the customer to research about the product or service similar to yours, and how could you motivate them to buy your product.

    There have been countless instances, where marketers have executed the cross-selling process convincingly. Customers would be browsing for their pet food, instead ended up buying clothes for it. So, you have to design a website that would help prospects navigate easily and buy related products.

    6. Using Heat Maps:

    Have you heard about heat maps?

    It is one of the great visualization tools helping marketers to make data more comprehensible and actionable. An American retailer used heat map, analyzed it to know its strengths of using big data in all the areas.

    How do you think it would help the marketing strategy?

    When you have the absolute information that you can visualize with real-time statistical data it gives you the right insights to design the marketing strategy generating near to 100% results.

    In the process, the quality of data and also the management process gets improvised.

    7. Identifying the Gaps between Data and Technology:

    With the large chunk of the population using smartphones, as a marketer, you need to gather these data.

    What’s the point in making strategy that does not include how to reach this population?

    This would help you to design content that is optimized for mobile phones. A content rightly designed for the target audience has greater chances of leading to exceptional results.

    8. Watch Out for Your Competitors:

    Do not overlook your competitors!!!!

    Even if your competitors are not performing that well, watch them closely. They would have implemented some strategy that would work great for you as well. Implement those strategies with the aim of trial and error. If it works, then great, otherwise this would also add up in your database of the marketing strategy of “failed one,” “why it failed,” “How you implemented,” etc.

    You should always not have the data that worked, but also the one that did not work, so that you do not commit the same mistake again.

    9. Marketing Automation:

    This practice has become quite popular. With companies churning out a huge volume of data, a highly productive marketing team can also face the challenge of analyzing the bulk of the data. With the integration of the marketing automation software, they can have a comprehensive customer view.

    Find the below graph:

    The graph clearly shows, almost 53% of the respondents stating marketing automation is the most effective platform of the MarTech technology.

    When you have the absolute information of your customer, then it becomes easier to develop a personalized marketing campaign.

    Salesforce, an American based software company, found that almost 52% of the customers are more likely to switch the brands if the company does not make an effort to personalize communications with them. ~ martechseries

    This could be the reason that 75% of the marketers now have used at least one of the marketing automation tools. ~ automateonline

    Conclusion:

    A right marketing strategy supported by the data can sail you safely to reach your target. With cut-throat competition, it has become a necessity to find a strategy that provides concrete proof of being successful.  Data-backed marketing strategy has managed to carve its niche, by helping to find the right solution to generate the right sales and revenue

     

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John Mathew, Direct Consultant